Credit crisis diary: Desmond forced to grovel
Thursday 05 February 2009
The spat between Richard Desmond and the hedge fund firm Pentagon Capital continues, and very much not in favour of the media baron. Desmond fell out with Pentagon last year, after some of the company's funds were frozen and it was unable to return an investment of his. Desmond has now had to publish a humiliating apology to Pentagon in the Sunday Express. After the row began, the paper, which Desmond owns, published a series of accusations about the honesty of Pentagon and its senior staff. Now the paper has admitted the allegations were untrue and – embarrassingly – that the article was based on comments made by Desmond himself. Damages have also been paid.
A slip of the tongue that ruined the effect
John Sweeney's exposé of offshore tax havens on Monday night's Panorama was an excellent piece of investigative journalism, but what a pity he couldn't get a few basic facts right. Like the fact that the OECD is the Organisation for Economic Co-operation and Development, not "Cultural Development", as he kept saying. Not that the folks at the OECD aren't cultured, of course.
Plain speaking can be so feminine
Fair play to Martin Currie, theScottish fund management company, which is banning jargon from reports it sends to clients. But it's not talking about the technical stuff – yields, standard deviation and so on are all fine, apparently. It's words such as "bets", described as "unnecessarily macho" and "aggressively", which is "muscle flexing" that are ruled out.
Protectionism of the old-fashioned type
Russia's finance minister, Alexei Kudrin, chose an unfortunate time to brief financial journalists on the country's economy yesterday – just as news was breaking that thecountry's credit rating had been downgraded. Hacks naturallywanted to know what Kudrin thought about the downgrade and he was happy to answer one question. Then a burly minder stepped in andescorted him from the room.
Tell us what you really think, David
David Buik, frontman extraodinaire for BGC Partners, is clearly not a fan of the ratings agencies. Told yesterday that Fitch had cut Russia's rating, plunging international currency markets into chaos, Buik rushed out a statement. "With great respect, does anyone really care what Fitch thinks after all the carnage in the market in the last two years?" said Buik.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...