"Bruised, battered and distraught," was one trader's response when asked how he felt. "All my friends have been wiped out," piped in a punter, as he stared at a trading screen covered in red. ... more
When Libya eventually returns to normality, its citizens can look forward to a huge rat population and Rentokil Initial knocking at the government's door with a big bill... more
Arctic weather conditions before Christmas were "a killer blow" for UK delivery companies but particularly bad for City Link where it "highlighted underlying operational problems", according to Alan Brown, chief executive of Rentokil Initial... more
IT firm Logica returns to modest revenue growth thanks to government outsourcing and banks using its services to help comply with new regulations... more
City recruiter SThree said more firms hiring an increased number of staff for permanent jobs helped its third-quarter gross profit rise 15% to £43 million... more
Supergroup, the retailer behind the Superdry brand worn by David Beckham and Zac Efron, will enter the London stock market within weeks in a listing valuing it at more than £400 million... more
Following this weekend's dress rehearsal for the summit meeting in three weeks of G20, the world's leading economic nations, the word has appareThese are uncomfortable times for Jersey. An island whose economy has moved from agriculture through tourism to the point where fully half its income derives from financial services can only look with extreme nervousness at the onset of a global economic slowdown. But if that were not danger enough, the island also finds itself facing an unprecedented drive by the world's leading governments to clamp down on tax havens. At a conference organised by Jersey-based magazine Business Life last week, the island's politicians, regulators and promoters of financial services were at one in positioning it as an offshore financial centre, not a tax haven.
The difference is fundamental. Successful financial centres are well-regulated and transparent; tax havens are secretive and largely unregulated. In Jersey's case, its policy of openness and co-operation with other countries over the past decade means that it is quite the last place anyone should seek to hide their ill-gotten gains.
The danger is that, in their current mood, the world's politicians are unlikely to allow the very evident distinctions between the good, the bad and the ugly in the offshore world stand between them and a favourable headline. In time, Jersey may benefit from the flight to quality as other offshore centres lose business. Meanwhile, it needs its friends.
ntly been put out by the Prime Minister that he wants "announceables"... more
Banking: Fortis, the Benelux financial services group brought to its knees by the credit crunch, has lost another €295 million in currency deals in little more than a fortnight... more
The Mayor of Tower Hamlets defeated Labour to be elected. Livingstone not only backed him but some of Ken's key players are now at the heart of running the council. Stephen Robinson reports
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