Nokia targeting smart cars with $100m funding May 6, 2014 NOKIA’S new chief executive yesterday announced the creation of a $100m (£59m) fund to invest in technology firms in the field of connected and intelligent vehicles. The so-called Connected Car Fund will be managed by Nokia Growth Partners (NGP), the mobile firm’s investment arm. New technology is connecting vehicles not only with the internet, but [...]
JP Morgan shares dive on $1bn fall in bond trading revenues May 6, 2014 THE CRUNCH in bond trading revenues hit JP Morgan’s shares again yesterday after the bank warned revenues are weak again this quarter. Fixed income and equities trading revenues in the second quarter are on track to fall by around 20 per cent compared with the same period of 2013, the bank warned in a regulatory [...]
Banks to suffer from sluggish lending growth May 5, 2014 WEAK borrowing by businesses and households will dent banks’ finances in the coming years, analysts at the EY Item Club predicted today. The strong economic recovery will not feed through to bank lending as much as it did in previous growth spurts, and could leave banks struggling to get back to sustainable levels of return [...]
Big energy firms accused of failing to pass on green saving May 5, 2014 THE POLITICAL battle over energy policy fired up afresh over the weekend, as Labour accused the government of failing to ensure that the big six suppliers passed savings from green levies down to customers. The government rolled back some green charges from energy bills in December, which it claimed would save consumers £50. But the [...]
Target boss out on cyber attack May 5, 2014 THE CHIEF executive of US retailer Target quit yesterday after months of grappling to deal with a cyber attack that took place last year. Gregg Steinhafel was also chairman and president. The board thanked him for his 35 years of service at the firm. Finance boss John Mulligan is now interim CEO. Up to 70m [...]
Sotheby’s ends battle with third point May 5, 2014 Auction house Sotheby’s said yesterday that it has ended a long-running dispute with activist investor Daniel Loeb’s Third Point, agreeing to put Loeb and two of his director nominees on the board, bringing the total up to 15. As part of the agreement, hedge fund Third Point will be allowed to raise its stake in [...]
South Africa’s Zuma blasts Amcu May 5, 2014 South African President Jacob Zuma yesterday accused the Amcu mining union of irresponsibility for dragging out a wage strike in the platinum industry for almost four months, telling reporters there was a risk of workers losing their jobs because of the dispute. Earlier in the day Amcu said its striking members had rejected the latest [...]
Apple closes above $600 a share May 5, 2014 Apple shares yesterday topped $600 last night, leading the S&P 500 and Nasdaq higher. The stocks rose 1.4 per cent to $600.96, hitting $600 for the first time since October 2012. The gains follow by strong first quarter figures for the iPhone maker last week. Apple also said it was boosting its share buyback scheme [...]
Two financial heads certainly better than one May 5, 2014 EVERYBODY loves a good double act; Beyonce and Jay Z, Ant and Dec, Batman and Robin and er, Warren Buffett and Charlie Munger. The latter had their moment in the spotlight this weekend with the annual Buffettpalooza, (read as: the Berkshire Hathaway shareholder meeting) for which almost 40,000 people packed into an auditorium in Omaha. [...]
Lane Fox takes Hadrian’s Wall May 5, 2014 LASTMINUTE.COM co-founder and all-round digital doyenne Martha Lane Fox (or Baroness Lane-Fox of Soho as she’s now known) proved she’s made of strong stuff this weekend. The entrepreneur marked the ten year anniversary since her near-fatal car crash by hiking along Hadrian’s Wall, no small feat for someone deemed lucky to walk at all. In [...]
