Watchdog fines trader for cheating markets July 22, 2013 THE FINANCIAL Conduct Authority (FCA) yesterday fined a US-based high frequency trader £597,993 for breaking trading rules on London’s commodity futures market. Michael Coscia, a 51-year-old oil trader based in New Jersey, was fined for writing a computer algorithm to manipulate prices on the UK’s ICE Futures Europe exchange. The programme allowed Coscia to flood [...]
New names are weighed up for JO Hambro Investment Management July 22, 2013 JO HAMBRO Investment Management (Johim) is considering a name change to honour co-founder Richard Hambro, City A.M. has learned. The private wealth manager was set up in 1986, though the Hambro dynasty can trace its banking pedigree back to the 19th century. Last month, the firm applied to register two names: Richard Hambro Investment Management [...]
Profits grow at Swiss private bank Julius Baer July 22, 2013 JULIUS Baer’s adjusted net profit rose more than 25 per cent in the first half, beating analyst estimates as increased client activity lifted operating income and gross margins. The company said yesterday its adjusted net profit stood at SFr261m (£181m), ahead of estimates for SFr238m in a poll of analysts. The Swiss private bank, which [...]
Interest rates may rise as soon 2014 July 22, 2013 THE RECOVERY means the Bank of England could hike interest rates as soon as late 2014, Deutsche Bank analysts said yesterday. Markets have only priced in a rise in 2015-16, but economists are increasingly upbeat on the recovery. “The Bank has been swift to turn policy around over the last 30 years,” said George Buckley. [...]
Nicole Farhi sold to daughter of Matalan founder July 22, 2013 NICOLE FARHI, the British fashion brand, has been bought out of administration by Maxine Hargreaves-Adams, the daughter of the Matalan tycoon John Hargreaves. The retailer’s joint administrators Zolfo Cooper said Hargreaves-Adams has bought all six stores, the nine concessions and the wholesale and ecommerce parts of the business for an undisclosed sum. The brand, founded [...]
Ocado shorters scrambling to shrink positions July 22, 2013 HEDGE funds who bet against Ocado have continued to shrink their unprofitable positions in the online grocer, shares in which have soared since its £216m tie-up with supermarket WM Morrison in May. Ocado has been a longstanding favourite among shortsellers, who borrow shares in the hope that a company’s share price will fall. However, the [...]
Fat Face to bulk up in the States July 22, 2013 CLOTHING brand Fat Face is aiming to crack the American market in the next two years, the firm said as it posted record annual sales. Fat Face yesterday confirmed plans to open its first store in the US and launch a dedicated website for American customers. It posted a 12 per cent rise in turnover [...]
Supergroup strikes new deal to expand its presence into Asia July 22, 2013 SUPERGROUP, the FTSE 250 company behind the Superdry fashion label, announced yesterday that it has struck a new partnership deal to expand its presence into Asia. The company said it has signed a 10-year distribution agreement with FJ Benjamin, a luxury retailer in south east Asia, to grow the Superdry brand in Malaysia and Singapore. [...]
Competition authorities examine Diageo’s United Spirits stake build July 22, 2013 THE UK competition regulator said yesterday it would investigate whether drinks group Diageo’s purchase of a stake in United Spirits would have a detrimental impact on the spirits market. The main area of concern is likely to be centred on United Spirits’ Whyte & Mackay whisky brand, because Diageo is the world’s biggest scotch company. The [...]
Firms picking first-timers for non-exec roles July 22, 2013 THE POOL of recruits for non-executive directorships (NEDs) is getting wider, according to new stats. Around 47 per cent of first-time NED appointments to FTSE 350 companies last year were women, up from just 11 per cent five years ago. Korn Ferry Whitehead Mann, the recruitment firm that conducted the research, said female NEDs were [...]
