Intel sued for bullying by New York City prosecutor November 4, 2009 INTEL was sued yesterday by New York Attorney General Andrew Cuomo, who accused the world’s largest chipmaker of scheming to maintain monopoly power in the market for microprocessors. In an 87-page lawsuit filed in a Delaware federal court, Cuomo said Intel violated state and federal antitrust laws through a “systematic worldwide campaign” of illegal threats, [...]
Hard day’s night for Bluebeat as EMI sues over copyright November 4, 2009 MUSIC label EMI, which is owned by Guy Hands’ Terra Firma, said yesterday that it is suing a US-based website that is selling unauthorised downloads of Beatles songs. EMI filed a copyright infringement suit against Bluebeat.com, a small website based in California, which was selling the fab four’s music for download at just 25 cents [...]
Logica steers a steady ship November 4, 2009 SHARES in IT services firm Logica rose yesterday after it cut its full-year guidance but stepped up its cost-cutting programme. Logica said that full-year revenue would fall three per cent rather than an earlier forecast of about two per cent, reflecting weak demand for consulting and professional services. Analysts had expected the cut and instead [...]
SHOULD THE MARKET TAKE HEART FROM LOGICA’S RESULTS? November 4, 2009 DEREK BROWN SEYMOUR PIERCE“One thing of note was how strong their public sector business is in the UK. It is possible that this has been driven by the sector bringing things forward ahead of the election next year, when they will be forced to cut spending. I am therefore a bit cautious about income from [...]
ITV search nears an end November 4, 2009 ITV HAS narrowed its search for a new chairman to three candidates, giving hope that the calamitous hunt to replace Michael Grade could be nearing an end. A source close to the commercial broadcaster said yesterday that three candidates remain in the race, though they were unable to confirm the identities of the individuals. Betting [...]
‘Teflon Terry’ to take the reins as C4 chairman November 4, 2009 ABBEY National chairman Sir Terry Burns is expected to be the new chairman of state-owned Channel 4, with Ofcom set to make an announcement imminently. The former permanent secretary to the Treasury is understood to be the watchdog’s choice to replace Luke Johnson, who steps down in January. Burns is also said to be Whitehall’s [...]
Aviva talks up outlook as sales slide in third quarter November 4, 2009 AVIVA became the second insurer in as many days to talk up the profit outlook despite revealing a sharp slide in sales in the third quarter, led by a 25 per cent dive in UK life and pensions. The slump in the UK, where sales fell to £6.66bn from £8.84bn in the third quarter, weighed [...]
SHOULD AVIVA BE CONCERNED BY FALLING SALES OR CONTINUE TO FOCUS ON INCREASING PROFIT MARGINS? November 4, 2009 DUNCAN HALL FINNCAP“Pursuing profit margins over growth in volume is the right strategy at this moment when it’s all about good management and tight cost control. In the current environment there probably isn’t that much volume out there, so why try to chase it?” BARRIE CORNES PANMURE GORDON“Although new business sales were shy of expectations, [...]
Liberty International hit by troubled shop tenants November 4, 2009 LIBERTY International yesterday said its earnings power remained under pressure after last year’s tenant failures and despite welcome signs of relief in Britain’s recession-hit property market. Britain’s biggest shopping centre owner, which owns much of Covent Garden Market and Lakeside shopping centre, blamed lower income from short-term relettings of space vacated by struggling occupiers and [...]
FSA wins second insider trading prosecution case November 4, 2009 A COURT has found a former corporate broker intern and his father guilty of insider trading that netted them about £110,000. Southwark Crown Court found Matthew Uberoi and his father Neel Uberoi guilty of 12 counts of insider dealing in the second such criminal case brought by the Financial Services Authority (FSA). Neel Uberoi made [...]