US REGULATOR WIDENS STANFORD PROBE TO BROKERS
US securities regulators have broadened their investigation into the alleged $8bn Ponzi scheme run by Allen Stanford, the Texan billionaire, to include brokerage executives who invested their clients’ money in Stanford International Bank products.
JPMORGAN CUTS BACK ON US SILVER FUTURES
JPMorgan has quietly reduced a large position in the US silver futures market which had been at the centre of a controversy about its impact on global prices for the precious metal. The decision by JPMorgan was an attempt to deflect public criticism of the bank’s dealings in silver, a person familiar with the matter said. The person added that the bank’s position in silver would from now on be “materially smaller” than in the past.
EDWARDS DROPS SALE FOR INITIAL PUBLIC OFFERING
Edwards, the vacuum technology supplier to the world’s biggest chipmakers, has abandoned plans for a sale of the company and will instead pursue an initial public offering next year. The company said it had pulled out of early discussions with unnamed potential bidders after private equity owners CCMP and Unitas Capital agreed to seek a flotation.
BGC BEINGS APPEAL AGAINST RULING IN TULLETT PREBON POACHING CASE
BGC, the interdealer broker, has begun its appeal to overturn part of a High Court ruling that found it had unlawfully conspired to hire staff from its rival Tullett Prebon. The High Court judge ruled in March that BGC and two of its executives had conspired to induce a breach of contract among Tullett’s interdealer brokers.
MADOFF TO STAY AWAY FROM SON’S FUNERAL
Bernard Madoff will not attend the funeral of his son Mark, who committed suicide on Saturday, the convicted fraudster’s lawyer said. Ira Sorkin said that Madoff, who is serving a 150 year jail sentence for running a $65bn Ponzi scheme, had come to the decision “out of consideration for his daughter in law and his grandchildren’s privacy”.
ACCOUNTANTS PLAN TO RECRUIT STRAIGHT FROM SCHOOL
Britain’s leading accountants plan to capitalise on rising university fees by increasing the number of students they hire directly from school. Deloitte said that it would create 100 places for secondary school leavers under a direct-entry scheme announced yesterday. PwC plans to create more places for school leavers.
The Daily Telegraph
ROYAL BANK OF CANADA LOSES TRIPLE-A RATING
One of Canada’s largest banks has lost its triple-A rating after the rapid growth of the lender’s investment banking business was questioned. Royal Bank of Canada was downgraded from Aaa to Aa1 yesterday by Moody’s, which warned that investors were becoming exposed to greater risks from the bank’s continued expansion in investment banking.
RGI USED AS PERSONAL BANK, CLAIMS SHAREHOLDER
A major shareholder in a Russian property company listed on Aim has claimed it is being used as a personal bank for the chairman and chief executive, and demanded an overhaul of the board. A string of allegations were made against RGI International in a stock exchange posting, including bribery, nepotism and excessive pay.
THE WALL STREET JOURNAL
FRENCH CAR MAKERS SEE RECORD SALES
Two of France’s largest car makers are set to post record sales for 2010, aided by strong growth in some emerging markets and a lower-than-expected drop in Europe. PSA Peugeot Citroën said Monday the company's unit sales are likely to reach a record 3.6m vehicles this year. Renault said it expects to sell 2.6m cars this year.
WAL-MART CLOSES RUSSIA OFFICE
Wal-Mart is closing the Moscow office it opened just a few years ago, saying it no longer wants to build an operation in Russia from scratch, though it remains open to acquisition possibilities. The decision by the US retail giant comes after several Russian grocery chains were linked to Wal-Mart as a potential merger partner, but nothing materialised.