Deripaska rival Cherney wins Swiss court award We were interested to see, albeit somewhat belatedly, that Oleg Deripaska's sparring partner, Michael Cherney, has been granted 30,000 Swiss francs (HK$223,600) in moral damages to him and his family. Cherney, it will be recalled, has been trying to sue Deripaska, the chief executive of aluminium company Rusal, for 13 per cent of Rusal's stock. Deripaska has been fighting to prevent the case from being heard in London on the grounds that it has no jurisdiction over the case, but both his appeals have been unsuccessful. The Swiss compensation is in respect of an investigation between 1996 and 2007 over Cherney's suspected links to the 'Russian mafia'. It began in November 1996 when Cherney was detained for four days in Geneva. This was followed by the decade-long investigation which resulted in the Swiss Federal Supreme Court's verdict, exonerating Cherney from all the charges and eventually resulting in him being paid three times the normal amount since the investigation was felt to have dragged on for an unduly long period. Cherney has always said that he was the victim of an international smear campaign. Coincidentally, in January a court in Tel Aviv found that a campaign to discredit Cherney had been managed at the order of Russian citizen Alexei Drobashenko, who just happens to be the former public relations director of Basic Element, the industrial holding company that belongs to Oleg Deripaska. Could that be another coincidence? A feat by Morgan Stanley Good to see Morgan Stanley is keeping up with technology and has become the first investment bank to make its research available on iPhones and iPads. The firm describes its initiative as the 'Morgan Stanley Research App', but alas this is not something you will find on Apple's online store since it will only be available to its institutional clients. Research is a sensitive area for Morgan Stanley, particularly since it was recently pinged by the Financial Industry Regulatory Authority (Finra) in the United States to the tune of US$800,000 for failing to disclose conflicts of interest in thousands of stock research reports since 2006. The firm failed to disclose accurate information about its relationships with those companies it covered in more than 6,500 equity research reports. Finra also found that the bank did not disclose when it received revenue from some companies or if the company was acting as a manager of stock offerings of these firms. But as Marshall McLuhan said so perceptively all those years ago, 'the medium is the message'. So maybe all this will be forgotten as clients play with their new app. Ad guru's LuVVy talk Economists are still uncertain over whether the global economy is undergoing a V-shaped or W-shaped recovery. Martin Sorrell, the boss of advertising and media giant WPP, went one better, declaring the world was heading for a LUV-shaped recovery. L-shaped for Western Europe, U for North America and V for the emerging markets. Now he has adjusted that view to LuVVy. With L for Western Europe, V for emerging markets and now a V for the US since its economy is performing better than expected, in his opinion. OMG, isn't he being a bit OTT. Windfall for N Korean club Fifa, soccer's governing body, is committed to doling out US$40 million to the clubs that provided players for the recent World Cup in South Africa. Any club that had a World Cup player on its books over the past three years gets a share. Barcelona gets the biggest share, US$820,800, followed by Bayern Munich and Liverpool with US$700,000, and Real Madrid and Chelsea with US$600,000. Manchester United mysteriously qualifies for only US$240,000. But an even bigger mystery is the North Korean club, which provided seven of the national team's players. The team is owned by the military, which stands to receive US$336,000. How many torpedoes will that buy? Saving trumps consumption Financial types have been telling us that China is poised to shift from being an export-driven economy to one which will be led by consumer spending. But that is not exactly what a recent report by the Economist Intelligence Unit suggests. About 90 per cent of those surveyed said they were optimistic about the future, with only 17 per cent saying they were reluctant to spend money. However, even the well-off living in Beijing and Shanghai remained big savers with 67 per cent saying they saved 25 per cent of their income and 33 per cent saying they saved 35 per cent. The Swiss by comparison saved on average 14 per cent of their income last year. In second-tier mainland cities, savings were even higher, the main reason being children's education, followed by concerns over retirement and medical emergencies. About 72 per cent expected to be supported by their children in old age. Hardly the material for a consumption boom.