Facebook faces lawsuit over float December 18, 2013 Facebook chief executive Mark Zuckerberg and dozens of banks involved in the social network’s public offering in 2012 will face a lawsuit accusing them of misleading investors about the company’s health prior to its $16bn float. A US federal judge said that investors would be able to pursue claims that Facebook should have disclosed internal [...]
Former BP engineer to appeal oil spill charge December 18, 2013 A FORMER BP senior engineer found guilty of destroying evidence in relation to the Gulf of Mexico oil spill is planning to appeal the conviction, it emerged yesterday. The engineer, Kurt Mix, was found guilty of one of two counts of obstruction of justice at a federal court in New Orleans, after he was accused [...]
Housebuilders pledge to end advance sales of homes overseas December 18, 2013 A TOTAL of 11 housing developers have signed a pledge to market their properties to UK buyers first, or at the same time, as marketing abroad. Concerns about properties being sold to foreign investors who then choose not to live in them have led to claims that many London streets are unoccupied while demand in [...]
Co-op Bank’s deal gets High Court go ahead December 18, 2013 THE BAIL-IN of Co-op Bank investors was approved by the High Court yesterday, the final stage in pushing through the bank’s recapitalisation without needing taxpayer support. Under the deal hedge funds will take around 70 per cent of the equity with the Co-op Group holding the remaining 30 per cent. Meanwhile retail investors will be [...]
Good year for Odey after fund turnover drives handsome profit December 18, 2013 ODEY Asset Management, the hedge fund managed by seasoned stock picker Crispin Odey, doubled profits last year after performance fees soared. The 18 partners at the company, including Odey, shared the spoils of a £55m profit for the year ending 5 April 2013 according to its latest accounts, up from £27.2m in the same period [...]
SABMiller chair Graham Mackay dies aged 64 December 18, 2013 SABMILLER chairman Graham Mackay, one of the most respected figures in the consumer goods industry, died yesterday morning from cancer. Mackay, who was 64, worked at SABMiller for 35 years, growing the beer maker from its South African conglomerate roots to become the world’s second largest brewer. Today SABMiller boasts over 200 brands, such as [...]
Bitcoin falls under $500 as China closes its doors to digital traders December 18, 2013 BITCOIN fell to its lowest price since October yesterday after China took steps to block its citizens from making investments in the digital currency. China’s central bank extended its Bitcoin ban to payment providers that service BTC China, China’s largest Bitcoin exchange, stopping the country’s citizens from buying the currency. Prices on Bitcoin exchanges around [...]
Centrica sells power plants in US for £420m December 18, 2013 ENERGY firm Centrica hit the top of the FTSE 100 yesterday morning, after it agreed to sell its Texas gas-fired power stations to asset manager Blackstone for $685m (£420m) and return the proceeds to shareholders via a share buyback next year. “Residential retail supply is key to our North American business, and with sufficient generation [...]
City’s Christmas parties have lost their sparkle December 18, 2013 NO ONE could deny Christmas is in full swing – drunken revellers are falling out of pubs in festive onesies, the Tube has a whiff of Baileys, and Boots has all but sold out of Alka-Seltzer. But for the City, Christmas isn’t the same as it used to be – extravagance is outlawed and the parties, [...]
