Online crime left unreported July 29, 2013 ONLINE crime is rarely reported to the authorities and specialist police units need more funding to deal with it, according to a report released today by MPs. Evidence on submitted to the home affairs select committee also ridicules the government’s claim that E-Crime costs the UK £27bn a year, saying the figure is unreliable. Committee chair Keith [...]
Light shone on UK labour data July 29, 2013 DESPITE the flat economy of recent years, the UK’s private sector still managed to create 3.6m jobs in 2011, the most recent year in which figures were available. While 3.6m jobs were created in the year, 3m were destroyed, helping stop the unemployment rate from deepening. Pre-crisis, four million were created annually, while 3.7m disappeared. [...]
Omnicom and Publicis defend ad merger plan July 29, 2013 SHARES in Omnicom and Publicis rose in response to the advertising giants’ merger plans yesterday – but so did shares in rival WPP, on hopes that the London-listed company will benefit from client losses stemming from the landmark tie-up. Publicis boss Maurice Levy insisted yesterday that the pair’s biggest clients support the deal. “Sure, [...]
Bankers could lose part of bonus under EU proposal July 29, 2013 BANKERS could see part of their bonus wiped out if their employer’s capital position falls below certain levels, according to a proposal from the EU’s banking regulator. Under existing EU rules up to half of a bonus can be paid in cash, with the rest in shares that the employee can cash in over several [...]
Bernanke will testify in court July 29, 2013 FEDERAL Reserve chairman Ben Bernanke has been ordered to testify in a high profile court case centred on the US government’s multi-billion bailout of AIG. Bernanke will give evidence in a case brought by AIG’s former chief executive Hank Greenberg. Judge Thomas Wheeler threw out the government’s plea to exempt Bernanke. “The court cannot fathom [...]
Deloitte mulls appeal as tribunal confirms MG Rover shortcomings July 29, 2013 A TRIBUNAL ruled yesterday that Deloitte fell short of ethical standards when advising MG Rover and four of its directors ahead of the car company’s collapse in 2005. Deloitte lost its appeal against the Financial Reporting Council’s ruling and is facing an unlimited fine, to be set out as early as today, as well as [...]
Frontrunner for Israel bank job pulls out July 29, 2013 THE ISRAELI Prime Minister’s nominee to be the next Bank of Israel governor withdrew his candidacy for the role yesterday. Jacob Frenkel, who previously held the top job at the Bank during the 1990s, was expected to return for another stint. Yet his candidacy has been hit by newspaper allegations that he had taken a bottle [...]
US drugmaker Perrigo buys Elan for $8.6bn July 29, 2013 IRISH biotech firm Elan yesterday accepted an $8.6bn takeover offer from US drug maker Perrigo, just weeks after batting off a hostile approach from Royalty Pharma. Perrigo will pay $6.25 per share in cash plus $10.25 per share in stock for Elan, in a deal that will see the Michigan firm almost halve its [...]
Bottom Line: Right prescription for all parties July 29, 2013 JOE PAPA’S maths may leave something to be desired – he said yesterday the Perrigo-Elan tie-up was a case of one plus one making at least three – but his dealmaking can’t be faulted. After waiting in the wings while Royalty Pharma repeatedly threw itself at the Irish biotech group, Papa yesterday revealed himself [...]
Aberdeen hit by fund pull back July 29, 2013 FUND manager Aberdeen Asset Management yesterday revealed its first quarterly outflow for nearly two years as investors took out cash during last month’s market tumble. The money manager said investors pulled £3.4bn from funds in the third quarter, with about £2.5bn of this taken out in June as investors headed for the exit door over [...]