March 1: More questions on GLG fine
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Despite a wealth of corporate earnings stories, our main focus today remains GLG, the hedge fund which, we said this morning, has been fined by the FSA. The fine, and a similar one imposed on its one-time star trader Philippe Jabre, centres on GLG’s role in a February 2003 issue of convertible bonds. We need to know more about why GLG and Jabre were not hit as hard by the FSA as the regulator had originally intended. And we also need to know what the implications of this decision are for Goldman Sachs and other banks GLG had dealings with.
HBOS have produced a set of full-year figures which – next to the positive news flow from RBS and Lloyds TSB – can really only be described as fine. The stock, which has run up strongly in recent weeks, is off a touch. The bank says it plans to open 100 new branches in the South East.
We might also do a bit on Andrew Harrison, the newish chief executive of Easyjet. An otherwise humdrum announcement about new routes to Morroco, Turkey and Croatia will be the first chance we’ve had to talk to him since he started in December.
There are also full-year figures from Matalan, Whitbread, Serco, Gallaher, Michael Page, LogicaCMG, Wilson Bowden, Paddy Power, Xstrata – and many, many more (but I’ll be late for lunch if I say more about them all now).
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