HEDGE FUND MANAGER ENTERS BEAR MARKET
A disgraced hedge fund manager is to sell one of the world’s most valuable collections of teddy bears at a London auction later this month. Paul Greenwood, who pleaded guilty to fraud charges last year, will sell his £1.2m collection of Steiff teddy bears at Christies International on October 13, according to people familiar with the situation.
MG PLANS FIRST ALL-NEW CAR IN 15 YEARS
MG, the Birmingham-based British carmaker owned by China’s Shanghai Automotive (SAIC), will by the end of the year begin producing its first all-new car in 15 years, and from 2011 relaunch in the UK as a “value” brand. The company, which mainly provides design and engineering services for SAIC’s growing Chinese operations, will in the fourth quarter of this year begin assembling the MG6 at its Longbridge plant.
PRIVATE MONEY NOT ENOUGH, SAYS ARTS REPORT
Philanthropy cannot make up for public spending cuts of up to 30 per cent facing arts bodies, according to a new report, in a riposte to ministers who have suggested donors could help plug the forthcoming funding gap. There may be scope for arts institutions to raise up to £100m over the next six years by improving their targeting of philanthropists, says the study by Arts & Business.
FINANCIAL CRISIS GIVES NOBEL FOUNDATION NO PEACE
This year’s Nobel laureates will receive the lowest prize money in real terms for a decade after the annual pay-out was frozen for the eighth successive year amid financial pressure on the foundation that manages Alfred Nobel’s endowment.
GERMAN LAWYER POISED TO SMASH GLASS CEILING
Clifford Chance could be set to shatter one of the City’s longest-standing barriers by becoming the first “magic circle” law firm to appoint a woman as its senior partner. The 560 partners in Britain’s biggest law firm began voting yesterday to replace Stuart Popham, who is standing down in December after eight years at the helm.
LONDON’S GROWING LOVE OF MINERS BECKONS A BRAVE NEW WORLD
They may already account for more than 13 per cent of the Footsie by value, but another big overseas miner has set its sights on London. The ink had barely dried on the biggest unsolicited takeover in Polish history before New World Resources revealed its ambitions to re-incorporate in Britain.
The Daily Telegraph
Warren Buffett says in future Wall Street chiefs should go broke – and their wives
Warren Buffett, the billionaire investor, has hit out at pay practices on Wall Street, attacking the lack of reform despite two years passing since the financial crisis struck. “People have a propensity to gamble, and it gets made easier and easier for them,” Mr Buffett said.
ABSOLUTE RADIO LOSSES REACH £4.3M
Absolute Radio, the former Virgin Radio, has announced pre-tax losses of £4.3m in 2009, as the radio group owned by the Times of India saw the impact of the recession and a change of name. In the group’s first full year of accounts the group revealed that revenues in 2009 sunk to £14.8m from £22m. Pre-tax losses for 2008 were £2.66m.
WALL STREET JOURNAL
ANOTHER NOKIA EXECUTIVE DEPARTS
Nokia said one of the key executives involved in the development of its new MeeGo operating system is leaving the company, only months before the Finnish company is expected to launch handsets based on the software. Ari Jaaksi has decided to step down for personal reasons and will leave the company in a couple of weeks, a Nokia spokeswoman said. His exit continues the recent exodus of senior executives at the Finnish company.
NOVARTIS CITES DISCONTINUED DRUGS FOR CHARGE
Novartis warned third-quarter results will be hit by a $590 million charge linked to the discontinuation of the development of two experimental drugs, a move that comes amid the company's ongoing portfolio restructuring launched earlier this year.