Rogue trader Kerviel called a liar by boss June 9, 2010 ROGUE trader Jerome Kerviel was branded a liar who took “inhuman” risks by a former boss yesterday during a trial over trading losses that brought French bank Societe Generale close to collapse. The bank’s former head of investment banking, Jean-Pierre Mustier, hit back at Kerviel’s claims in court that SocGen tolerated unauthorised trading positions that [...]
EU seeks deal on safety net as cuts begin June 7, 2010 EUROPEAN finance ministers yesterday sought to calm nervous markets by nailing down details of a massive financial safety net for the eurozone as Germany unveiled new budget cuts it hopes will set an example for its partners in the bloc. German Chancellor Angela Merkel’s coalition agreed to pursue savings of €11.2bn (£9bn next year, part [...]
EU seeks deal on safety net as cuts begin June 7, 2010 EUROPEAN finance ministers yesterday sought to calm nervous markets by nailing down details of a massive financial safety net for the eurozone as Germany unveiled new budget cuts it hopes will set an example for its partners in the bloc. German Chancellor Angela Merkel’s coalition agreed to pursue savings of €11.2bn (£9bn next year, part [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 12, 2010 FINANCIAL TIMES RIO CLASHEs OVER THE RIGHTS TO MONGOLIAN COPPER MINE Tensions are rising between Rio Tinto and Canada’s Ivanhoe Mines over rights to a world-class copper deposit in Mongolia as the multinational mining group releases hundreds of millions of dollars to develop the mine over which it has limited control. Ivanhoe, which owns the [...]
Alpari fined for lack of a money laundering system May 5, 2010 ALPARI, an online foreign exchange service for speculative trading, has been slapped with a £140,000 fine by the Financial Services Authority (FSA) for failing to have appropriate money-laundering systems and controls put in place. The financial regulator also handed the group’s former money laundering reporting officer Sudipto Chattopadhyay a £14,000 fine and held him accountable [...]
Liberal-Cons unveil final plan May 20, 2010 DAVID Cameron and Nick Clegg will today unveil the final text of their coalition agreement, outlining their programme for government for the next five years. The pair will herald a “historic” moment in British politics as their Conservative and Liberal Democrat parties join forces for the first time in over half a century, but will [...]
ENI to approve EDF entry into South Stream April 29, 2010 Eni should approve French utility EDF’s entry to its South Stream gas pipeline venture within weeks, giving a boost to the mammoth project which had appeared to be stalling as gas prices plunged. Eni chief executive Paolo Scaroni yesterday said the allocation of a stake to EDF did not necessarily have to be equally split [...]
In-house lawyers should defend themselves June 23, 2010 A RECENT opinion handed down by the advocate general in Brussels rejecting privilege for communications with in-house counsel threatens the status and future of in-house solicitors, and has caused significant concern to major companies and City lawyers. The background to the case was a dawn raid carried out by the Office of Fair Trading and [...]
What the other papers say this morning May 10, 2010 FINANCIAL TIMES ABN AMRO ADMITS SANCTIONS BREACH The former ABN Amro, now part of Royal Bank of Scotland, on Monday agreed to pay $500m (£337m) in fines as part of a settlement with the Department of Justice and admitted that it willfully and systematically violated US sanctions against Iran, Libya, the Sudan and Cuba. The [...]
A SUITABLY SPIRITED SENDOFF TO SIR STUART July 14, 2010 WE’LL begin by heading over to the Royal Festival Hall for Marks and Sparks’ annual general meeting, where the usual fun and games were to be had. Hundreds of ageing M&S veterans queued up for the speeches, stage antics and free food and drink, armed with piercing questions for Sir Stuart Rose and his successor, [...]