Hedge funds win big on yen bets
Hedge fund giants have made billions betting against the yen in recent months, marking a return to form for some blue-blood investors that stumbled after the financial crisis. Managers who speculate on economic shifts by trading currencies, bonds and derivatives have reaped their biggest gains in years trading on the Japanese currency.
Tax avoiders face Whitehall ban
Big companies face being banned from bidding for major government contracts under rules aimed at clamping down on aggressive tax avoidance by some of Whitehall’s most important suppliers. Companies will have to sign a declaration that they have not fallen foul of wide-ranging tax avoidance rules in the past 10 years before bidding for government contracts worth £2m or more.
SEC to launch anti-fraud RoboCop
The US securities and exchange commission is deploying an innovative computer tool designed to automatically trigger alerts over suspicious accounting at publicly traded companies.
Longer contracts halt phone growth
Sales of mobile phones worldwide have gone into reverse as the industry’s drive towards longer contracts has reduced the need constantly to upgrade a handset. About 1.75bn were sold last year almost 2 per cent lower than in the previous year.
Bic makes more disposable income
Bic, the maker of disposable pens, lighters and razors, announced a 10.6 per cent rise in net profit yesterday, lifting the figures for 2012 to €263.1m.
The Daily Telegraph
Standard Life to buy Newton arm
Standard Life is in exclusive discussions to buy Newton Investment Management’s wealth management division for up to £90m. The sale, of Newton’s £3.5bn wealth portfolio, could be announced imminently.
AgustaWestland faces uncertainty
Yeovil-based helicopter manufacturer AgustaWestland was facing uncertainty yesterday after the Indian government threatened to cancel a $750m (£482m) order because of bribery allegations.
THE WALL STREET JOURNAL
Apple loses Brazilian ruling
Brazilian regulators yesterday rejected Apple Inc.'s request to register the iPhone name in that country, setting up a potentially costly legal dispute in one of the world's fastest-growing smartphone markets.
Barnes & Noble warns on Nook
Barnes & Noble Inc. said on Wednesday that its Nook business will perform worse for the fiscal year ended April 27 than forecast as recently as early January.