THE DAY THE MUSIC DIED March 28, 2011 A DRAMATIC collapse of CD sales and online piracy dragged global recorded music sales down by $1.5bn (£940m) last year – more than the total annual revenue of the UK music industry. Income from recorded music slumped 8.4 per cent to $15.9bn. CD sales dragged the total down with a drop of 14 per cent [...]
London architect finds record height March 6, 2011 LONDON-based architect group Farrells has hit a new record-breaking high with the topping of the Kingkey Finance Tower in China. The 100-storey skyscraper stands at 441 metres (1,440ft) and is the tallest building designed by a British architect to date towering over any construction in the UK. The Kingkey tower is twice the height of [...]
Europe warns of pain for Allied Irish creditors December 21, 2010 ALLIED IRISH BANKS’ junior bondholders will have to take a big hit in a future restructuring, the European Commission has warned when approving billions of euros in state aid for Irish banks. Brussels’ threat triggered a fall in Irish sovereign debt, stoking fears the ongoing financial crisis means more pain including the spectre of forced [...]
LEGAL CASES STEMMING FROM OIL SPILL December 15, 2010 The US Department of Justice yesterday joined the hundreds of lawsuits that have been filed as a result of the Gulf of Mexico oil spill, the largest in US history: TYPES OF LAWSUITS – The vast majority are for economic losses filed under the Oil Pollution Act, seeking to recover lost wages or damage to [...]
LEGAL CASES STEMMING FROM OIL SPILL December 15, 2010 The US Department of Justice yesterday joined the hundreds of lawsuits that have been filed as a result of the Gulf of Mexico oil spill, the largest in US history: TYPES OF LAWSUITS – The vast majority are for economic losses filed under the Oil Pollution Act, seeking to recover lost wages or damage to [...]
Qantas warns it is set to sue Rolls-Royce December 2, 2010 QANTAS reserved the right to sue engine supplier Rolls-Royce yesterday for damages related to the failure of an engine on one of its Airbus A380 aircraft. But the airline stressed it was still keen to come to a commercial settlement with the engine maker. Qantas filed a claim in Australia’s Federal Court over the financial [...]
What the other papers say this morning February 3, 2011 FINANCIAL TIMES MADEJSKI IN TALKS TO RESTRUCTURE GROUP DEBT Sir John Madejski, the owner of Reading Football Club, is in talks to restructure a loan that backed the expansion of his property empire after the crash in regional property values led to a breach in the covenants of the debt. The wealthy former media magnate’s [...]
Legal fallout from credit crunch will drag on for years November 4, 2010 PROSECUTIONS against banks, accountants and financial advisers resulting from the economic downturn will continue to be brought for years to come, says a City law firm. Cases at the High Court, where most financial services sector cases are heard, have jumped 16 per cent to 49,583 so far in 2009, up from 42,709 in 2008. [...]
Big banks top High Court appearances October 3, 2010 THE UK’S largest four banks were repeatedly in court last year as the number of High Court cases involving FTSE 100 companies jumped by 16 per cent. Lloyds Banking Group, Barclays, the Royal Bank of Scotland (RBS) and HSBC collectively made up 43 per cent of all High Court appearances by the UK’s largest companies, [...]
BSkyB braces for crunch EU sports ruling October 3, 2010 BSKYB is braced for a high court hearing this week that could change the football rights landscape. A pub landlady has taken a case to the European Court of Justice claiming Sky is breaching European free-trade rules with the way it sells its commercial Sky Sports packages. Portsmouth-based Karen Murphy was fined after an enforcement [...]