Debt holders lining up for lawsuit over risk warning March 12, 2012 INVESTORS who claim banks failed to warn them of the risks involved in buying Greek debt are to try and sue the government and banks involved, it was announced yesterday. Lawyers in Germany representing 110 investors have formed a class action group. Most of the investors involved spent between €100,000 (£84,116) and €500,000 on Greek [...]
Leni finds oil at Gaudron project September 6, 2012 Leni Gas & Oil, currently going through a lawsuit with Mediterranean Oil & Gas, is in the process of acquiring the Goudron oil field in Trinidad. It announced yesterday that an independent assessment of the project had thrown up a proven 7.2m barrels of oil in reserve, with the possibility that more oil could be [...]
What the other papers say this morning November 19, 2012 FINANCIAL TIMES SAS staves off bankruptcy SAS has staved off the immediate threat of bankruptcy after all eight unions representing flight personnel at the Scandinavian airline signed up to wage cuts of up to 15 per cent. In a marathon negotiating session that lasted from Sunday morning until yesterday afternoon, SAS managed to convince one [...]
Nasdaq suffers fresh glitch as Kraft shares jump 30pc October 3, 2012 NASDAQ yesterday suffered another embarrassing glitch as the US stock exchange was forced to cancel trades in grocery firm Kraft Foods after its shares jumped 28.9 per cent in just one minute. Although the cause of the error has not been identified, it is thought that the most likely cause was a misfiring trading algorithm. [...]
Spending billions on buybacks is a cautious move November 18, 2012 THE concept of “having closure”, weirdly popular in American culture, is not something BP is all that familiar with. But the oil major quite likes the idea. Its record $4.5bn (£2.84bn) penalty and guilty plea to felony charges went some way last week to clearing the way back from the bottom of the Gulf of [...]
US accuses BP of negligence over Gulf spill September 5, 2012 BP is facing a multi-billion dollar lawsuit from the US government for gross negligence relating to the Macondo oil spill. The Deepwater Horizon disaster, which happened in April 2010, caused BP’s share price to plummet to almost half its value. In a filing to the Department of Justice (DoJ), the US government yesterday accused BP [...]
FX TRADERS WIN UNFAIR DISMISSAL LAWSUIT February 14, 2012 SOCIETE GENERALE traders Didier Meyer and Eric Leandri can finally attempt to resurrect their careers, after being cleared of allegations of unauthorised trading in connection with a multi-billion euro trade with ArcelorMittal in 2009. Meyer, former global head of FX options trading, and his colleague Leandri, global head of FX structuring, were suspended in October [...]
Apple shares jump on iPhone 5 launch September 21, 2012 Apple released the eagerly-awaited iPhone 5 to large crowds today around the world, as its shares jumped in early trading. The technology giant’s shares spiked 0.65 per cent in early trading on the Nasdaq, as Apple retail stores opened at 8am to long queues of shoppers. Online pre-sale orders reached 2m in the first 24 [...]
No reprieve for upbeat US banks October 15, 2012 IT SEEMS to be a good earnings season for US banks, with even Citigroup beating the analysts yesterday despite its losses and JP Morgan and Wells Fargo doing well last Friday. But while we wait to see if Goldman Sachs and State Street, both reporting today, and Bank of America Merrill Lynch and BNY Mellon, [...]
Nasdaq vows to stand by its Facebook plan September 10, 2012 NASDAQ yesterday vowed to stand by it $62m (£39m) compensation plan for firms harmed by a glitch in Facebook’s market debut and defend itself against any related lawsuits. The news came as Facebook co-founder Dustin Moskovitz hampered the firm’s share price further by selling off more than $108m-worth of stock. Lee Shavel, Nasdaq’s chief financial [...]