EU ministers fail to address euro’s flaws September 13, 2011 SUCH is the precariousness of the Eurozone project that every bit of hearsay sends the currency markets scrambling. Yesterday afternoon, the word was that we would see a reappearance of Merkozy – the Euro-Frankenstein merger of German Chancellor Angela Merkel and French premier Nicholas Sarkozy that first had life breathed into it at an emergency [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 11, 2011 FINANCIAL TIMES JPMORGAN CHIEF SAYS BANK RULES ‘ANTI-US’ New international bank capital rules are “anti-American” and the US should consider pulling out of the Basel group of global regulators, Jamie Dimon, chief executive of JPMorgan Chase, has said. In an interview with the Financial Times, Mr Dimon said he was supportive of forcing banks to [...]
CITY MOVES | WHO’S SWITCHING JOBS September 7, 2011 Ogier Jersey Legal The offshore legal services provider has appointed Matthew Swan as managing partner, replacing Matthew Thompson, whose term of office has come to an end after four years in the role. Swan (pictured) is head of the firm’s business and trust law group and the Jersey banking team. Thompson, who specialises in commercial [...]
Eurozone needs to cut out the rot before it’s too late September 7, 2011 WHEREVER one looks, the signals are bad. The S&P 500 is down 14.5 per cent from its highest point of the year. The Vix, a measure of market turbulence, rose 9.4 per cent yesterday. Bank stocks tumbled everywhere. The Swiss franc went nuts when the authorities took the dramatic step to peg it to the [...]
Eurozone needs to cut out the rot before it’s too late September 6, 2011 WHEREVER one looks, the signals are bad. The S&P 500 is down 14.5 per cent from its highest point of the year. The Vix, a measure of market turbulence, rose 9.4 per cent yesterday. Bank stocks tumbled everywhere. The Swiss franc went nuts when the authorities took the dramatic step to peg it to the [...]
Eurozone learnt nothing from 2008 September 5, 2011 FOR anybody with ears to hear it, the message yesterday from Deutsche Bank’s boss was chilling. Many Eurozone banks would go bust if they were forced to accept a “haircut” to fully reflect current market valuations on their sovereign debt holdings, Josef Ackermann, Deutsche Bank’s chief executive warned. He was speaking at Frankfurt’s annual Banks [...]
What to do when your firm is hit by disaster September 4, 2011 IF you watched in horror as small businesses around London burned a few weeks ago and wondered what you would do if that happened to your company, you aren’t alone. Destruction of your premises is a tragedy, but it doesn’t need to be fatal. At Carter Backer Winter, we’ve dealt with this stuff before. Here’s [...]
CITY MOVES | WHO’S SWITCHING JOBS August 29, 2011 PKF Trevor Birch, the man who brokered Roman Abramovich’s £120m takeover of Chelsea Football Club, has joined the business adviser PKF as head of the London Corporate Recovery and Insolvency team and a member of the Football Industry Group. Birch is the former chief executive of Chelsea, Leeds United, Everton, Derby County and Sheffield United [...]
Crisis fails to dampen deal prices August 22, 2011 PENSION transfer prices have held up despite the market volatility linked to the sovereign debt crisis, experts said yesterday. America’s credit rating downgrade and the Eurozone sovereign debt crisis have had little impact on corporate bond yields, which drive the price costs of pension insurance buyouts and buy-ins – known as bulk annuities. Pensions consultant [...]
Healthcare Locums to raise £60m after £57m loss August 19, 2011 Healthcare Locums, the troubled medical staff provider, outlined plans to raise £60m in emergency funding to pay down its debt as it posted a £56.5m loss for the year to the end of December. The 2010 accounts have been delayed until now by an investigation into Healthcare Locums’ accounts after the board in January said [...]