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Legal eagle: how London’s top law firm retained its grip on the City

first_img KCS-content Sunday 20 February 2011 10:26 pm The head of law firm Slaughter and May is two minutes late for his interview with City A.M., for which he immediately apologies. The first thing is surprising; the second is not. The partners in this blueblooded City institution have spent a lifetime doing things correctly.Even among other Magic Circle outfits, this firm manages to hold a singular aura. Much of this is down its status as the most profitable law firm in the City.Last year the partnership posted sales widely estimated at £439.5m (the firm does not publish its accounts), which are roughly half that of larger rivals such Linklaters or Clifford Chance. Yet Slaughters was still able to pay its 126 partners an average of £1.84m for their efforts, among the highest in the industry.It is able to do this partly because it did not expand overseas like its rivals did a decade ago, which means when times are bad it does not carry large overheads or is forced to cut large numbers of staff. The business has not let any of its 1,200 staff (including 733 lawyers) go since the financial crisis began. It retains a close-knit, unique culture; Slaughters remains an unlimited liability partnership.But the main reason for its success is down to the way its lawyers work and the enviable list of clients it retains. This business acts for an astonishing 28 FTSE 100 companies, more than any other rival; its clients include Marks & Spencer and Unilever. In total the firm is retained by 111 listed businesses.It has also long excelled at getting government work. In the 1980s, under Margret Thatcher’s Conservative government, it won lucrative mandates to work on many of the country’s biggest privatisations, including British Aerospace, BP, British Telecom and British Steel. And during the banking crisis it acted for Gordon Brown’s Labour government to set the legal frameworks for the bailouts of Northern Rock, Lloyds Banking Group and the Royal Bank of Scotland. It earned £22m for this work; its next nearest legal rival earned under £1m in fees from the government for this work.The profit margins that Slaughters can command for high profile work of the kind it took on during the banking crisis is understood to be around 50 per cent.“There are two key drivers behind this,” says Saul, 54, an engaging and trim man, who is sitting in one of the firm’s tasteful meeting rooms on the first floor of its Moorgate headquarters. “The quality of the team here and the genuine sense of collegiality among the partners. These factors mean that we are able to advise creatively and proactively on some of the most challenging deals, financings and disputes.” He also adds that importantly, lawyers at Slaughters are trained as “generalists” in all areas of the law, so when the lucrative mergers and acquisitions side of the business slows down they can turn their hands to restructurings, regulation or competition law. We are not stuffed full of “deal junkies” here, jokes Saul, who was elected as senior partner in 2008 for a five-year term.Saul says that being a good general corporate lawyer means that “at 3.00am, when a deal is about to be signed at 7.00am and someone rushes in and asks ‘what about the negative pledge?’, there isn’t a ghastly silence. A client wants to be able to look at his or her lawyer and expect the lawyer to know what that means. You don’t want the lawyer to say ‘I just have to call my bonds person about that’”.For the forgetful among you, the purpose of a negative pledge in loan agreements is to ensure that other creditors do not secure a preferred claim over the assets of the debtor in the event of insolvency. In common with most Magic Circle firms, Slaughter’s corporate and finance departments account for the lion’s share of its profits; estimated at 65 per cent of sales, though its much smaller tax and competition departments also enjoy strong reputations.Instead of opening up offices abroad the firm has, for more than the last ten years, pursued what it calls its Best Friends strategy. Slaughters has established a loose network with other top law firms like Hengeler Mueller in Germany or Cravath, Swaine & Moore in the US, who cooperate where they can and pass on business to each other.When times are good, critics tend to complain that multinationals want to deal with a single law firm that can handle its business across a variety of territories. But in tough times like these, observers concede that Slaughters does not have to retrench as much as its rivals.Saul says: “Over the last three years, our more flexible model has been particularly helpful. It has enabled us to respond quickly to major economic, business and regulatory developments.” He adds that – for this very reason – a merger with any firm in the network is not on the agenda.Slaughters has only had two offices abroad for some time – in Hong Kong and Brussels – but 15 months ago it opened a third in Beijing.Saul says: “We sat down and thought about this two years ago. We have a significant investment in our Hong Kong office and an increasing amount of our work was China-facing. So we felt that we should be in mainland China both to consolidate and grow our China work and to promote the continued growth of our Hong Kong office. Also, an office in Beijing means that we are close to the Chinese firms and this enables us to build ever-stronger relationships with them.”Slaughter’s senior partner, in common with most professional services firms that depend on corporate action for fees, is “upbeat but guarded” about the prospects for the year ahead.Saul adds: “Corporates have cash on their balance sheets, the debt markets continue to recover and, after some heroic cost cutting, many businesses will look to mergers and acquisitions for growth.”He adds: “There is also pressure on private equity sponsors both to exit from long held businesses and to put capital to work.”However, Saul acknowledges that the market is fragile, adding that a Eurozone sovereign debt disaster, a Middle East crisis or rising inflation “would lead to a loss of confidence in the equity markets”.The senior partner also thinks that lawyers will become increasingly central to any deals that do come along as a consequence of the financial crisis. Firms will want more protection if a deal unravels, and they are dragged into court.Saul says: “A few years ago, deals were struck where people thought that they would never have to get the documents out of the drawer. But the world has changed and clients have had to open that drawer – and have sometimes found that they have agreed to things which they would have preferred not to.”The recent BP-Rosneft deal is a recent case where lawyers – rather than big banks – have taken centre stage in a deal. It was specialist oil adviser the Lambert Energy Advisory and the oil majors’ law firms Linklaters, for BP, and Freshfields Bruckhaus Deringer, for Rosneft, that put the joint venture together. Saul says: “There is now a greater appreciation that bad stuff happens and that a balanced assessment of risk at the outset is key. This has helped the stock of legal advisers, internal and external, to rise – not so much as lawyers but as advisers.”Regardless of whether lawyers’ new influence is permanent or merely a cyclical phenomenon, one thing is clear: Slaughter and May, one of the City’s true powerhouses, will continue to box well above its weight.CV | CHRIS SAULAge: 54Work: Trainee, Slaughter and May: 1977-79; corporate assistant: 1979-86; elected partner: 1986; head of New York office: 1991-94; elected head of corporate: 2003; elected senior partner: 2008Education: Tiffin School, Kingston-upon-Thames; St Catherine’s College, OxfordFamily: Married, two childrenLives: Notting Hill Hobbies: Drives a 1973 Porsche 911, a Renault Mégane and has a half share in a Lotus 211. Listens to a lot of Joan As Police Woman, Crosby Stills and Nash and Vampire Weekend. Reads a lot of fiction Show Comments ▼ Share whatsapp center_img whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo Legal eagle: how London’s top law firm retained its grip on the City More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Tags: NULLlast_img read more

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Ad recovery is boost for Aegis

first_img Marketing group Aegis beat forecasts yesterday despite suffering a £25m exceptional charge on the threat of bad debts from a Spanish former client.The debt provision pushed its pre-tax profits down 25 per cent from £91.2m to £68m but chief executive Jerry Buhlmann told City A.M. his firm had taken a “very prudent” view on this, with the firm still working to recover the money.Organic revenue grew 5.8 per cent year-on-year to £1.45bn, with underlying pre-tax profits up seven per cent to £162m.The strong results followed a rebound in advertising markets in the second half of the year.Buhlmann said the business performed particularly well in the US and Asia. The firm has increased its operations in Asia with the recent acquisitions of Australian marketing group Mitchell and Chinese media agency Charm Communications.It has also expanded its presence in Russia and China.Buhlmann said he is “upbeat” about the outlook for 2011, saying he is confident the forward momentum will continue. It increased its dividend 10 per cent to 2.75p.The results followed similar improvements at other global ad groups such as WPP, Omnicom and Publicis, which all reported strong ends to the year due to growth in the US and emerging markets.FAST FACTS | AEGISOperating profit was up 12.9 per cent to £192m, but pre-tax profit fell 25 per cent to £68m.The group, which has expanded in emerging markets, says its outlook for 2011 is positive and raised its dividend 10 per cent to 2.75p. Tags: NULL 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 PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definitionthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmWorld LifestyleCouple Has No Idea Why Photo Goes Viral, Then They Notice This In The CornerWorld Lifestyle Ad recovery is boost for Aegis whatsappcenter_img Thursday 17 March 2011 8:51 pm Read This NextRicky 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Show Comments ▼ KCS-content Sharelast_img read more

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How to reverse Britain’s slow decline

first_img KCS-content Sunday 20 March 2011 11:55 pm More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.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.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com whatsapp 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 Famous, Now She Works In {State}MoneyPailUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndoDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndo How to reverse Britain’s slow decline whatsappcenter_img Show Comments ▼ GEORGE Osborne’s Budget must deliver a range of market-friendly policies to increase the rate of return on investment in the UK. That is the message from a group of economists, including Derek Scott, for years Tony Blair’s economic adviser, in a paper for the Reform think-tank. Their analysis of Britain’s accelerating relative decline, which started even before the bubble burst, is sobering. Scott is a gifted economist who spent years battling Gordon Brown and Ed Balls; had Labour listened to Scott, Britain today would be a very different, much wealthier place. His explanation of the financial crisis as a massive intellectual error by central banks draws on the work of Bernard Connolly (now of Connolly Global Macro Advisors, the London-based economist who most precisely saw the crisis coming) and the Austrian economics of F.A. Hayek. It is highly compelling.Between 1974 and 1997, the UK went from being the 18th largest economy measured by GDP per capita to the 16th, out of 25 OECD countries. This was a dramatic break with decades of decline; the legacy of the supply-side reforms of the 1980s meant that the UK continued to improve its performance for several more years after that. By 2005, the UK ranked 12th out of 34 OECD countries, having overtaken the United States, Germany, France and Italy, though this performance was partly inflated by the bubble. Crucially, the UK’s renewed decline was apparent even before the bubble burst, with tax, spend, educational and regulatory policies emerging as a drag on GDP per capita: Britain’s relative position has dropped every year since 2005. By 2009, the UK had fallen back to 16th, overtaken by Sweden, Finland, Germany and Belgium, with the effects of the crisis kicking in.There are other fascinating revelations in the report. Out of the 27 OECD countries, only Greece, Estonia and Denmark had worse household savings ratios during 1995-2008. Manufacturing has declined so much in Britain because wage costs per unit of output have gone up (in part because of regulations and wage rises) at a time when they were falling in the UK’s main rivals, including Germany, the US and Japan. Financial services, by contrast, are the most productive sector of the UK economy at £308,000 in economic value per head (the reason why wages are so high in that industry). Finance has become increasingly productive, with employment remaining constant as a percentage of total UK employment since 1978 (at roughly 4 per cent), while the sector’s contribution to GDP has increased by 6 per cent in the last 15 years. But finance’s economic value per employee may not hold up as leverage declines to a more reasonable level. What of the crisis? Interest rates were kept too low by central banks, while the launch of the euro and China’s manipulation of exchange rates helped fuel asset bubbles. For interest rates to return to “normal” – and for them to rationally balance the cost of spending today with that of spending in the future, rather than distort everything – anticipated rates of return on investments need to rise to ensure profitability at the new, higher, interest rates. This requires lower tax rates, reduced employment regulations, a less restrictive planning system and more besides. The answer, Scott and his colleagues argue, is “more capitalism, not less.” Brown ignored Scott – let us hope Osborne doesn’t make the same [email protected] me on Twitter: @allisterheath Share Tags: NULLlast_img read more

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Jobs to decline this year despite economic growth

first_img whatsapp EMPLOYMENT will fall by 100,000 in 2011-12, despite the recovery continuing with 1.8 per cent economic growth, official forecasts claimed yesterday.Along with downwardly revised growth expectations for this year, the government’s fiscal watchdog painted a gloomier picture for the jobs market.The number of people claiming unemployment benefit will rise to 1.55m in 2011-12, from 1.48m in the current fiscal year, the Office for Budget Responsibility predicts.However, employment is still expected to rebound in the medium term, with an extra half a million jobs created by 2013-14, and an extra million by 2015-16.“Over the next five years we expect market sector employment to rise by 1.3m, partly offset by a roughly 400,000 fall in general government employment,” it said in a statement published after the budget.Unemployment will rise from eight to 8.3 per cent of the labour force by the second quarter of this year, the OBR expects, yet it remains confident of it falling to 6.4 per cent by 2015. Show Comments ▼ Jobs to decline this year despite economic growth Share Wednesday 23 March 2011 9:24 pm KCS-content whatsapp Tags: NULL Read This NextRicky 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wraplast_img read more

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Goldman slips to tenth in M&A League

first_img John Dunne Share 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 Famous, Now She Works In {State}MoneyPailBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayDrivepedia20 Of The Most Underrated Vintage CarsDrivepediamoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com Goldman Sachs made its worst showing in US deal advisory rankings in more than two decades, sliding to 10th place in the first quarter of this year.While deal rankings can move around dramatically each quarter, it is still embarrassing for Wall Street’s premier bank to have fallen in the pecking order. League tables are closely followed by bankers who compete hard for lucrative assignments advising companies on mergers and acquisitions.Goldman advised on $71bn (£44bn) worth of US deals in the first quarter, far less than JPMorgan Chase & Co’s chart-topping $170bn, and even lower than much smaller banks such as Rothschild, Evercore Partners Inc and Lazard Ltd .It is Goldman’s lowest quarterly ranking since Thomson Reuters began tracking US M&A deals in 1990. The drop mainly reflects the firm’s advisory absence from two mega deals: AT&T Inc’s $39bn deal for T-Mobile USA and the $59bn restructuring of insurer American International Group Inc .“The numbers are an example of the lumpiness of the business, particularly when you get the mega-deals,” said Michael Holland, chairman of New York-based money manager Holland & Co.Goldman Sachs, typically in the top three in these tables, missed out on the T-Mobile USA deal because it was advising Sprint Nextel Corp , a source familiar with the matter previously told Reuters. Sprint also held talks to merge with T-Mobile. Friday 25 March 2011 4:54 am Show Comments ▼center_img whatsapp Goldman slips to tenth in M&A League Tags: NULL whatsapp last_img read more

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Hornby steps down as Alliance Boots chief

first_img Andy Hornby, the man in charge of HBOS bank when it was rescued by Lloyds Banking Group, has resigned as chief executive of Alliance Boots.After what Hornby called “an intense five years” as boss of first HBOS and then Boots, he said he had decided to take “a few months’ break”.Boots said it would begin its search for a successor “in due course”.The chairman of the group, Stefano Pessina, praised Hornby’s “wealth of retail and marketing experience”. whatsapp whatsapp Hornby steps down as Alliance Boots chief 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 Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayDrivepedia20 Of The Most Underrated Vintage CarsDrivepediamoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Tags: NULL Show Comments ▼center_img Share John Dunne More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comPuffer fish snaps a selfie with lucky divernypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com Friday 25 March 2011 8:11 am last_img read more

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Japanese radiation levels have soared

first_img KCS-content Tags: NULL whatsapp Monday 28 March 2011 12:11 am whatsapp Show Comments ▼ Share JAPAN is now resigned to a long fight to contain the world’s worst atomic crisis in 25 years after high radiation levels complicated work at its crippled nuclear plant.Engineers have been battling to control the six-reactor Fukushima complex since it was damaged by a 11 March earthquake and tsunami that also left more than 27,000 people dead or missing across Japan’s devastated north east.Radiation at the Tokyo Electric Power plant has soared in recent days: latest readings at the weekend showed contamination 100,000 times normal in water at reactor No. 2 and 1,850 times normal in the nearby sea. Those were the most alarming levels since the crisis began, experts said.Tokyo Electric conceded it does not know how long the crisis will last. Japanese radiation levels have soared More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.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.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com last_img read more

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Libyan minister defects to UK

first_img 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 Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Libyan minister defects to UK KCS-content whatsapp LIBYA’S foreign minister Moussa Koussa defected to the UK yesterday, saying he opposed his government’s attacks on civilians. As the US, UK and France refused to rule out arming Libyan opposition forces to help oust Muammar Gaddafi, Kusa resigned from his post in the Libyan government and claimed refuge after he landed at Farnborough airport yesterday, the Foreign Office said.A Libyan government spokesperson earlier claimed that Kusa was here on a diplomatic mission. Libyan rebels struggled to hold back advances from pro-Gaddafi forces yesterday. More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgcenter_img Tags: NULL Wednesday 30 March 2011 8:46 pm Show Comments ▼ whatsapp Sharelast_img read more

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Corn futures in the US soar as inventories fall

first_img whatsapp KCS-content 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 PastBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Today Show Comments ▼ Read This NextWATCH: Shohei Ohtani continues home run tear, Los Angeles Angels winSportsnautYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof AGRICULTURAL futures jumped yesterday after two US government reports said that inventories were lower than previously thought.Farmers will struggle to replenish rapidly shrinking US grain stocks this year, despite plans to give the most land to corn since the second World War, and near-record acreage to soyabeans, the reports said.Corn futures upticked to the maximum allowed – a rise of 4.5 per cent at the Chicago Board of Trade.Futures in soyabeans and wheat jumped more than three per cent as traders looked past higher-than-expected figures in the Department of Agriculture’s annual planting survey, and instead focused on inventories, which fell much more than forecast.The Department said that farmers’ stocks of corn at the beginning of last month were around 15 per cent down on the same time last year, while soyabeans were two per cent down on last year.Farmers are now reaching the limits of arable land in the US, the world’s biggest crop exporter, the report said. Increased corn sowing is coming at the expense of soyabeans and cotton. The spring wheat crop, while among the biggest in decades, could yet shrink, it said. Corn futures in the US soar as inventories fall center_img whatsapp Share Thursday 31 March 2011 8:19 pm Tags: NULLlast_img read more

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Northern Rock bad bank repays £1bn…

first_img Northern Rock bad bank repays £1bn… 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 Famous, Now She Works In {State}MoneyPailSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDrivepedia20 Of The Most Underrated Vintage CarsDrivepediamoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBeDrones Capture Images No One Was Suppose to SeeBetterBe Thursday 31 March 2011 8:04 pm Show Comments ▼ whatsapp KCS-content THE taxpayer has been repaid £1.1bn by the Northern Rock “bad bank”, which swung into profit last year.UK Asset Resolution (UKAR), the entity that now owns what were considered the more toxic assets of Northern Rock and Bradford & Bingley, reported combined full-year profits of £477.5m yesterday, versus losses of £480m last year.In addition, UKAR made one-time gains of £1bn by buying undervalued assets during the year. The banks also cut costs and saw the quality of their mortgage books improve, with customers making significant progress on paying back their loans.The “bad bank” recovery is an ironic counterpart to the £232.4m in underlying losses reported by the Northern Rock “good bank” for last year.UKAR’s £1.1bn repayment of government money makes only an incremental dent on the total £48.7bn loan, with B&B failing to pay back any of its £27bn credit.But B&B has benefited from borrowers bearing down on their late mortgage payments. The number of mortgages in arrears on its books fell 32 per cent to 13,096 and the number of houses in its possession dropped from 962 to 623.At Northern Rock Asset Management (NRAM), which consists of what were thought to be the most toxic parts of Northern Rock, mortgage arrears rose by three per cent, but this marked a substantial slowdown in late payments on 2009, when the number in arrears jumped by 18 per cent. It also cut down the number of houses it owns from 1,984 to 2,061. Despite the improvement, however, UKAR chief executive Richard Banks warned that 2011 could prove more difficult: “The uncertain economic environment, increases in taxes, inflation and unemployment will, inevitably, impact our customers and results.”Banks reiterated UKAR’s focus on running down the original £110bn balance sheet of the two banks. Northern Rock Asset Management’s balance sheet fell by £3bn to £11.3bn last year, while B&B reduced its assets from £6.3bn to £5.7bn. Underlying profits at the banks, which are still run as separate entities, were £200.1m at B&B and £277.4m at Northern Rock Asset Management. center_img Share whatsapp More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com Tags: NULLlast_img read more

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