BP faces suit from NY fund June 23, 2010 NEW York state’s pension fund plans to sue BP to recover losses from the drop in the company’s stock price following the worst oil spill in US history, state comptroller Thomas DiNapoli said yesterday. DiNapoli, the sole trustee of the $132.6bn (£88.6bn) state pension fund, has hired law firm Cohen Milstein Sellers & Toll to [...]
Despite its progress, BP is now a high-risk bet July 19, 2010 WITH BP’s temporary capping of the leaking Macondo well last week, investors piled back into the stock. Fidelity’s star fund manager Anthony Bolton declared that investors have “a classic once in-alifetime opportunity to buy BP” and even after the announcement on Sunday that gas is now leaking from the ocean floor, most investment notes yesterday [...]
Despite its progress, BP is now a high-risk bet July 19, 2010 WITH BP’s temporary capping of the leaking Macondo well last week, investors piled back into the stock. Fidelity’s star fund manager Anthony Bolton declared that investors have “a classic once in-alifetime opportunity to buy BP” and even after the announcement on Sunday that gas is now leaking from the ocean floor, most investment notes yesterday [...]
WaMu hit by hitch on exit of chapter 11 June 3, 2010 WASHINGTON Mutual’s effort to exit bankruptcy encountered a setback yesterday when the judge in the case ordered the company to talk further with shareholders about their requests for documents. The bank holding company had sought approval of its disclosure statement, which must be cleared by a bankruptcy court before it can be sent to those [...]
Charles Schwab’s legal settlement almost wipes out first quarter profit April 20, 2010 US Brokerage Charles Schwab yesterday agreed to pay $200m to settle a federal class-action lawsuit related to a money-losing bond mutual fund, erasing nearly all of its first quarter profit. Schwab in March 2008 became the target of litigation and regulatory probes focused on its YieldPlus Fund, a short-duration bond fund that plunged in value [...]
EasyJet to use hi-tech ash cloud radar June 4, 2010 EasyJet has unveiled a high-tech radar system to allow planes to fly around ash clouds after figures showing 215,000 of their passengers had been hit by the Icelandic volcano. In its data for last month the airline revealed that 1,600 flights were cancelled after the ash cloud billowed across Europe. The new technology it is [...]
Scots Nationalists lose appeal April 28, 2010 The Scottish National Party (SNP) has lost a last-ditch appeal to appear in tonight’s leaders’ debate on the BBC. The party had raised £50,000 via supporter donations to bring legal action against the BBC, but lost its appeal in the Court of Session in Edinburgh. The SNP brought the lawsuit after the BBC Trust rejected its [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 18, 2010 FINANCIAL TIMES MANDARINS TO BE OFFERED EARLY REDUNDANCY PAYOUTS Thousands of senior civil servants are being offered voluntary redundancy ahead of big cuts in their severance terms, sparking fears that some of Whitehall’s most talented officials could walk before the terms are reduced. The offers are less to do with the coalition’s plans to tackle [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 22, 2010 FINANCIAL TIMES TARGETFOLLOW SEEKS MPS’ HELP The owner of a large property portfolio that includes the Centre Point tower in London has enlisted the help of his local MPs to stave off administration after loans of more than £200m provided by Lloyds expired on Thursday. Targetfollow, the Norwich-based property developer managed by Ardeshir Naghshineh, has [...]
…as analyst warns the stage is set for a repeat of the financial system’s collapse April 19, 2010 A LEADING US bank analyst warned that the SEC’s fraud lawsuit against Goldman Sachs is paving the way for another financial crisis, just days after calling for executive heads to roll at the bank. Rochdale Securities analyst Dick Bove caused consternation at the weekend by suggesting Goldman chief executive Lloyd Blankfein and finance director David [...]