Greek talks on haircuts to resume January 17, 2012 TALKS between Greek authorities and private holders of the government’s debt will continue today after breaking down in acrimony last week, although fears the near-bankrupt nation will default are growing. The Institute of International Finance (IIF) – which represents private bondholders – yesterday confirmed it will return to the table. A haircut to avoid default [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 11, 2012 FINANCIAL TIMES BANK OFFERS TRADES FOR EUROZONE SHORTING Credit Suisse is offering its hedge fund clients off-the-shelf products that allow traders to replicate hypothetical gains made by betting against European stock indices that include equities covered by Eurozone short selling bans. The bank has made five shortable baskets “optimised” to track leading European indices as [...]
It’s time for the FSA to get on top of the bankruptcy of MF Global – and right away January 11, 2012 FIVE years ago we decided to set up our firm’s brokerage accounts in the UK, as we believed we would be fully protected here. After all, there was no precedent of clients ever suffering any write-offs on their accounts as a result of a broker’s bankruptcy. Today we find ourselves regretting that decision. The Lehman [...]
ECB criticised for bank loans January 2, 2012 THE EUROPEAN Central Bank has crossed the line into propping up insolvent banks, according to a former member of its governing council, Nout Wellink (pictured). The one-time governor of Holland’s Central Bank told a Dutch magazine that the decision to extend three-year loans to banks is a shift from boosting liquidity, which is in the [...]
La Senza set for administration December 23, 2011 La Senza has said that it intends to enter administration. The lingerie chain said “trading conditions” had taken their toll. An administrator will now be chosen within 10 days, in accordance with the UK Insolvency Act. The retailer, which has 2,600 UK staff at 146 stores and 18 concessions, said it continued to trade as [...]
Call to clean up insolvency fees December 21, 2011 Insolvency professionals will have to answer to a new independent watchdog if the industry does not tackle excessive fees and overhaul its own regulations, the government said yesterday. Insolvency minister Ed Davey said charges need to be more transparent, possibly through a new law if the sector fails to clean up its own act. A [...]
CITY MOVES | WHO’S SWITCHING JOBS December 19, 2011 Standard Life Charles Guay has been appointed as president and chief executive of Standard Life Canada. He will start on 1 February 2012 to replace Joseph Iannicelli, and is joining from National Bank of Canada, where he is senior vice president, strategies, marketing and investment solutions, wealth management. He additionally holds the role of president [...]
RAPID RESPONSES December 18, 2011 Fire and ice Benny Peiser argues “the green agenda will remain firmly on ice for the rest of this decade”. [Durban’s climate conference puts green deal on ice, last Wednesday]. What’s true for inter-governmental climate treaties may also be coming true for the green energy movement, as governments realise they can’t afford the costly subsidies [...]
CITY MOVES | WHO’S SWITCHING JOBS December 15, 2011 Smith & Williamson Finbarr O’Connell, the former managing partner of turnaround specialist Re10, has joined the accountancy and investment management group as a director, bringing the total number of staff in the restructuring and recovery team to 70. O’Connell is a past president of the Insolvency Practitioners’ Association and has 25 years’ restructuring and turnaround [...]
Ross bails Cosalt out – until his offer ends December 7, 2011 DAVID Ross, chairman of safety gear supplier Cosalt, rode to the loss-making company’s rescue yesterday with a deal to provide it with £5m of emergency working capital to keep it afloat. Ross, whose grandfather founded Cosalt a century ago, has made the funds available from his Oval investment vehicle but warned that he would only [...]