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  • ( ) European markets in worst fall since 9/11

    Europe's battered financial stocks took a severe beating yesterday as investors were told that credit market turmoil was far from over.

    Germany's Commerzbank, along with unlisted WestLB, were the latest financial groups to put the frighteners on European investors. WestLB said in a letter to staff that it could not rule out more writedowns, while Commerzbank said subprime-related losses were mounting.

    At its lowest yesterday, the FTSE Eurofirst 300 was down 5.9 per cent. The index ended 5.8 per cent lower at 1,279.85 points - its worst percentage fall since September 11, 2001.

    Germany's financial groups were among the worst hit, causing the Dax index to slump 7.2 per cent after Deutsche Bank issued downgrades across the sector. Alexander Hendricks, analyst at Deutsche, said: 'With sustained tensions in certain parts of capital markets and the risk of a recession, negative implications for banks increase.' Commerzbank was down 10.1 per cent to ,18.96 after Deutsche cut its recommendation on the stock to 'hold' from 'buy' and its price target to ,25.50 from ,33. More>>

  • ( ) 'Sidelining the paper'

    Apparently a group of mature fans were talking about the news on Watford FC as it appears in the Watford Observer.

    They contended nowadays the lack of news and any real relationship between the two bodies "only serves to demonstrate what a good journalist Oliver Phillips was".

    It was nice to hear but I felt a little uncomfortable.

    More recently, a friend drew my attention to the Watford Observer website and some criticism directed at the current writers on the subject of Watford FC and reporting on rumours.

    Apparently, the standards have dropped "since Oliver Phillips graced the pages".

    . More>>

  • ( ) Albuquerque insurance agent accused of fraud

    ALBUQUERQUE—A Bernalillo County grand jury has indicted an Albuquerque insurance agent on multiple charges of insurance fraud, embezzlement and racketeering.

    Jorge Gimenez, 58, was being held in the Bernalillo County Metropolitan Detention Center under $50,000 bond.

    The state Public Regulation Commission said Gimenez's license has been surrendered to the state Insurance Department. The agency said he operated an Albuquerque business known as Mr. G's.

    Insurance Superintendent Morris J. Chavez said his department also has an administrative investigation ongoing into the Gimenez's alleged fraudulent actions. . More>>

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