Microsoft insider trading case December 19, 2013 US Department of Justice and the Securities and Exchange Commission charged two men yesterday with 35 counts of illegally trading on private Microsoft information, which prosecutors said netted the pair more than $390,000 (£238,000) in illicit profits over an 18-month period. Brian Jorgenson, a senior portfolio manager at Microsoft, allegedly passed information to a former [...]
EU sets standard mobile charger December 19, 2013 Mobile phone makers will have to provide a standard battery charger that can fit any device, including smart phones, under a provisional deal on a new EU law reached yesterday. Provided the outline agreement gets endorsement from the European Parliament and EU member states, it would be implemented in around 2017, EU officials said. EU [...]
MPs call for ban on payday loan ads on kids’ TV December 19, 2013 A COMMITTEE of MPs has called for a ban on payday loan adverts being shown during children’s TV shows. A report out today from the Business Innovation and Skills select committee warns that consumers are particularly likely to use payday loans and the high rates charged by lenders during Christmas time, as budgets are stretched [...]
London is draining the life out of rest of UK, says Vince Cable December 19, 2013 BUSINESS secretary Vince Cable called London a “giant suction machine” and warned that the capital is “draining life out of the rest of the country” yesterday. He made the comments during an interview on BBC Radio 4, while discussing plans to extend Heathrow airport and making the case for regional expansion instead. Calling Sir Howard [...]
Bank of England slays zombie company fears December 19, 2013 LOW INTEREST rates have not created a hoard of zombie firms slowing the economy, a report from Bank of England researchers said today. Economists are worried that rock bottom rates and forbearance by banks has kept firms alive when they have no long-term future, preventing new firms setting up. But the Bank’s quarterly report says [...]
90 injured in London theatre collapse December 19, 2013 Emergency services said nearly 90 people were injured last night when part of the ceiling collapsed during a performance at the Apollo Theatre, bringing the city’s West End entertainment district to a standstill.
RBS and Lloyds crack down on traders’ chats December 19, 2013 TRADERS have been banned from joining group chats with staff at other finance firms as Lloyds and RBS crack down on the practices which helped the Libor and other market-fiddling scandals develop, the banks said yesterday. RBS has been fined for attempted Libor fiddling, earlier this year paying a total of £390m to settle cases [...]
EY pays £1.2m over its audit of Christmas savings club Farepak December 19, 2013 EY, the accountancy group that checked the books for collapsed Christmas savings club Farepak, was yesterday reprimanded and agreed to pay £1.2m in fines and costs. Farepak’s collapse in 2006 left more than 100,000 savers out of pocket by a total of £37m. The Financial Reporting Council found yesterday that EY and its then-partner Alan [...]
Blow for BAE and Britain as deal for Eurofighter planes collapses December 19, 2013 THE UNITED Arab Emirates has pulled out of talks to buy warplanes from Eurofighter, in a blow to BAE Systems and its partners. Despite a meeting with Prime Minister David Cameron last month to talk up the merits of a deal, the UAE has decided not to proceed with an order for at least 60 [...]
Nike sprints past expectations December 19, 2013 NIKE, sponsor of golfer Rory Mcllroy, jogged past analyst expectations yesterday with second quarter revenues rising eight per cent to $6.4bn (£3.9bn). “Our strong second quarter results show why Nike leads the industry,” said Mark Parker, president and chief executive of Nike. The company’s income rose three per cent during the period to $537m.
