HEFNER SON-IN-LAW SETTLES CASE
The son-in-law of Hugh Hefner, founder of Playboy Enterprises, has been sued by the US Securities and Exchange Commission for allegedly trading shares based on secret information he learnt from his wife, the magazine publisher’s long-time chief executive. William Marovitz, who is married to Hefner’s daughter Christie, agreed to pay $168,352 to settle the civil fraud case. He neither admitted nor denied wrongdoing.
INDONESIA EYES OWNERSHIP LIMITS
Indonesia is looking at introducing rules that would cut the limit on ownership of local banks from 99 per cent to 50 per cent in a move that would force the likes of Temasek and some Malaysian banks to divest lucrative stakes, according to banking industry executives and investors.
ILFC BUYS AEROTURBINE FOR $228M
International Lease Finance Corp, the aircraft leasing unit of American International Group, has agreed to buy an aircraft teardown and parts supply company in a move that will help it manage the older jets in its fleet but also underscores the group’s return to financial health. ILFC is one of the world’s largest aircraft leasing companies.
HUAWEI STEPS UP SALES DRIVE
Huawei Technologies, the world’s second-largest mobile network equipment maker by revenue, is stepping up an aggressive sales push in the consumer handset market. Mirroring similar moves by other handset makers, Huawei launched the Vision, a smartphone that is notable for giving users access to cloud computing services. It follows the launch last week of a cloud-based mobile operating system by Alibaba, China’s largest e-commerce company, which will provide similar services.
CHINA ACCUSED OF CYBER ATTACK
The most widespread series of cyberattacks on computer networks of governments, companies and organisations around the world yet discovered are thought to have been carried out by China. Security company McAfee, which uncovered the 72 intrusions, said it believed there was one “state actor” behind the attacks but declined to name it, although one expert said that evidence pointed to China.
IRISH DEMAND BANKERS’ WATCH
The Irish Government yesterday demanded that Michael Fingleton, who quit as chief executive of Irish Nationwide in April 2009, hand back both a €1m cash bonus and the watch. The retirement present, bought at a Dublin jewellery boutique, was given to Mr Fingleton shortly after Irish Nationwide had announced a €243m loss.
The Daily Telegraph
MILLS CLAIMS PHONE WAS HACKED
Heather Mills has claimed that a senior Mirror journalist admitted hacking into her voicemail messages left by Sir Paul McCartney, her former husband. Mills told the BBC’s Newsnight that the journalist had called her in 2001 and quoted “verbatim” messages that the former Beatle had left.
MUBARAK PLEADS NOT GUILTY
An ailing, 83-year-old Hosni Mubarak, lying on a hospital bed inside a metal defendant’s cage pleaded innocent to charges of corruption and complicity in the killing of protesters at the start of his historic trial. The spectacle, aired live on state television, was a stunning moment for Egyptians, many of whom savoured the humiliation of the man who ruled with unquestionable power for 29 years.
THE WALL STREET JOURNAL
CHRYSLER BOARD TO CHANGE
Chrysler and Fiat chief executive Sergio Marchionne said he will change Chrysler’s board by month’s end and said he could retire sometime after 2015. “There is going to be a guy after me, I guarantee you,” he said. “Don't focus on the date, I would focus on the process.” Meanwhile, plans by Chinese companies to export autos pose an “enormous” risk to established car makers based in Europe and North America, Marchionne said
PFIZER SEEKS TO WIDEN LIPITOR SALES
Pfizer wants to introduce a version of its popular cholesterol pill Lipitor that consumers could buy without a prescription. The effort could help Pfizer squeeze new sales life out of the world’s best-selling drug in the years after Lipitor loses US patent protection in November.