A City lawyer suing her former bosses for £19 million was using an alternative
personality when she successfully interviewed for another job while
suffering from a serious mental illness, an employment tribunal was told
yesterday.
Gill Switalksi, 51, former head of legal affairs at Foreign & Colonial (F&C),
was able to convince a senior executive at a rival asset manager that she
was “full of energy and drive” despite her poor mental health, an expert
witness said.
Steven Hirsch, a consultant in adult psychiatry, said that there was “nothing
sinister” about Ms Switalski giving a strong performance at the morning
interview and then displaying signs of being “withdrawn” to a psychiatrist
the same afternoon.
Ms Switalski experienced a psychological condition called dissociation,
Professor Hirsch said, where individuals can push aside negative feelings.
“Dissociation is not a matter of putting on a brave face . . . you tap into a
different personality,” said Professor Hirsch, who was called as an expert
witness by Ms Switalski, as she defends allegations that she faked a nervous
breakdown to secure a higher compensation payout from F&C.
On Monday, lawyers for F&C revealed evidence including details of Ms
Switalski’s successful interviews, which F&C says proves she is a
“very plausible liar” whose past testimony cannot be trusted. F&C
is asking the tribunal to reconsider a ruling that said Ms Switalski
suffered discrimination and victimisation while at the company. F&C
called an expert witness, Professor Simon Wessely, of King’s College London,
who said there was “some debate about whether dissociation exists” and that
it would be impossible for an interviewer not to notice “something very
strange happening”.
The tribunal will now consider whether to order a retrial. Source: Latest Business News from Times Online | 19 Jun 2008 | 9:01 pm
AP - The "latte effect" of the go-go years had consumers spending $4 a day on coffee. Now the downturn is forcing them to rethink the wisdom of such habits.
LONDON (Reuters) - A sharp rise in British retail sales pierced the global economic gloom like a rare shaft of sunlight on Thursday, but other developments showed that hopes that storm clouds would disperse were premature.
NEW YORK (Reuters) - Electronics retailer and takeover target Circuit City Stores Inc posted a wider first-quarter net loss on Thursday as sales fell in the challenging U.S. consumer spending environment, and said it has suspended dividend payments to save cash.
DETROIT (Reuters) - Billionaire investor Kirk Kerkorian has raised his stake in Ford Motor Co to 6.49 percent and is willing to support the automaker's turnaround with "an infusion of additional capital," according to a regulatory filing on Thursday.
Circuit City Stores Inc. (NYSE: CC) has reported earnings this morning but the company is also giving some language as though it might not be all that gung-ho on proceeding with the merger intentions. For the last quarter ended May 31, the electronics retailer has posted a loss of -$1.00 EPS on $2.3011 Billion in revenues. First Call had estimates at -$1.07 EPS and $2.37 Billion in revenues. What is interesting is that while the company says it is "leading a process to explore strategic alternatives to enhance shareholder value," and it says that the review continues. This also notes...
Reuters - Electronics retailer and takeover
target Circuit City Stores Inc posted a wider
first-quarter net loss on Thursday as sales fell in the
challenging U.S. consumer spending environment, and said it has
suspended dividend payments to save cash. Source: Yahoo! News: Business | 19 Jun 2008 | 12:10 pm
Bill Ackman, the activist investor best known for his scorched-earth campaign against MBIA and Ambac, has trained his sights on yet another municipal bond insurer: Financial Security Assurance.
NEW YORK (Reuters) - Stock index futures were little changed on Thursday, suggesting the market may tread water at the open after the Dow slipped to its lowest close in three months on Wednesday.
Reuters - A sharp rise in British retail sales
pierced the global economic gloom like a rare shaft of sunlight
on Thursday, but other developments showed that hopes that
storm clouds would disperse were premature. Source: Yahoo! News: Business | 19 Jun 2008 | 12:05 pm
WASHINGTON (Reuters) - Treasury Secretary Henry Paulson is expected to urge that the Federal Reserve be given new powers to regulate Wall Street after the collapse of brokerage Bear Stearns Cos. Inc., U.S. media reported on Wednesday.
J Sainsbury today conceded it had no idea when its home shopping website would
be back up and running after a technical hitch forced the supermarket group
to suspend the service. Source: Latest Business News from Times Online | 19 Jun 2008 | 12:01 pm
Royal Dutch Shell shut down production at its biggest offshore facility in
Nigeria today, following an attack by armed militants. Source: Latest Business News from Times Online | 19 Jun 2008 | 11:58 am
Leap Wireless International Inc. (NASDAQ: LEAP) has a proposed $400 million offering of senior notes broken up int two groups of $200 million each this morning. Both tranches are unregistered as 144A placements. One tranche is a total of $200 million of unsecured senior notes due 2015 with interest at a rate to be determined at pricing and will be guaranteed on a senior unsecured basis by Leap Wireless International, Inc. and certain of its indirect subsidiaries. The other tranche is a total of $200 million in convertible senior notes due 2014 with interest rate, conversion rate, and other terms...
Imperial Tobacco will cut almost 2,500 jobs, including 285 UK staff, as it
begins integrating Altadis, the Franco-Spanish rival it acquired for €12.6
billion last year. Source: Latest Business News from Times Online | 19 Jun 2008 | 11:42 am
Reuters - Stock index futures were little
changed on Thursday, suggesting the market may tread water at
the open after the Dow slipped to its lowest close in three
months on Wednesday.
Goldman Sachs Group (NYSE: GS) has raised its Brent Crude average oil prices for the years ahead. The firm has increased its price forecasts to reflect a continued tightening of global crude oil supply and demand fundamentals. Here are the new price targets: 2008 average raised to $117.40 from $108.00; 2009 to 2010 will average $140.00 (from $110.00) in 2009 and 2010 will be the peak at $150.00 average; 2011 average will slide back to an average of $140.00; 2012 average appears to be all the way down to $85.00 (from $75.00). Jon C. Ogg June 19, 2008
These are ten of the analyst calls we are seeing early this Thursday morning in early bird pre-market trading hours: American International Group (NYSE: AIG) raised to Buy at Citigroup. Bare Escentuals (NASDAQ: BARE) Raised to Buy from Hold at Citigroup. Casella Waste (NASDAQ: CWST) raised to Overweight at JPMorgan. Genentech (NYSE: DNA) Started as Buy at Deutsche Bank. Gilead (NASDAQ: GILD) Started as Buy at Deutsche Bank. Medco Health Solutions (NYSE: MHS) Cut to Neutral from Buy at UBS. Silicon Laboratories (NASDAQ: SLAB) Raised to Outperform from Market Perform at FBR. Tekelec (NASDAQ: TKLC) Cut to Equal-weight from Overweight...
Cadbury, the chocolate and gum maker, said that second-quarter revenue growth
will be above 7 per cent, helped by the recovery in demand for Dairy Milk
bars and Creme Eggs in the UK. Source: Latest Business News from Times Online | 19 Jun 2008 | 11:06 am
NEW YORK (Reuters) - Home furnishings retailer Pier 1 Imports on Thursday posted a worse-than-expected quarterly loss, hurt by weaker traffic in March and April.
Gas prices have fallen for the third day in a row, backing further away from recent highs, according to a daily survey released Thursday by motorist group AAA.
British retail sales surged unexpectedly in May, rising at the fastest rate in
two decades as shoppers ignored the gloomy economic climate and rushed to
the high street. Source: Latest Business News from Times Online | 19 Jun 2008 | 10:46 am
Shell has shut some of its oil production in Nigeria. According to CNN Money "it shut down production from an offshore oil field that produces about 200,000 barrels per day after the most powerful militant group in Nigeria launched an attack on an installation." Crude prices should be up again today. Douglas A. McIntyre
Thornburg Mortgage (TMA) may not make it. The mortgage bank once has a market cap of well over $5 billion. Its shares are down to $.65 and its market value is only about $100 million. TMA is trying to raise $1.35 billion, but that has proved difficult due to concerns about the housing market and more home loan defaults. Thornburg made most of its loans to people who were well off. That makes its trouble all the more peculiar. It also raises the issue of whether other companies in the industry still have more profound problems ahead of them. Since...
Charles Bean was today confirmed as the Bank of England’s new Deputy Governor
for monetary policy as it begins a search to replace Sir John Gieve, its
other Deputy Governor, whose shock decision to quit emerged last night. Source: Latest Business News from Times Online | 19 Jun 2008 | 10:26 am
Reuters - Treasury Secretary Henry Paulson is
expected to urge that the Federal Reserve be given new powers
to regulate Wall Street after the collapse of brokerage Bear
Stearns Cos. Inc., U.S. media reported on Wednesday.
Verizon (VZ) is going to make its FiOS fiber-to-the-home product deliver even faster broadband speeds. It is hard to imagine that their customers will even know. The new product will run at 50 Mbps. According to The Wall Street Journal, "a person could download a high-definition movie in 13 minutes." But, how many people really want to do that. The broadband connection speed war between cable and TV companies is escalating. That means that the firms will add billion of dollars to capex to "keep up with the Jones". For most people, a fast connection allows them to watch video...
LONDON (Reuters) - Goldman Sachs on Thursday raised its 2008 average Brent crude oil price forecast to $117.40 a barrel from a $108 due to tight supplies.
The private equity dance always looks the same now. In 2006 or early 2007, when credit was plentiful and the stock market was up 100% a year, funds would offer buy-outs of public companies at huge premiums. As the credit markets fell apart, the private equity people would come up with excuses to walk on the deals. Often, the target companies felt they had no recourse and ran away like whipped dogs. Some challenged the matters in court. Apollo Management, run by a former Drexel Burnham executive, an associate of the great Mike Milken, has decided to skip on a...
Elvis has left the building but that does not seem to matter to GM. The company is cutting back on new designs for future SUVs, the same SUVs that no one will buy. The Wall Street Journal writes that the largest car company in the US is looking at it whole product line. GM's stock fell below $15 yesterday.It has not been that low since the last days of the Arab Oil Embargo in 1974. Gas prices killed GM then, and, over 30 years later, it is happening again. GM advocates would make the argument that the SUV was a...
The cries of desperation can still be heard from the Sprint (S) headquarters. The company continues to lose money and subscribers. It is now a distant third in the cellular market behind Verzion Wireless and AT&T (T). Sprint wants to be in the smartphone business because the subscription plans for these handsets tend to bring is big payments. The Apple (AAPL) iPhone and RIM (RIMM) Blackberry are considered the market leaders, but that will not stop Sprint from giving it a try. According to The Wall Street Journal, Sprint will bring the Samsung Instinct to market soon to see what...
Mortgage lending slumped by 19 per cent in the year to May, as first-time
buyers faced increasing difficulties in securing new home loans from
cautious banks. Source: Latest Business News from Times Online | 19 Jun 2008 | 9:05 am
PARIS (Reuters) - Shares in European aerospace group EADS fell sharply on Thursday after U.S. auditors urged its Air Force to rerun a competition for a $35 billion contract initially won by EADS and Northrop Grumman .
The performance of brands such as Dairy Milk leaves Cadbury upbeat abut its 2008 performance. Source: BBC News | Business | World Edition | 19 Jun 2008 | 7:36 am
Centrica, the owner of British Gas, today gave a fresh signal that energy
prices for its 16 million customers would have to rise again this year when
it said it continued to trade in line with guidance given in May. Source: Latest Business News from Times Online | 19 Jun 2008 | 7:23 am
NEW YORK (Reuters) - General Motors Corp is postponing redesigning its SUVs and full-sized trucks as it shifts its product portfolio toward more fuel-efficient vehicles, the Wall Street Journal reported in its online edition on Thursday.
HBOS, the UK's biggest mortgage lender, says UK house prices will probably decline by 9% this year. Source: BBC News | Business | World Edition | 19 Jun 2008 | 7:11 am
Reuters - Huntsman Corp said on Thursday
it would fight an effort by Apollo Management to back out of
the planned $6.5 billion takeover of the Texas company by
Apollo's Hexion Specialty Chemicals.
NEW YORK (Reuters) - Huntsman Corp said on Thursday it would fight an effort by Apollo Management to back out of the planned $6.5 billion takeover of the Texas company by Apollo's Hexion Specialty Chemicals.
HBOS, Britain's largest mortgage bank which is raising £4 billion from
shareholders, disclosed today that it had written down assets by £1 billion
in the year to the end of May and now thinks house prices will fall this
year by 9 per cent. Source: Latest Business News from Times Online | 19 Jun 2008 | 6:35 am
Australian airline Qantas faces turbulence next week when engineers begin a series of strikes over pay. Source: BBC News | Business | World Edition | 19 Jun 2008 | 6:34 am
The 'double whammy' of the US credit crunch after-effects and the high price of oil continues to send jitters through investors on the New Zealand stock market, with the NZX-50 index closing down a hefty 1.6 per cent today at 3338,... Source: New Zealand Herald - Business | 19 Jun 2008 | 4:45 am
The Pizza Hut New Zealand chain could be put up for sale if owner Restaurant Brands is unable to turn it around.
Describing Pizza Hut as his company's "Achilles' heel", Restaurant Brands chairman Ted van Arkel today said the board... Source: New Zealand Herald - Business | 19 Jun 2008 | 4:00 am
Geneva Finance has refunded customers more than $500,000 after admitting it breached the law by not providing rebates on insurance when some debtors paid loans early.
The company made an out-of-court settlement with the Commerce... Source: New Zealand Herald - Business | 19 Jun 2008 | 3:00 am
Standard & Poor's has withdrawn its unsolicited BB/Stable credit rating on Air New Zealand, saying it had not had the full interaction of the airline in the rating process.
S&P said it no longer felt able to provide a credit opinion... Source: New Zealand Herald - Business | 19 Jun 2008 | 2:30 am
In his first Mansion House speech, Chancellor Alistair Darling unveils a new role for the Bank of England. Source: BBC News | Business | World Edition | 19 Jun 2008 | 2:06 am
Boeing should get a second chance to bid for a $35bn US Air Force contract, a US government agency says. Source: BBC News | Business | World Edition | 19 Jun 2008 | 12:24 am
The value of all electronic card transactions increased a seasonally adjusted 1.2 per cent in May from April, Statistics New Zealand said today.
In May 2008, there were 86 million electronic transactions, totalling $4.7 billion.
The... Source: New Zealand Herald - Business | 18 Jun 2008 | 11:16 pm
Shares in stricken finance company Dominion Finance slumped 80 per cent after trading resumed following Tuesday's suspension.
The company said on Tuesday it was considering a moratorium on payments to debenture holders after becoming... Source: New Zealand Herald - Business | 18 Jun 2008 | 11:00 pm
This week's push for increased U.S. oil drilling, both offshore and in Alaska, is part of a longer-standing debate about the best way to solve the energy crisis - tap domestic reserves or put more emphasis on developing alternatives.
The local sharemarket plumbed new 27 month lows today as it fell for the seventh straight session following another dire session on Wall Street.
In the US, the Dow industrials index sank to the lowest close in three months after... Source: New Zealand Herald - Business | 18 Jun 2008 | 10:35 pm
Families will see their standard of living stagnate this year while the value of their homes will fall further, the Bank of England Governor has warned. Source: Telegraph Business | 18 Jun 2008 | 10:31 pm
Three large apartment projects in the volatile Queenstown property area have drawn funding from Dominion Finance.
Developers cannot always get enough money from pre-sales or trading banks to fully fund multimillion-dollar complexes,... Source: New Zealand Herald - Business | 18 Jun 2008 | 10:00 pm
The deputy governor of the Bank of England, in charge of the stability of the financial system, is to quit. Source: BBC News | Business | World Edition | 18 Jun 2008 | 9:35 pm
President Bush asks the US Congress to end a ban on offshore oil drilling, as fuel prices rise up the political agenda. Source: BBC News | Business | World Edition | 18 Jun 2008 | 9:33 pm
John Paulson, a New York hedge-fund manager who made some of the biggest profits from the global credit crisis, said that there was worse to come Source: FT.com - US homepage | 18 Jun 2008 | 9:01 pm
Medium-sized firms face a leadership deficit as their babyboomer owners search the thinner ranks of Generation X for their successors.
A survey commissioned by ANZ of privately owned businesses with turnovers between $5 million... Source: New Zealand Herald - Business | 18 Jun 2008 | 9:00 pm
The US and China announced plans for talks on a bilateral investment treaty at the close of two days of high-level meetings in Annapolis, Maryland Source: FT.com - US homepage | 18 Jun 2008 | 8:17 pm
Morgan Stanley became the latest financial group to be hit by the actions of a suspected rogue trader after revealing that a London-based credit derivatives trader had incorrectly valued his positions, forcing the company to take a $120m revenue hit Source: FT.com - US homepage | 18 Jun 2008 | 8:03 pm
United States banks may need to raise US$65 billion ($86 billion) of extra capital to cope with mounting losses from a global credit crisis that won't peak until next year, say Goldman Sachs & Co analysts.
The new capital would... Source: New Zealand Herald - Business | 18 Jun 2008 | 8:00 pm
EADS suffered a significant blow when US congressional investigators urged the US Air Force to reopen a $35bn refuelling tanker deal that the European defence company had won over Boeing Source: FT.com - US homepage | 18 Jun 2008 | 7:13 pm
FedEx issued a bleak outlook for this year's results, as mounting fuel costs and a deepening economic slump that limited the package-delivery company's profit in the 2008 financial year show no signs of abating Source: FT.com - US homepage | 18 Jun 2008 | 7:07 pm
Morgan Stanley, the second-biggest US securities firm, said profit dropped by more than 50pc on declines in trading, asset management and investment banking. Source: Telegraph Business | 18 Jun 2008 | 6:30 pm
President George W. Bush offered support to John McCain's plan to lift the ban on fresh oil drilling off the US coast and accused Democrats of contributing to record fuel prices by restricting domestic productionilling Source: FT.com - US homepage | 18 Jun 2008 | 6:13 pm
Global fund managers poll says a new level of bearishness shows more pessimism towards stock markets than at any time over the past decade Source: FT.com - US homepage | 18 Jun 2008 | 6:03 pm
Steven Spielberg's DreamWorks and India's Reliance Big Entertainment, controlled by billionaire industrialist Anil Ambani, are in talks to create a movie joint venture Source: FT.com - US homepage | 18 Jun 2008 | 4:32 pm
Household gas and electricity bills could rise by up to 40% this winter, far more than predicted, the BBC learns. Source: BBC News | Business | World Edition | 18 Jun 2008 | 4:00 pm
Morgan Stanley, the second-biggest US securities firm, said profit dropped by more than 50pc on declines in trading, asset management and investment banking. Source: Telegraph Business | 18 Jun 2008 | 3:30 pm
The US and China agree to begin talks on an investment treaty to promote and protect bilateral investments. Source: BBC News | Business | World Edition | 18 Jun 2008 | 3:28 pm
AFP - European equities fell Wednesday after sharp overnight US losses as sentiment was also hit by a report that a Royal Bank of Scotland analyst had warned of a global market crash.
Iconic British toy maker and retailer Hamleys today opened its first store outside Europe, choosing Amman, the capital city of Jordan, as its debut in the Middle East. Source: Telegraph Business | 18 Jun 2008 | 12:21 pm
Among the companies whose shares are expected to see active trade in Wednesday’s session are the chicken producers and the European travel companies as well as CKE Restaurants, Gannett, MF Global, Northwest Air, Tyson Foods and UBS.
The volume of mortgage applications drops a seasonally adjusted 8.7% on a week-to-week basis as interest rates spike higher, fresh data from the Mortgage Bankers Association show.
Asian shares end a volatile session on a mixed note, with China's two main equity benchmarks rallying more than 5% as investors snap up issues as value plays.
AP - The "latte effect" of the go-go years had consumers spending $4 a day on coffee. Now the downturn is forcing them to rethink the wisdom of such habits.
Reuters - Stock index futures were little
changed on Thursday, suggesting the market may tread water at
the open after the Dow slipped to its lowest close in three
months on Wednesday.
Reuters - Home furnishings retailer Pier 1
Imports on Thursday posted a worse-than-expected
quarterly loss, hurt by weaker traffic in March and April.
Reuters - Treasury Secretary Henry Paulson is
expected to urge that the Federal Reserve be given new powers
to regulate Wall Street after the collapse of brokerage Bear
Stearns Cos. Inc., U.S. media reported on Wednesday.
Reuters - Huntsman Corp said on Thursday
it would fight an effort by Apollo Management to back out of
the planned $6.5 billion takeover of the Texas company by
Apollo's Hexion Specialty Chemicals.
AFP - European equities fell Wednesday after sharp overnight US losses as sentiment was also hit by a report that a Royal Bank of Scotland analyst had warned of a global market crash.