Archive for August 24th, 2009

Ex-Park Resorts boss alleges GI Partners lied

Times: A leading American private equity company will face accusations today that it lied to HBOS, the bank that backed one of its biggest acquisitions in Britain.

Martin Grant, who was dismissed by GI Partners as chief executive of Park Resorts, the caravan park operator, will claim at an industrial tribunal that GI misled HBOS, the bank taken over by Lloyds Banking Group last year as part of a life-saving Government bailout.


Read Full Post »

Scottish parliament to hold emergency debate over decision to free Lockerbie bomber

Guardian: Row over release of Abdelbaset al-Megrahi escalates as FBI chief describes it as ‘giving comfort to terrorists around the world’

Read Full Post »

Lehman Brothers’ creditors face years of delays in recovering assets

Times: Thousands of creditors of Lehman Brothers, the American investment bank that collapsed almost a year ago, face years of delays in recovering their assets after the High Court yesterday refused to sign off administrators’ plans for a quick payout.

Mr Justice Blackburne said that he could not approve a scheme designed by PricewaterhouseCoopers (PwC), the administrator of Lehman Brothers’ European division, to speed up the winding down of the bank.

Read Full Post »

Surge in business confidence means UK recession ‘at an end’

Guardian: A record surge in confidence among business professionals indicates Britain’s recession is at an end, according to research.

Optimism among professionals in the third quarter hit its highest level since the start of the financial crisis two years ago, the Institute of Chartered Accountants in England and Wales (ICAEW) said.

The confidence measure jumped to 4.8 at the end of June from -28.2 in March – the biggest improvement since the survey began in 2003. The institute predicts that the economy will grow by 0.5% this quarter, breaking five quarters of falling output.

Read Full Post »