What the other papers say this morning – 13 December 2013 December 12, 2013 FINANCIAL TIMES Bitcoin start-up fundraises $25m A Silicon Valley company that allows speculators and merchants to trade Bitcoin has raised $25m (£15.3m) in venture capital funding in the largest investment so far in a virtual currency business. As a result of the deal, San Francisco-based Coinbase will have two of the most prominent venture capitalists [...]
FTSE heads for longest losing streak since ’08 December 12, 2013 THE FTSE 100 fell again yesterday, putting it on course for what is expected to be its longest weekly losing streak since the 2008 financial crisis. The blue-chip index would have to rally by 106 points today to reverse what will otherwise mark its first six consecutive weekly decline in over five and a half [...]
House passes US budget deal December 12, 2013 THE REPUBLICAN-controlled US House of Representatives yesterday passed a two-year, budget plan that would extend government spending into 2015 to remove the threat of another shutdown before next year’s congressional elections. The measure aims to end partisan fighting between Republicans and Democrats over fiscal affairs, which led to October’s 16-day government shutdown. The budget deal must [...]
MPs pay to hit £74k by 2015 December 12, 2013 IPSA, the Independent Parliamentary Standards Authority, has said it will raise MPs’ salaries by 11 per cent in 2015 to £74,000. Future increases to MPs’ salaries will also be linked to average earnings, the expensive final salary pension scheme for MPs will be closed and the year’s salary that MPs receive if they lose their [...]
GLG Partners pays $9m to settle SEC probe into overpriced assets December 12, 2013 LONDON-based hedge fund GLG Partners has agreed a $9m settlement with US regulators as part of an investigation into assets the fund said were worth $160m more than they actually were. GLG bought an unnamed coal mining firm in late 2007 for $210m which it valued at $425m just four months later in March 2008. [...]
Hilton soars on New York debut boosting Blackstone’s profit December 12, 2013 PRIVATE equity giant Blackstone yesterday generated the second biggest paper profit from a buyout float ever, after shares in hotel chain Hilton Worldwide soared nearly 10 per cent on their debut. Hilton, which started trading on the New York Stock Exchange yesterday, rallied to a peak of $21.94 after being priced at $20 a share [...]
Madoff victims to get redress from JP Morgan December 12, 2013 JP MORGAN is braced for a $2bn (£1.2bn) settlement with the US authorities over allegations the bank failed to report its suspicions regarding the activities of fraudster Bernard Madoff. Half of the payment is expected to go to Madoff’s creditors, five years to the week after his $20bn scam was exposed. The remaining $1bn of [...]
Google will charge advertisers only for ads that are seen online December 12, 2013 GOOGLE will allow advertisers to pay only for adverts that are actually seen online in changes made yesterday. The move comes as part of Google’s drive to boost advertiser’s ability to get better value from the company’s advertising platform. “As we’ve said before, making viewability a basis for buying, selling and measuring media can help [...]
Lord Myners to shake up Co-op Group’s board December 12, 2013 THE CO-OPERATIVE Group’s governance system will be shaken up by Lord Myners, the firm said yesterday, as it seeks to make its democratic system more suitable to modern business. Under the current setup the entire board of 20 non-executive directors is elected by Co-op members, with no requirement to have external or professional directors. Lord Myners [...]
Perform’s share price halves on profit warning December 12, 2013 PERFORM Group, the sports rights company, saw its market valuation drop more than 50 per cent yesterday after it warned that profits would miss expectations due to advertising and sponsorship under performing. Perform’s market capitalisation sat at around £1.12bn on Monday, but last night had dropped to just £476m. The London-listed company said its 2013 [...]
