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 [...]
Tensions within the Eurozone put the single currency’s future at risk May 24, 2010 RESEARCH DIRECTOR, FOREX.COM JANE FOLEY IT SEEMS improbable that fiscal issues in a small country such as Greece could make the government of a country as large as the US worried about contagion. Yet this is exactly what has happened. This is only so, of course, because the US government is mindful of its own [...]
CITY MOVES | WHO’S SWITCHING JOBS May 20, 2010 Collins Stewart The financial advisory group has hired property research veteran Nan Rogers (pictured) and Jonathan Imlah to its small and mid cap equity research team. Rogers has 25 years of experience and joins from Arbuthnot Securities. She has also worked at Bridgewell, Charterhouse and James Capel. Imlah was formerly at Altium Securities, where he [...]
Yell shares plummet after top execs announce departure May 18, 2010 SHARES in embattled Yell tumbled by almost a fifth yesterday as news of the imminent departure of two of its top men gave investors the jitters. The chief executive and chief financial officer will quit the struggling yellow-pages publisher after preventing a debt crisis from escalating into insolvency. Chief executive John Condron, who will leave [...]
Swiss Re fights break-up plans May 16, 2010 Walter Kielholz, chairman of insurer Swiss Re, yesterday spoke out against the proposals of Switzerland’s “too big too fail” commission, saying it would be unwise to split up banks. Kielholz, who also sits on the board at Credit Suisse, told a paper that splitting up banks could lead foreign regulators to resort to retaliatory measures, [...]
Why the euro is an economic absurdity May 5, 2010 I REALLY wasn’t sure what to expect when I went to meet Bertrand des Pallieres. This is the man, after all, who lightened the gloom in the middle of the financial crisis with the story that his £80,000 Maserati had been towed, but that he was “too busy” setting up his hedge fund, SPQR, to [...]
Hull standing on own two feet April 28, 2010 CASH-STRAPPED Hull City have denied they are to enter into administration as a result of their almost-certain relegation from the Premier League. Tigers chiefs accept the drop into the Championship is inevitable but say there are no plans to enter into any form of insolvency process. Owner Russell Bartlett said: “We will need to reduce [...]