Deutsche is Accused of Spying on its Staff
Germany’s biggest bank was facing a posible criminal investigation amid claims that it spled on troublesome staff and investors.
Deutsche Bank is reported to have sacked two workers over allegations that it bugged two board members and one renegade shareholder. State prosecutors are looking into the accusations with a view to mounting a criminal case against Deutsche.
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What To Do in Face of Tumbling Property Prices
The commercial property gave investors a taste of boom-bust as values soared then slumped, wiping thousands of pounds off portfolios. These days, a large number of properties sit vacant, earning no rental income, and more are expected to follow as businesses go bust or downsize.
Check how much commercial property you hold. If it is more than 15% of your investment portfolio, a lot of financial advisers suggest you should sell some and invest elsewhere. Even if it is less than 15% and you want to remain in commercial property, make sure you are in the right funds.
State Urged to Support IT Jobs
Radical changes to tax incentives were urged by the software company Micro Focus to stimulate techonology in the UK and create 250000 jobs over the next decade.
Stephen Kelly, Micro Focus chief executive, said at a Huose of Lords launch of the grouop’s Technology Manifesto that Britain was saddled with debt, decline, depleted industry and deteriorating employment but a long-term techonology-led program of innovation could “make Britain great again”.
US Treasury Likened to Madoff
The US Treasury has been likened to convicted fraudster Bernard Madoff for the way in which it has erfused to provide detailed information on its exposure to financial firms, through its ＄700bn Troubled Assets Relief Programme, or the full extent of its financial involvement in shoring up the wider economy.
The criticism came just a day after Neil Barofsky, the TARP’s special inspector general, estimated the Treasury’s exposure to programmes dealing with the financial crisis could be as much as ＄23.7 trillion.
Congressman Darrel Issa said that the way in which the Treasury continued to refuse to provide regular detailed information on the value of its investments in financial firms was akin to Madoff reassuring investors in his Ponzi sheme.
FTSE Enjoys Best Run in Four Years
The FTSE 100 rose for a seventh consecutive day, marking the longest run of gains in four years after a flurry of better-than-expected news from companies around the world.
The index of the UK’s biggest companies closed up 37.55, or 0.9%, at 4481.17. it is now 8.7% higher than when the run of increases began on July 13 making it the FTSE 100’s best run ever since July 2005. in the UK, supermarket chain WM Morrison jumped the most, up by 8.2% at 274p, after telling shareholders that its results will beat City forecasts as more Britons seek trade down to cut food bills. Morrison’s positive news also pulled rival Sainsbury’s 3% higher.
Sentiment has also been buoyed by a series of results from US companies that topped Wall Street analysts’ expectations. Caterpillar, the world’s biggest maker of construction equipment, increased its profit forecasts and cited a modest increase in demand.
The FTSE has risen by 28%ever since its low for the year on March 3, but experts are divided over whether the rally can be sustained.
In the US, the Dow Jones was also slightly up, rising by 0.4% at 8852 in lunchtime trading. The CAC 40 in Paris and DAX in Frankfurt also closed up, by 1% and 1.3% respectively.
Egyptians Emerge as £75 Million Bidders for Historic Stafford Hotel in St James’s
The Stafford Hotel in St James’s London, parts of which date back more than 350 years, looks set to be acquired by an Egyptian tycoon in a deal worth £75 million. The exclusive 105-room hotel, which for the past 14 years has been owned by Daniel Thwaites, the Lancashire brewer, was put up for sale at the end of last year amid hopes that it might fetch as much as £100 million.
More recently, Savills, the agent, has been asking about £80 million. Although none of the parties involved would comment, it is understood tjat Thwaites has entered exclusive talks with an Egyptian bidder. Property industry sources cited RAMW Group, a Cairo construction and tourism, company founded by Roushdy El-Sharkawy, as the possible suitor. Its assets include the Hyatt Regency resort and hotel in the Egyptian city of Sharm el Sheikh.
Analysts said the sale made sense as it would make a big dent in the brewer’s net debt of £142 million. One analyst said that although Thwaites made more money from its Shire Hotels business than beer and pubs, the Stafford had ‘always stuck out like a sore thumb’ compared with the rest of the mainly four-star Shire chain.
Thwaites has responded forcibly to ‘unprecedented pressures on profitability’ caused by the economic downturn. In the January, it announced plans to transfer 37 of its managed pubs to its tenanted business, with another five being moved to Shire. It has since decided to put as many as eight managed houses up for sale. The restructuring has affected 86 jobs. The Strafford is Made up of three former townhouses and a carriage house. The main house was home to Lord and Lady Lyttelton in the 19th century, later becoming Green’s Private Hotel and the St James’s Palace Hotel.
The Stafford Club, next door, was added in 1886, and in 1912 the remaining neighbour was brought out and became the Stafford Hotel.
During the Second World Was its status as an hotel was interrupted when it served as a club for American and Canadian officers. After the war it was owned by Costain, the property group, then in 1985 it was sold to Trafalgar House. In 1995, it was acquired for £16 million by Thwaites.
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