Robert Ireland and John Bryars are from opposite sides of the 40-foot concrete walls that still embody the sectarian divide in Belfast. Fifteen years after a peace agreement was supposed to replace violence with prosperity, they are united only by unemployment.
Rory Cullinan runs the world’s worst bank from a fifth-floor office overlooking Liverpool Street station in London. His 400-person outfit doesn’t lend money or trade securities. Instead, it sells blown-out mortgages, busted loans and entire companies amassed by Royal Bank of Scotland Group Plc before it collapsed in the global financial crash of 2008. On a Friday afternoon in February, Cullinan is savoring a new feeling in his life as a toxic-asset disposal specialist: hope that the worst is finally over.
Hilco U.K. Ltd., a firm that specializes in rescuing failed retailers, acquired 141 stores belonging to collapsed U.K. CD and DVD retailer HMV Group Plc and said it will seek to restore the business to health.
Royal Bank of Scotland Group Plc has channelled the equivalent of almost a third of its 45.5 billion- pound ($69 billion) government rescue into bailing out its Irish division after real estate loans soured.