China hints it may let the yuan rise November 11, 2009 CHINA yesterday hinted it may soon let its yuan rise against the dollar, ahead of a state visit by US President Barack Obama. For the last 18 months the US, the European Union and Japan have complained that Beijing deliberately keeps its currency undervalued against the dollar to give its companies an unfair trade advantage [...]
Santander ex-hedge fund boss is facing charges on Madoff November 11, 2009 MANUEL ECHEVERRIA, the ex-chief executive of Banco Santander’s hedge-fund unit Optimal, was yesterday charged by a Geneva court with the “dishonest management” of client funds which had been invested with fraudster Bernie Madoff. Echeverria, who is one of the most senior wealth managers facing charges in relation to the Madoff affair, was charged in August [...]
Hewlett-Packard moves into telecoms by snapping up 3Com in a $3.1bn deal November 11, 2009 HEWLETT-PACKARD (HP) is making a move into the telecom equipment market by striking a $3.1bn (£1.9bn) deal for 3Com, in a major challenge to Cisco Systems. The deal is the latest sign that technology giants from IBM to Oracle are increasingly encroaching in each other’s markets as they seek to become one-stop shops for computing, [...]
MANDELSON’S MISSION TO EXPLAIN November 11, 2009 LORD MANDELSON is being tipped to take up an additional role as the government’s chief presenter of policy to the media, a post other countries call “minister of information”. Prime Minister Gordon Brown is reviewing how his administration talks to the press in the run up the next year’s general election.
Guilty plea in UBS trading case November 11, 2009 Michael Koulouroudis, a man from New York, pleaded guilty yesterday to federal charges of trading on secret tips from UBS AG investment banker Nicos Stephanou, who has also admitted guilt. The 59-year-old man now faces up to two years in jail after his sentencing, which will take place in February, for conspiracy and securities fraud. [...]
Fifty calls in the administrators November 11, 2009 Casino and private members’ club Fifty, which counts Cheryl Cole and Mike Ashley as its patrons, has called in the administrators. The company’s owners, London Clubs International (LCI) and Planet Hollywood entrepreneur Robert Earl are set to throw in the chips on Monday at the loss-making establishment. The move comes after repeated attempts to sell [...]
Hedge bonuses should be capped November 11, 2009 European Union (EU) rules to cap bankers’ bonuses and prevent excessive risk-taking should include hedge funds and private equity firms, the Swedish markets minister said yesterday. Sweden has proposed expanding plans adopted earlier this week to boost banks’ capital to include parts of the financial sector which are unregulated.
Boss Jonno dials ‘H’ for help against the Pumas November 11, 2009 ENGLAND boss Martin Johnson has called upon his “Triple H” big guns to tame Argentina at Twickenham on Saturday. Johnson’s men were badly exposed in their 18-9 defeat by Australia last Saturday, prompting the boss to make four changes for the visit of the Pumas. Out from the squad completely goes No8 Jordan Crane, while [...]
Opec-like forum for gas firms November 10, 2009 The club of major gas producers should operate like oil exporters’ group OPEC in defending its members against low gas prices, Algerian energy and mines minister Chakib Khelil said yesterday. Gas importing countries, particularly in Europe, have expressed concern the Gas Exporting Countries Forum could drive up prices by acquiring the same influence over gas [...]
Falling German sentiment dampens recovery hopes November 10, 2009 HOPES of recovery in Germany were dashed yesterday by the second consecutive fall in the country’s investor sentiment, which worsened by more than expected in November. The ZEW think-tank’s monthly poll of economic sentiment posted its lowest reading in four months, dropping to 51.1 from 56 in October. A separate gauge of current conditions rose [...]