Groupon chief offers to resign November 28, 2012 Groupon chief executive officer Andrew Mason, under fire for a plunging share price and tapering growth, said yesterday he would agree to step down if needed, as the struggling company’s board prepared to debate whether he remains the right leader. Mason, responding to reports that the board of directors will discuss his performance during a [...]
KCAP Financial settles SEC charges November 28, 2012 KCAP Financial settled charges brought by US regulators yesterday that they overstated fund assets during the financial crisis. The Securities and Exchange Commission said the fund company did not report the fair market value of its debt securities and other investments in the fourth quarter of 2008. The company agreed to settle the case without [...]
Who’s switching jobs November 28, 2012 Aviva Phil Pavitt has been appointed to the role of IT transformation director at the insurance group. He joins from HMRC, where he was general director of change. Pavitt has also held chief information officer positions at Centrica, Virgin Media and BT. MasterCard Will Judge has been appointed vice president for travel and transit. He [...]
Best of the Brokers November 28, 2012 BUNZL Citi cut the FTSE 100 distribution group’s target price from 1,250p to 1,190p but kept the firm at “neutral” to reflect a slow projected growth rate and lower earnings forecasts. ARM HOLDINGS Barclays Capital raised the Apple chip designer’s target price from 750p to 820p and kept its “overweight” rating, reflecting higher demand for [...]
US budget talks hit standstill November 28, 2012 US politicians last night remained deadlocked over dramatic, year-end tax increases and spending cuts known as the “fiscal cliff.” At the White House, small business leaders emerged from a one-hour meeting with President Barack Obama to voice support for his goal of extending low tax rates for the middle class beyond the end of the [...]
Thomas Cook profits halve November 28, 2012 Thomas Cook this morning said operating profit for the year to 30 September fell by 49 per cent to £156m. The company largely blamed the slump on higher fuel costs. Despite this the venerable travel group said it was optimistic about its performance in recent months. “These results reflect the major issues that Thomas Cook [...]
MegaFon prices London IPO at bottom of range November 28, 2012 Russian telephone network MegaFon this morning priced its London flotation at the bottom of a $20-$25 range, valuing the firm at $11.1bn (£6.9bn). The business is controlled by Russia’s richest man Alisher Usmanov, the part-owner of Arsenal football club. The float will raise $1.7bn with an initial free float of 15.2 per cent of shares. [...]
Tech boss sparks new row with HP November 27, 2012 THE founder of the British technology firm at the centre of a multi-billion pound accounting scandal yesterday went on the offensive against computing giant Hewlett-Packard (HP), challenging the US company to answer questions over the allegations it made against his firm. Mike Lynch, the founder and former chief executive of Autonomy, said he found it [...]
Entrepreneur swoops in to bid for 180 Comet stores November 27, 2012 BUSINESS angel and entrepreneur Clive Coombes has emerged as a surprise bidder for around 180 Comet stores. Comet’s administrator Deloitte confirmed yesterday it is in talks with 43-year-old Coombes over a bid for the crisis-hit electronics retailer but said it was too early to say if it would result in a sale. The little-known entrepreneur [...]
King warns Carney of his tough future November 27, 2012 OUTGOING Bank of England governor Sir Mervyn King yesterday welcomed the appointment of Mark Carney as his successor, describing the Canadian central banker as “outstanding”. But Sir Mervyn also warned that Carney is coming to the role at a tough time, as the economy is in poor shape and the Bank is taking on new [...]