WHAT THE OTHER PAPERS SAY THIS MORNING August 8, 2011 THE FINANCIAL TIMES IZODIA INVESTORS PURSUE LOST £5.3M Izodia, the multibillion-pound dotcom company at the centre of one of the City of London’s longest-running corporate scandals, has postponed liquidation in the hope that it can recover some of the £5.3m it is still owed. The Daily Telegraph UK FACES CREDIT RATING CUT AND MORE MONEY-PRINTING [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 10, 2011 FINANCIAL TIMES TOUGH CARE HOME REGULATIONS PROPOSED The government is considering a series of tough regulations for residential care homes following the collapse this year of Southern Cross, the UK’s biggest home operator. The measures, outlined yesterday for consultation, include requiring companies to post capital upfront as a condition of their licence, and giving councils [...]
NY court revives Ambac case July 14, 2011 A New York state appeals court yesterday revived Ambac Financial Group’s $1bn lawsuit against JPMorgan Chase & Co over an investment vehicle that suffered heavy losses from toxic subprime debt. The court said Ambac “has sufficiently alleged gross negligence” by JPMorgan, whose chief executive Jamie Dimon was said to have concluded as early as October [...]
Moynihan is committed to Merrill Lynch August 10, 2011 BANK of America chief executive Brian Moynihan yesterday vowed to keep its investment bank Merrill Lynch as he defended his performance and strategy to the bank’s biggest shareholder. Moynihan, who has come under fire for BofA Merrill Lynch’s recent share price falls, took the rare step of holding a conference call with Bruce Berkowitz of [...]
Deutsche says Europe crisis could kill weak banks September 5, 2011 Europe’s sovereign debt crisis will stunt bank profit for years and could kill off the weakest, Deutsche Bank chief executive Josef Ackermann has told an industry conference. “Prospects for the financial sector overall … are rather limited,” the chief executive of Germany’s biggest bank said. “The outlook for the future growth of revenues is limited [...]
The new front in the mobile phone wars August 15, 2011 THE future for companies like Nokia and Motorola, once the great pioneers of the mobile phone industry, has been bleak for some time. The likes of Apple and RIM have eaten away at their share of the high-end smartphone market for several years now, while cheaper Asian manufacturers will soon do the same in the [...]
Sage of Omaha rescues Bank of America August 25, 2011 WARREN Buffett thinks he should pay more tax, but failing that he’ll find other ways of using his money to help the US government. Yesterday, he was doing his bit by investing $5bn in Bank of America, whose share price has been battered by fears the company lacks the sufficient capital to fight or settle [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 3, 2011 FINANCIAL TIMES M&S ASKS SUPPLIERS TO AID STORE REVAMPS Marks and Spencer has asked its top clothing suppliers for a multimillion-pound contribution to its store revamp plans and a step-up in advertising. At a gathering on Friday of M&S’s top 60 clothing and homewares suppliers, Marc Bolland, chief executive, asked them for a one-off contribution [...]
US could bring lawsuits against 109 bank staff January 4, 2011 US BANKING regulators have authorised lawsuits against 109 bank officials so far as they seek to recover at least $2.5bn (£1.6bn) in losses connected to recent bank failures. The Federal Deposit Insurance Corp said yesterday the suits target bank directors and officers for “either gross or simple negligence”. It is seeking to recoup money for [...]
Citigroup wins $18m raid lawsuit brought by Oppenheimer January 5, 2011 US BROKERAGE Oppenheimer & Co has lost its eight-year battle to force Citigroup to pay over $18m (£11.6m) for luring away nine of its top financial advisers. A Financial Industry Regulatory Authority panel rejected claims from Oppenheimer that Citigroup conducted an unlawful “raid” on its brokerage business shortly after it was sold to New York-based [...]