Russian grain ban fuels fears of food price inflation

first_img KCS-content whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite Herald Tags: NULL Show Comments ▼center_img whatsapp Russian grain ban fuels fears of food price inflation Sunday 15 August 2010 10:33 pm CONCERNS over sharply rising food prices were stoked yesterday as Russia, the world’s third largest wheat seller, brought in an emergency ban on grain exports.Experts said the price of bread could shoot up by ten per cent after Prime Minister Vladimir Putin said the government had banned grain exports until 31 December. Putin said the restriction could be extended into next year if the harvest was bad.“We must not allow an increase in domestic prices and must preserve the headcount of our cattle,” the Russian PM said.Russia harvested 97m tonnes of grain in 2009, and it needs 78m tonnes to cover domestic consumption. First deputy Prime Minister Viktor Zubkov stressed that the government had to balance the interests of grain traders with the need to maintain stability on the domestic food market. He said: “We are continually monitoring and analysing grain, feed and seed supplies on the domestic market.” Sharelast_img read more

Berkshire buys Fiserv and J&J

first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot whatsapp Berkshire buys Fiserv and J&J Warren Buffett’s Berkshire Hathaway reported a new investment in payment processor Fiserv and a higher stake in drugmaker Johnson & Johnson as it boosted stock holdings amid a broad market decline. Berkshire reported a 4.4m share stake in Fiserv, valued at $200.9m as of 30 June, according to a quarterly filing late yesterday with the US Securities and Exchange Commission showing its US-listed holdings. It also reported a 41.31m share stake in Johnson & Johnson, up from 23.89m shares three months earlier. Share Show Comments ▼center_img KCS-content whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading Blvd Monday 16 August 2010 8:32 pm Tags: NULLlast_img read more

Tube workers set to strike

first_img Tube workers set to strike Tuesday 24 August 2010 8:43 pm KCS-content whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof TUBE workers are set to go on strike on 7 September in the first of a series of monthly walkouts in protest at 800 proposed job cuts.The Rail Maritime and Transport (RMT) union secretary Bob Crow and Transport Salaried Staffs Association (TSSA) leader Gerry Doherty are due to meet today to finalise the timetable for industrial action. The first strike is expected to begin at midnight on 7 September coinciding with the first week of the new session of Parliament.The London Chamber of Commerce said the strikes could cost the city £48m a day.London Underground said there would be no compulsory redundancies from its plans to reduce ticket office opening hours, and chief operating officer Howard Collins urged the unions to call off the strikes.Both parties have spoken to conciliation services group Acas. whatsappcenter_img Show Comments ▼ Tags: NULL Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comlast_img read more

Jimmy Choo founder eyes £500m offer

first_imgSunday 12 September 2010 11:15 pm Jimmy Choo founder eyes £500m offer whatsapp TAMARA MELLON, the former fashion PR-turned-luxury goods tycoon, could front a £500m takeover bid for the designer shoe company she founded 16 years ago.Mellon is considering a buyout of Jimmy Choo backed by a consortium of sovereign wealth funds, pension schemes and private individuals, according to a report yesterday. The move would see the fourth significant change in the company’s ownership during its lifetime.Towerbrook Capital Partners, Jimmy Choo’s private equity owner, on Friday said it had hired Goldman Sachs and Morgan Stanley to carry out a strategic review of the business. The outcome may see Towerbrook bring in another investor or inject more cash into the company, a source said. It may also decide to sell or exit through a stockmarket flotation.Mellon founded the stiletto maker in partnership with a Malaysian-born cobbler named Jimmy Choo in 1996, using a £150,000 loan from her father. The venture grew quickly as its shoes were adopted by celebrity A-listers and first attracted private equity interest in 2001, when it was bought out by Phoenix Equity Partners. Phoenix sold out to Lion Capital for £101m in 2004, before TowerBrook snapped it up for £187m in 2007.Mellon remains chief creative officer and is known as a hardened dealmaker. Three years ago she lined up the backing of Saad Group, a privately held Saudi Arabian investment vehicle, to stave off a management buyout led by then-chief executive Robert Bensoussan. In the event, she used financing from TowerBrook.FAST FACTS | JIMMY CHOO● Jimmy Choo shoes are worn by Hollywood starlets such as Halle Berry and Hilary Swank.● Tamara Mellon has a 17 per cent stake in the business. Around 23 per cent is owned by management, with the rest held by TowerBrook. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof KCS-content whatsapp Show Comments ▼ Share Tags: NULLlast_img read more

AIA IPO eyes up to $14.9bn fundraising

first_img Tags: NULL Show Comments ▼ whatsapp KCS-content American International Group (AIG) plans to raise up to $14.9bn (£9.4bn) through an IPO of its Asian life insurance unit AIA Group, according to documents relating to the matter yesterday.The Hong Kong-based company plans to raise between $13.9bn and $14.9bn by selling 5.86bn shares at HK$18.38 to HK$19.68 each, the document said. Including an overallotment option, the IPO could raise up to $17.1bn.The document also revealed a list of cornerstone investors in the offering, including a $1bn commitment from the Kuwait Investment Authority and firms controlled by Hong Kong tycoon Cheng Yu-tung.Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley are joint global coordinators for the IPO. Though the total amount has yet to be determined, the standard Hong Kong IPO fee would have the banks involved splitting roughly $500m in fees. In addition to a boon to the banks involved, it would also allow AIG to pay back the US government for its rescue in late 2008.In total, six cornerstone investors had agreed to commit $1.9bn to the IPO, said the document which was provided by a person directly involved in the deal, who was not authorised to be identified because the information is not public.AIG plans to sell 48.6 per cent of. Malaysian conglomerate Guoco Group which has agreed to invest $370m, while Lorita Investment and Kumpulan Wang Persaraan signed up to invest $200m each, the document said. Cheng’s New World and Chow Tai Fook committed $50m each.AIA’s overall value after listing would be on par with what British insurer Prudential last offered for AIA in its failed takeover bid earlier this year. AIA’s IPO was set to start today, with shares expected to start trading on 29 October. The issue was likely to be among the world’s largest ever and follows the record-breaking July deal from the Agricultural Bank of China. AIA would be the second largest IPO in the world this year.“Considering that some of the Chinese insurers are trading more than two times embedded value, I think AIA can get overall value north of $30bn,” said Sally Yim, vice president at Moody’s Investors Service. Share whatsapp AIA IPO eyes up to $14.9bn fundraising Monday 4 October 2010 8:29 pm More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orglast_img read more

Germany pays €1.5m for Julius Baer clients’ data

first_img German prosecutors paid around €1.5m (£1.3m) for client data from Swiss bank Julius Baer, as part of a campaign to clamp down on untaxed German wealth held in Switzerland.A spokeswoman for the prosecutor’s office in the German city of Muenster said the state of North Rhine Westphalia had bought a CD containing data on 200 accounts.The sale happened earlier this summer and the person who sold the CD asked that the proceeds be donated to a charity, the spokeswoman said. Baer would not comment.Germany, along with Italy, the US and France, has been one of the most fervent critics of Switzerland’s banking secrecy laws and has paid in the past for stolen data from Swiss banks in order to catch tax cheats. Pressure has already prompted Switzerland to relax its cherished bank secrecy and comply with international disclosure standards. Germany pays €1.5m for Julius Baer clients’ data Monday 18 October 2010 7:41 pm Show Comments ▼ Tags: NULL whatsapp whatsapp Share KCS-content Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wraplast_img read more

UK Mortgage approvals at ten-year low

first_imgMonday 25 October 2010 8:22 pm Tags: NULL More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org KCS-content MORTGAGE lending fell to its lowest level in a decade in September, the latest figures from the British Banker’s Association (BBA) showed yesterday confirming earlier figures produced by the Council of Mortgage Lenders (CML) last week.Gross mortgage lending stood at £8bn last month, 10.8 per cent lower than a year earlier. The number of mortgage approvals dropped to just 31,100 in September, 26 per cent lower than a year earlier and well down on the average 55,000 mortgages approved three or four years ago.The average value of mortgages also fell to £142,900 although this was 4.1 per cent higher than a year earlier. David Dooks, BBA statistics director, said subdued mortgage activity and little demand for unsecured credit were a reflection of household uncertainties ahead of last week’s spending review by the government.But he added: “Demand for new mortgages remains low despite more properties on the market and falling house prices.” Net mortgage lending increased to just £1.6bn in September compared to £2.9bn a year earlier as repayments remained at fairly strong levels, the BBA added. Howard Archer, an economist at Global Insight, said: “In our view, the housing market has got very little going for it at the moment, apart from low mortgage rates ?– and that is if you can get a mortgage.The latest figures heaped more pain on homeowners by confirming the CML’s own data on mortgage approvals published last week, which showed £12bn was lent to borrowers in September, the lowest amount since 2000. The lending figure was one per cent lower than the previous month and seven per cent lower than a year earlier. Meanwhile, the Bank of England on Friday in its “Trends in Lending” report warned that mortgage lenders expected “house prices to remain little changed or decline slightly in 2011” as public spending cuts and job losses took hold. whatsapp UK Mortgage approvals at ten-year low whatsapp Share Show Comments ▼last_img read more

Emigration from UK falls to ten-year low

first_img Share Tags: NULL Emigration from UK falls to ten-year low EMIGRATION from the UK plummeted in 2009, according to government figures released yesterday.And more pressure was piled on the Conservative pledge to cap net migration after it increased to 198,000 – but only because of the drop in people leaving.Immigration actually fell by 23,000. The number of UK citizens leaving the country decreased to 140,000, a ten year low—and a 19 per cent fall on the previous year, according to the Office for National Statistics (ONS).And the overall number of people emigrating (including foreigners) also fell sharply, by 59,000.The Conservatives went into the last election with a key promise to reduce net migration to below six figures. The policy has come under fire from business groups, such as the Chartered Institute of Personnel and Development (CIPD) and British Chamber of Commerce (BCC).David Frost of the BCC said last week: “The Prime Minister has said Britain is ‘open for business’. Our migration policies must reflect that sentiment.” John Philpott, an economist at the CIPD said that a cap on the supply of labour will create unmet demand. “That means either vacancies are unfilled, or that employers compete for staff, driving up wages,” he argued.Earlier in the year business secretary Vince Cable clashed with Conservative minister Damian Green who claimed that net migration figures “show why we must tighten our immigration system”. Cable disputed the claim, telling the Financial Times that “the increase in recorded immigration has nothing to do with the number of non-EU work permits issued: they actually declined.”Yesterday’s data showed non-EU immigration almost unchanged from that seen in 2008.The Conservatives have pledged to make the law business friendly by exempting inter-company transfers, allowing multinational companies to bring in staff from their branches outside the EU. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesNoteabley25 Funny Notes Written By StrangersNoteableyWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald whatsappcenter_img Thursday 25 November 2010 7:58 pm More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comConnecticut man dies after crashing Harley into live bearnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com whatsapp KCS-content Show Comments ▼last_img read more

Spain risks firestorm over pensions in an effort to impress the markets

first_img whatsapp Share Show Comments ▼ Monday 13 December 2010 8:42 pm THE Spanish government’s desperation to calm financial markets means it will risk a political firestorm to impose new pension rules that may not even help its budget for at least a decade.Urged by Brussels and economists, the cabinet is bringing forward the reform, which raises the retirement age — aiming to show it making the hard choices needed to secure public finances and deal with an ageing population in the long-term. The cabinet has already passed a record austere budget and taken tough steps to rationalise its small banks. Over the past week it has also rushed out other measures including state selloffs to ease its cashflow issues. The pensions reform, however, is about convincing investors of its commitment to structural change; savings built up over the last decade mean it will have no impact before 2015 and bring only gradual benefits in the years that follow. That deals with none of the issues of banking, local government spending and growth which have driven a bond market sell-off that shows little sign of abating after engulfing Ireland and Greece.Yet Prime Minister Jose Luis Rodriguez Zapatero last week pulled forward his target for passing the legislation to January from an initial end-March deadline. Madrid’s cost of borrowing continued to rise yesterday – reaching 5.47 per cent on its 10-year bonds – close to levels which drove Greece and Ireland to the IMF. KCS-content center_img Tags: NULL Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo whatsapp More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Spain risks firestorm over pensions in an effort to impress the markets last_img read more

E&Y sued over Lehman audit

first_img whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof NEW YORK prosecutors started a civil lawsuit against accountancy firm Ernst & Young yesterday over the company’s audits of Lehman Brothers ahead of the bank’s collapse. It is the first government-led legal action to be brought against those involved in Lehman’s bankruptcy in September 2008, which sparked the global credit crisis.New York attorney general Andrew Cuomo is seeking the return of more than $150m (£97m) in fees that Ernst & Young made auditing Lehman between 2001 and 2008, as well as other damages.Ernst & Young encouraged Lehman to engage in “massive accounting fraud”, according to the lawsuit. It alleges billions of dollars worth of Repo 105 transactions, using an accounting technique to temporarily remove liabilities from a balance sheet, without telling investors, were used according to the 32-page filing at the New York Supreme Court.Lehman justified the deals with written opinions from Linklaters, despite the law firm’s advice in 2001 to place limits on the use of Repo 105, said the filing. “This practice was a house-of-cards business model designed to hide billions in liabilities in the years before Lehman collapsed,” Cuomo said in a statement. “Just as troubling, a global accounting firm, tasked with auditing Lehman’s financial statements, helped hide this crucial information from the investing public.”Ernst & Young did not comment last night, but the firm is expected to fight the case. Lehman’s bankrupcty examiner Anton Valukas said earlier in the year criminal charges could still emerge. E&Y sued over Lehman audit KCS-content Tuesday 21 December 2010 8:40 pmcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition Show Comments ▼ Share Tags: NULLlast_img read more