Blinkx share price in free fall after profit warning July 2, 2014 Video search and advertising group Blinkx yesterday shocked investors by warning that its first-half earnings are set to be $5m (£2.9m) lower than management expectations, causing its shares to lose more than half of their value. The Aim-listed company blamed industry-wide issues around the efficiency and effectiveness of online advertising, as well as a lingering [...]
Venture capitalist Tim Draper wins Silk Road $19m bitcoin auction July 2, 2014 Venture capitalist Tim Draper has been revealed as the winner of last Friday’s auction of 30,000 bitcoins, worth $19m (£11m), which were seized by US Marshals from the operators of the Silk Road, an online marketplace allegedly used for sales of illegal drugs and money-laundering. Reuters reported that Draper saw off 45 other bidders, who [...]
Facebook to face UK probe over user study July 2, 2014 BRITAIN’S data protection commissioner yesterday announced it would investigate Facebook over whether it had broken the law by conducting a controversial psychological experiment in 2012 on nearly 700,000 users without their consent. Facebook’s chief operating officer Sheryl Sandberg yesterday apologised for “communicating really badly” about the experiment, which adjusted users’ news feeds to determine the [...]
Cheers! United Spirits share price jumps as Diageo becomes new owner July 2, 2014 UK drinks giant Diageo has completed a deal to make it the majority shareholder in Indian group United Spirits (USL) following two attempts to secure a controlling interest. The acquisition gives Diageo a 55 per cent stake in the company at a cost of £1.1bn. “Our announcement is significant for Diageo,” Ivan Menezes, the chief [...]
Rising Ashcourt Rowan growth July 2, 2014 WEALTH manager Ashcourt Rowan yesterday reported strong underlying earnings growth and improved margins for the 12 months ending March. The company, led by chief executive Jonathan Polin, said underlying earnings before interest, tax, depreciation and amortisation rose 37 per cent to £3.8m after a strong second half. Funds under management also rose to £4bn from [...]
Mattioli boost to revenues July 2, 2014 Mattioli Woods reported yesterday that its total client assets were up 27 per cent, compared to the year before. In a trading update issued in advance of its final results for the financial year ended 31 May, it said its total client assets were £4.63bn. The specialist wealth management and employee benefits company announced its [...]
Chestertons up for sale in hope of pocketing more than £50m July 2, 2014 LONDON estate agent Chestertons is considering putting the business on the block, as sales volumes of properties in the capital struggle to recover in line with prices. Cavendish Corporate Finance is understood to have been hired a couple of weeks ago to manage the sale process, which is now underway and is expected to fetch [...]
Sarkozy faces corruption probe July 2, 2014 French ex-President Nicolas Sarkozy was put under formal investigation yesterday, on suspicion he tried to use his influence by offering a judge a plum job in return for information about a probe into his 2007 election campaign. The step, which often leads to trial, is a blow to Sarkozy, who denies wrongdoing and had hoped [...]
Private equity IPOs help push up investment banking fees July 2, 2014 The surge in new stock market listings has helped to propel investment banking fees to pre-crisis levels, cushioning sluggish fee growth from relatively subdued M&A activity. Global investment banking fees for the first half of 2014 rose 12 per cent compared to 2013 to reach $47.1bn (£27.5bn), the biggest six-month haul since 2007, according to [...]
HMRC denies new pay up front powers will cause bankruptcies July 2, 2014 HMRC yesterday dismissed claims that its proposed new powers to force firms and individuals to pay up front any disputed tax associated with a “tax avoidance” scheme will spark a rash of insolvencies. Accountancy firms have claimed that as many as 10,000 businesses could be affected by the accelerated payment notices, which are part of [...]