Web giants lash out at Digital Bill December 2, 2009 INTERNET giants united yesterday to urge Business secretary Peter Mandelson to change a clause in the new digital economy bill that could give future ministers sweeping powers to change copyright law. Facebook, Google, Yahoo and eBay wrote directly to Mandelson asking him to throw out clause 17 to coincide with the second reading of the [...]
Deripaska’s plan for Rusal flotation hits a setback December 2, 2009 RUSSIAN tycoon Oleg Deripaska’s plan to float his aluminium business UC?Rusal hit another hurdle yesterday, when the Hong Kong Stock Exchange delayed a ruling that needs to go in the firm’s favour before it can list. Rusal, the world’s largest aluminium company, is poised to secure a $17bn debt restructuring package that it hopes will [...]
Rosenblatt firm to raise 50m on Aim December 2, 2009 LITIGATION funding firm Alvaro is planning to raise £50m by listing on the Alternative Investment Market this month in a move that could transform the way expensive cases are funded in the City. Alvaro will be the first contingent litigation funding company with a UK focus to float when it lists on 16 December. [...]
Geithner: tighten up derivatives trading… December 2, 2009 US TREASURY Secretary Timothy Geithner said yesterday there was a good case to let some firms use derivatives with little scrutiny for business purposes, but that most trading should face stiffer rules. Geithner also urged lawmakers to let regulators block companies from customising derivatives contracts to avoid trading on central clearing houses as a way [...]
… but JP Morgan could lose $3bn, warn analysts December 2, 2009 JP MORGAN Chase has estimated its revenue could fall as much as $3bn (£.18bn) next year if, as a result of legislation, most of its derivative transactions are forced onto an exchange, Sanford C. Bernstein analysts said yesterday. The bank could take an earnings hit of 13 cents to 20 cents per share in 2010 [...]
Contraction in construction sector slows December 2, 2009 CONSTRUCTION in the UKcontracted at a slower pace last month, according to the latest CIPS/Markit purchasing managers’ index (PMI), which recorded a reading of 47. Although activity fell for the twenty-first month in a row, new order volumes rose for the first time since February 2008. CIPS chief executive David Noble said: “It appears we [...]
Sage sounds cautious note as profit dips December 2, 2009 ACCOUNTANCY software giant Sage yesterday said times are still tough for small businesses as it reported a two per cent drop in annual profits. “Conditions have stabilised in the second half but at this stage it is too early to predict economic recovery,” chief executive Paul Walker said yesterday. “We know there is a lot [...]
Finance chief at ailing Opel resigns December 2, 2009 THE chief financial officer of German car manufacturer Opel, Marco Molinari, has quit “to pursue other interests”. Opel said a successor will be announced in due course. The news came a day after Fritz Henderson, the chief executive of Opel’s parent company General Motors (GM), resigned. Molinari, 45, an Austrian, has been Opel’s financial officer [...]
Ireland squares up for pay row December 2, 2009 THEIrish government is determined to cut €1.3bn (£1.2bn) off the public sector pay bill, it said yesterday, as fresh revenue data confirmed the need for major savings in the budget for 2010 due next week. Trade unions for the public sector said they would defer a fresh strike planned for tomorrow on the anticipation that [...]
Dell forecasts a strong Xmas December 2, 2009 US computer maker Dell sees potential rises in consumer and commercial demand over the coming year, as well as a “moderately good” Christmas season, Dell chief financial officer Brian Gladden said yesterday. “I think the consumer cycle has been surprisingly positive this year,” Gladden said at the Credit Suisse Technology Conference. He added: “It certainly [...]
