Adoboli’s ex-trader colleague sets up new betting website November 21, 2012 A FORMER colleague of jailed rogue trader Kweku Adoboli, who worked on the same desk as the convicted trader when Adoboli racked up unauthorised losses of $2.3bn (£1.4bn), is to launch a new business – an online betting service. John Hughes, 30, was one of four traders working on the bank’s Exchange Traded Funds desk [...]
Twinkie maker Hostess Brands allowed to shut November 21, 2012 HOSTESS Brands last night won permission from a US bankruptcy judge to begin shutting down, and expressed optimism it will find new homes for many of its US brands, which include Twinkies, Drake’s cakes and Wonder Bread. US Bankruptcy Judge Robert Drain in New York authorised current management, led by restructuring specialist Gregory Rayburn, to [...]
New media star is born as DMGT sells Northcliffe November 21, 2012 DAILY MAIL & General Trust (DMGT) yesterday sold off its regional newspaper arm to a consortium led by the former chief executive of the Mirror Group, David Montgomery, in a deal that forms a new British media firm. The firm, called Local World, will consist of Northcliffe’s more than 80 papers, with 36 titles from [...]
Amazon tops web endings complaints list November 21, 2012 INTERNET retailer Amazon has received more complaints than any other party over applications for a new range of web address endings. The US company has applied to the Internet Corporation for Assigned Names and Numbers (ICANN) for dozens of web suffixes, such as .app and .book. But as a list of complaints from a 50-strong [...]
Miner Gemfields snaps up luxury jeweller Faberge November 21, 2012 EMERALD miner Gemfields is to buy luxury jeweller Fabergé in a deal that values the iconic egg maker at $142m (£89m), it said yesterday. Fabergé, famous for its jewelled eggs, is being sold by Pallinghurst, which is headed by former BHP Billiton executive Brian Gilbertson, who will retain a 49.3 per cent stake in the [...]
An unwanted hotel surprise in Kyrgyzstan hotel room November 21, 2012 Anot-so-jolly work jolly for an intrepid pair from City financial services firm Merchant Securities, who jetted off to Central Asia recently. Chris Theis, head of international sales and research at Merchant Securities, and his mining analyst colleague Kurt Burge, recently returned to British soil (no doubt kissing the ground at Heathrow when they landed) after [...]
Fifty Shades of Lloyd’s – Former insurance broker’s debut novel November 21, 2012 AN interesting piece of literature arrived on The Capitalist’s desk yesterday morning. A self-published novel from former Lloyd’s broker Victoria Neville. Thursday Nights, Monday Mornings promises tales from the “shambolic playground of the London insurance market”. Delving into the pages to see protagonists with names such as Sarah “Shagger” Smith it appears to be an [...]
Halfords profit drops despite high bike sales November 21, 2012 STRONG bike sales following the summer of sport failed to make up for the wet weather at the beginning of the year, as Halfords yesterday reported that profits dropped by 23 per cent in its half year results. The bicycle to car-parts retailer said it made pre-tax profits of £42.4m for the six months to [...]
JD Sports sprints ahead but its fashion arm runs out of breath November 21, 2012 JD SPORTS, the sportswear and fashion retailer, yesterday posted a rise in sales despite a steep drop in trading at its fashion division. The retailer said like-for-like sales in the UK rose 1.5 per cent in the 16 weeks to 17 November. But while sales at its sports stores, which include JD and Size?, rose [...]
Autumn chill helps French Connection to reverse recent decline November 21, 2012 THE ONSET of Autumn has helped the struggling fashion retailer French Connection post an uptick in trading in the third quarter of the year, as shoppers stocked up on coats and knitwear. The company, which has issued three profit warnings within the last 18 months, said like-for-like sales at its UK and European retail business [...]