HSBC EMBROILED IN INTERNSHIP ROW
HSBC has been accused of nepotism after its legal department implied it offered work experience only to the sons and daughters of its own executives. Richard Bennett, group general counsel, sent a letter rejecting a young woman who had sought unpaid work in his department. “HSBC does not have a structured work experience programme although, occasionally, arrangements are made for sons and daughters of HSBC executives, particularly if they work in the legal or compliance departments, to gain such experience,” he wrote.
GOOGLE REVEALS MOBILE PAYMENT PLAN
Google and a group of partners including Sprint Nextel, Citibank and MasterCard plan to jump-start the mobile payments market in the US with a system based on a free ‘Google Wallet’ app and a technology called NFC (Near Field Communications.) “Today, we’ve joined with leaders in the industry to build the next generation of mobile commerce,” said Stephanie Tilenius, Google’s vice-president for commerce and payments.
TIFFANY UPBEAT ON RECOVERY OF JAPAN BUSINESS
Tiffany, the US-based luxury jewellery retailer, raised its full-year earnings outlook after first-quarter sales and profits beat expectations. The company also said that its Japanese business had begun to recover earlier than expected. The results lifted Tiffany shares by 8.6 per cent to $76.05 on Thursday in New York, their biggest intraday rise in a year, and the company called them “nothing short of outstanding”. Net income rose 26 per cent to $81.1m, or 63 cents a share, in the first quarter from $64.4m, or 50 cents a share, in the same period a year ago.
NOW ROTHSCHILD TURNS HIS ATTENTION TO OIL
The financier Nathaniel Rothschild and former BP boss Tony Hayward will launch a new investment vehicle in the next couple of weeks as they look to raise £1 billion for acquisitions in the oil sector. The fund, called Vallares, is expected to publish its prospectus early next month and has recruited several respected businessmen to sit on its board.
CHINA ADMITS TRAINING CYBERWARFARE ELITE UNIT
China today admitted for the first time the existence of a super-elite unit of cyberwarriors – a team supposedly trained to protect the People’s Liberation Army from outside assault on its networks. The revelation of the 30-strong crack unit, known as the “Blue Army”, will confirm the worst fears of governments across the globe.
The Daily Telegraph
GERMANS ATTACK BP, SHELL FOR OVER-CHARGING FOR PETROL
Five big oil companies, including BP and Shell, are in trouble with the German regulator for over-charging drivers at petrol stations. The German cartel regulator accused BP, ExxonMobil, Shell, ConocoPhillips and Total of running an "oligopoly" with a stranglehold on 65pc of the market.
EUROTUNNEL TO CARRY ELECTRICITY FROM FRANCE TO UK
Electricity will flow between Britain and France alongside Eurostar trains, after the operator of the Channel Tunnel unveiled a €250m (£217m) plan to run a cable under the sea. Eurotunnel has proposed an interconnector cable with France to help smooth volatility in energy supplies. The 500 megawatt cable will connect to Britain’s power system in Kent.
THE WALL STREET JOURNAL
EX-NASDAQ MANAGING DIRECTOR PLEADS GUILTY TO INSIDER TRADING
A former executive at the Nasdaq Stock Market admitted to using his position at the stock exchange to obtain nonpublic information, which he used to commit insider trading, prosecutors said. At a hearing in federal court in Virgina, Donald Johnson, 56 years old, said he purchased and sold the stocks of Nasdaq-listed companies based on inside information.
HOUSE VOTES TO BAN GROUND TROOPS FOR LIBYA
The House on Thursday overwhelmingly voted to prohibit ground troops from being sent to Libya and only narrowly defeated a measure to force President Barack Obama to lay out plans to end the Afghanistan war, in moves that show the limits of congressional support for military involvement in overseas conflicts.