News

Outlook The Old Lady of Threadneedle Street likes drama to be reserved firmly for the stage. So yesterday's announcement from her Financial Policy Committee on "potential amplification channels" of financial risks was characteristically short on hyperbole.

Lehman cash returned to clients

The administrator of Lehman Brothers' European division has recovered and returned another £2.1bn to the collapsed bank's clients, according to their latest update.

Barclays faces £1.4bn writedown after US ruling on Lehman deal

Barclays could be forced to take a writedown running into hundreds of millions of pounds as a result of a court ruling over its 2008 acquisition of Lehman Brothers' US business.

Homesellers cut asking prices

Asking prices for houses fell by 3 per cent over the past month, in the worst November-December performance for three years, property website Rightmove said yesterday.

Echelon clients bring lawsuit against IG

IG Group, the spread betting company, has been slapped with a €25m (£21m) lawsuit over the collapse of a Scottish wealth manager two years ago.

Business Diary: Slow going for A&L on eBay

It should have come as no surprise that branded material "liberated" from Lehman Brothers after its collapse turned up on eBay. After all, this was the bank that nearly tipped the world into financial Armageddon so its trinkets had a certain collectible appeal. But Alliance & Leicester? A dull mortgage bank swallowed up on the cheap by Banco Santander? Nonetheless, its all there. From button badges, to pen holders, to mugs, homemakers guides and even old Leicester City tops bearing its logo. Nothing's going for more than a tenner, though, which rather tells its own story.

Leading article: The triumph of the lobbyists

International co-operation on banking reform is axiomatically desirable. We live in an era of massive global capital flows and sophisticated cross-border banking. A firm like HSBC takes deposits from ordinary savers in Hong Kong but is regulated in London. Goldman Sachs collects money from clients in Europe and invests it in China. In a world of globalised finance, it makes sense for national regulators to work together.

$2bn legal bill for unwinding Lehman

The man in charge of unwinding Lehman Brothers, the collapsed investment bank, says the bankruptcy could cost $2bn in legal fees in the US alone.

Sackable offences: When push comes to shove – the elbow in all its savage guises

General Stanley McChrystal's recent sacking was brief and brutal. Even before his comments in Rolling Stone about President Obama and his aides hit the newsstands, he was summoned to the White House. General McChrystal was told not even to bother returning to Afghanistan to say farewell. He's not the first, nor likely the last, to be sacked, publicly, without any softening of the blow. Here are some others:

Leading article: There is still a common global interest

World leaders meet in Canada today for their back-to-back G8 and G20 summits in fractious mood. The climate of international co-operation that was in evidence at the height of the financial crisis two years ago has largely dissipated. Individual governments now seem to be heading off in their own separate directions.

Judge rebukes Barclays chief at Lehman hearing

Bob Diamond, head of Barclays' investment banking business, was criticised by a Manhattan judge for an "evasive" performance on the witness stand yesterday as he defended the company's acquisition of Lehman Brothers.

Andreas Whittam Smith: The dealing room had it coming

Banks have become huge organisations engaged in scores of different activities, some of them more suitable for gamblers than for sober citizens

Sean O'Grady: If Greece was Northern Rock, Spain is Lehman Brothers

Unlike the football result, Spain's financial fiasco was entirely predictable. Though her problems are not as deep-seated as those in Greece, they are more dangerous simply because the Spanish economy is so much larger than that of Greece – about five times larger, in fact. It is the sort of difference, to draw an uncomfortable analogy, between Northern Rock and Lehman Brothers.

Lehman Brothers to sell off art collection

Bankrupt financial group Lehman Brothers Holdings Inc plans to sell about 450 works by contemporary artists including Robert Rauschenberg at auction in September, according to court documents.

LSE's Rolet earns £1m-plus bonus

Xavier Rolet earned a higher bonus than his predecessor in his first year at the helm of the London Stock Exchange.

Enron play flops in US as art imitates life

It may still be one of the hottest tickets in London's West End, but on Broadway Enron, the play, has proved a financial disaster and is to close after just 15 performances.

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Independent Travel
Pompeii, Capri & the Bay of Naples
Dubrovnik, the Dalmatian Coast & Montenegro
Burgundy, the River Rhone & Provence
Lisbon, Oporto and the Douro Valley
Lake Garda, Venice & Verona
Spain
Prices correct as of 23 January 2015
Greece elections: In times like these, the EU has far more dangerous adversaries than Syriza

Greece elections

In times like these, the EU has far more dangerous adversaries than Syriza, says Patrick Cockburn
Holocaust Memorial Day: Nazi victims remembered as spectre of prejudice reappears

Holocaust Memorial Day

Nazi victims remembered as spectre of prejudice reappears over Europe
Fortitude and the Arctic attraction: Our fascination with the last great wilderness

Magnetic north

The Arctic has always exerted a pull, from Greek myth to new thriller Fortitude. Gerard Gilbert considers what's behind our fascination with the last great wilderness
Homeless Veterans appeal: Homeless in Wales can find inspiration from Daniel’s story

Homeless Veterans appeal

Homeless in Wales can find inspiration from Daniel’s story
Front National family feud? Marine Le Pen and her relatives clash over French far-right party's response to Paris terror attacks

Front National family feud?

Marine Le Pen and her relatives clash over French far-right party's response to Paris terror attacks
Pot of gold: tasting the world’s most expensive tea

Pot of gold

Tasting the world’s most expensive tea
10 best wildlife-watching experiences: From hen harriers to porpoises

From hen harriers to porpoises: 10 best wildlife-watching experiences

While many of Britain's birds have flown south for the winter, it's still a great time to get outside for a spot of twitching
Nick Easter: 'I don’t want just to hold tackle bags, I want to be out there'

'I don’t want just to hold tackle bags, I want to be out there'

Nick Easter targeting World Cup place after England recall
DSK, Dodo the Pimp, and the Carlton Hotel

The inside track on France's trial of the year

Dominique Strauss-Kahn, Dodo the Pimp, and the Carlton Hotel:
As provocative now as they ever were

Sarah Kane season

Why her plays are as provocative now as when they were written
Murder of Japanese hostage has grim echoes of a killing in Iraq 11 years ago

Murder of Japanese hostage has grim echoes of another killing

Japanese mood was against what was seen as irresponsible trips to a vicious war zone
Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore