S&P soars past 1,700 on stellar day for US bulls August 1, 2013 PROMISING economic numbers and reassurances of more stimulus to come from leading central bankers drove the S&P 500 index of shares to a record close last night. The Wall Street index smashed through the 1,700 mark upon opening yesterday, finally ending up 1.25 per cent at 1,706.87. The Dow Jones also reached a new peak, while [...]
Fabulous Fab found liable for defrauding investors August 1, 2013 FABRICE Tourre, a former designer of derivatives for Goldman Sachs, was last night found liable for defrauding investors by a New York jury after a toxic sub-prime deal turned sour. The US Securities and Exchange Commission (SEC) alleged that Tourre told investors that a hedge fund had invested in a portfolio of mortgage assets he [...]
The voice of business should burst the Westminster bubble August 1, 2013 IT IS great news to see that more senior business figures will be joining the House of Lords, including Sir Anthony Bamford, chairman of JCB and Dame Lucy Neville-Rolfe, former executive director of Tesco’s corporate and legal affairs department. At the same time, it’s not nearly enough – at least, that’s the judgement of some [...]
Draghi confirms: No rate rises for extended period August 1, 2013 THE EUROPEAN Central Bank (ECB) confirmed yesterday that it would keep rates at 0.5 per cent or even lower for the near future, expanding its new forward guidance policy. Mario Draghi, ECB president, said: “The governing council confirms that it expects the key ECB interest rates to remain at present or lower levels for an [...]
What the other papers say this morning – 2 August 2013 August 1, 2013 FINANCIAL TIMES Google unveils iPhone challenger Google unveiled the Motorola Moto X smartphone yesterday, its latest attempt to leapfrog Apple’s iPhone – this time with a device packed full of sensors and processors that will allow the phone to anticipate its user’s intentions. The Moto X, which will cost $199 (£131.41), is the first smartphone [...]
Linkedin reveals revenue boost August 1, 2013 SOCIAL networking group Linkedin yesterday announced a huge rise in revenue, up 59 per cent from the second quarter of last year. The firm reported revenues of $363.7m (£240.5m), beating estimates. LinkedIn now has twice as many members as it did two years ago, and the site boasts nearly a quarter of a billion users. [...]
Ferraris fly off the forecourts August 1, 2013 BRITISH appetite for the world’s most expensive cars has helped the country overtake Germany as Ferrari’s biggest market in Europe. Ferrari delivered 415 cars to UK dealerships in the first six months of the year, up six per cent and ahead of Germany’s 388 sales. In the firm’s recession-hit homeland, sales dwindled. Just 116 cars [...]
First AIG dividend since bailout August 1, 2013 American International Group (AIG) announced its first dividend since receiving a bailout in 2008.The group reported a dividend of $0.10 (£0.07) per share, and an operating profit of $1.12 per share in the second quarter. Shares in AIG rose by six per cent after the statement. The company repaid its $182bn rescue package to the [...]
Snowden gets Russian asylum August 1, 2013 Russia granted American fugitive Edward Snowden a year’s asylum yesterday, allowing the former US spy agency contractor to slip quietly out of Moscow’s Sheremetyevo airport after more than five weeks in limbo but angering the United States. The White House, which wants Snowden to face trial in the US, signaled that President Barack Obama might [...]
Soca chairman resigns August 1, 2013 Sir Ian Andrews, the chairman of the Serious Organised Crime Agency (SOCA) stepped down from his position yesterday after failing to disclose a directorship with a management consultancy company, Abis Partnership. Soca has recently come under criticism for failing to properly investigate large companies which were using unlicensed private investigators. Andrews’ resignation was accepted by [...]
