The Telegraph claims that Wall Street caught "Enronitis" yesterday, sending shares tumbling on ...
The Telegraph claims that Wall Street caught "Enronitis" yesterday, sending shares tumbling on fears that the profits claimed by some of corporate America's biggest players are based on little more than creative accounting. The sell-off began after claims that Tyco International, the conglomerate that has announced plans to split into four, spent $8 billion in the last three years on acquisitions that were not fully disclosed.
Equitable Life's with-profits fund lost nearly £1.9 billion in early surrenders and maturities in the last three months of 2001, the society revealed yesterday in a court hearing to approve its controversial compromise scheme says the Telegraph.
The Telegraph also writes that National Statistics was holding an inquiry last night into what has been dubbed by the Tories "the biggest statistical error in economic history" after it mis-stated British pension fund assets by £104 billion. The error is equivalent to the whole of Poland's economic output and is twice the National Health Service's budget. It is also enough to buy 20 new aircraft carriers for the Royal Navy, which is currently rubbing along with just three.
Andersen's British clients are standing by the embattled accountancy firm after the spectacular collapse of Enron and a new accounting scandal involving another US audit client, the failed telecoms group Global Crossing reports the Times.
The Times notes that Argentina was set for fresh financial turmoil and unrest as its Government prepared to unveil an austere budget blueprint today and float the devalued peso tomorrow.
Despite improved risk appetite
FOS award limit increase
Relates to 136 million transaction reports
Ceremony will take place 13 November