WHAT THE OTHER PAPERS SAY THIS MORNING June 7, 2010 FINANCIAL TIMES ROCKHOPPER set for $40m CASh CALL Rockhopper, the first explorer to find oil on the Falkland Islands, is priming a £40m cash call that could be launched this week. The Aim-quoted oil company, one of three small UK wildcat explorers drilling for Falklands oil, has been working with broker Canaccord Adams to sound [...]
Two firms hit with FSA fines for client flops June 7, 2010 CITY watchdog the Financial Services Authority (FSA) has fined the retail arm of stockbroker Astaire Securities and an asset management unit of Close Brothers a total £609,000 for failing to protect client money. Under FSA rules, companies have to ringfence client money and keep it in segregated accounts with trust status to protect it in [...]
Bars and clubs fail to shake off recession June 6, 2010 THE number of bar and pub companies going bust has continued to soar in the last year, a new survey has shown. While corporate insolvencies have been falling in other sectors, the picture for bars and clubs is still bleak. A total of 23 pub, bar and nightclub companies have become insolvent in the first [...]
JP Morgan is slapped with a record fine June 3, 2010 THE Financial Services Authority yesterday slapped JP Morgan with the biggest fine it has ever administered. It issued a mammoth £33.3m fine for “failing to protect client money” after it found the bank failed to keep clients money in a special ring-fenced account. The issue relates to billions of pounds of transactions processed by JP [...]
FSA hits JPMorgan Securities with record fine June 3, 2010 THE Financial Services Authority has hit on JPMorgan Securities with a record £33.32m for mishandling client money. Under the FSA’s client money rules, firms are required to keep client funds separate from their own – in different accounts with trust status. The aim is to protect client money in the event of the firm’s insolvency. [...]
Lloyds gives Crystal Palace crucial lifeline June 1, 2010 THE survival of championship football club Crystal Palace appeared more likely yesterday after a last- minute deal saved it from the threat of liquidation. A life-saving agreement to sell the club’s stadium to a consortium bidding to own both that and the club itself was clinched mid-afternoon. The deal, which seemed like it might be [...]
NET INCOME – AND GROSS DEBT HABITS June 1, 2010 DICK TURPIN MANAGING DIRECTOR, ARTEMIS DEBT is the issue. The sub-prime parcel went round and round. But governments simply nationalised that $2 trillion when the music of Lehman Brothers and others stopped in September 2008. At $9 trillion, the combined public and private debt of the troubled European countries is another matter altogether, demeaning markets [...]
Karstadt to extend deadline for offers May 27, 2010 A DECISION about the future of insolvent German department store chain Karstadt could take longer than expected due to a lack of suitable offers, the insolvency administration said yesterday. “The creditors committee so far has not seen an offer that is ready for a decision,” a spokesman for insolvency administrator Klaus Hubert Goerg said. This [...]
CITY MOVES | WHO’S SWITCHING JOBS May 26, 2010 Otkritie Securities Otkritie, the UK subsidiary of Russian financial services giant Otkritie Financial Corporation, has appointed Howard Snell as chairman. Snell joined the broker last year as an executive director, having previously been UK chief executive of Russian investment bank Troika Dialog. He was also previously co-head of the London emerging markets desk at UBS, [...]
Barnier will announce EU banking levy May 25, 2010 THE EU will today propose a levy on European banks that would pay for future bailouts of financial institutions. Michel Barnier, EU internal market commissioner, is expected to announce the plans to force member countries to implement the tax. The controversial strategy is intended to limit the cost to tax payers when financial institutions run [...]