Autonomy finance chief ‘too scared’ to face analyst calls, fraud trial hears June 27, 2019 Ex-Autonomy finance chief Sushovan Hussain was too scared to face analyst scrutiny following the software firm’s quarterly results a decade ago, a court heard as his former boss Mike Lynch was cross-examined over an alleged $5.1bn fraud. Lynch, the founder of Autonomy, and Hussain are being sued by Hewlett Packard (HP) in the UK’s biggest [...]
H2O fund downgraded over risk control concerns June 27, 2019 H2O, the London-based asset management arm of French investment bank Natixis, has seen its global macro fund downgraded due to concerns over risk controls. Ratings agency Morningstar downgraded the Allegro fund from “bronze” to “neutral” following concerns about its exposure to illiquid, high-risk bonds linked to controversial German entrepreneur Lars Windhorst. Read more: Asset manager [...]
H&M shares rise after spike in summer sales June 27, 2019 Shares in H&M jumped ten per cent this morning after the Swedish fashion group reported that summer collection sales were up. H&M, which is the world’s second biggest fashion retailer after Zara owner Inditex, said that sales in June rose 12 per cent, beating analyst expectations. Read more: H&M shares soar despite profit fall Sales [...]
Superdry delays results after issuing profit warning June 27, 2019 Struggling retailer Superdry has delayed the publication of its full-year results after issuing a profit warning and undergoing recent management changes. The company’s results will be released on 10 July, six days later than originally planned due to the “complexity” of lease and store impairment charges in the accounts. Read more: Superdry appoints interim finance [...]
Autonomy founder Mike Lynch kicks off testimony in UK’s biggest fraud trial June 26, 2019 Business tycoon Mike Lynch was accused of masterminding a fraud at Autonomy in order to be “seen as a success story” as he began his month-long testimony in the UK’s biggest ever civil fraud trial. Lynch, the founder and former chief executive of Autonomy, is being sued by Hewlett Packard (HP) for $5.1bn for allegedly [...]
Autonomy founder Mike Lynch to testify in $5bn civil fraud case June 26, 2019 British businessman Mike Lynch will testify in court this afternoon in the latest phase of the UK’s largest civil fraud case. Lynch will give evidence at the High Court in central London today as he faces questioning over an alleged $5bn fraud. Read more: HP ‘not suing Autonomy US exec to go after Mike Lynch’ [...]
No-deal Brexit fears have increased, Bank of England governor Mark Carney warns June 26, 2019 Market expectations of a no-deal Brexit have increased over the last few months, Bank of England (BoE) governor Mark Carney warned today. The uncertainty surrounding the UK’s future relationship with the European Union is having a greater impact on businesses than before the original Brexit deadline date of 29 March. Read more: 150,000 firms not [...]
Robert Mueller to testify before House over Trump links with Russia June 26, 2019 US special counsel Robert Mueller has agreed to testify before two House of Representatives committees next month over Russian interference in the 2016 Donald Trump election campaign. Chairman of the judiciary panel representative Jerrold Nadler and representative Adam Schiff, head of the intelligence panel, said that Mueller had agreed to testify following the issuing of [...]
First Group chairman resigns after defeating Coast Capital’s boardroom coup June 25, 2019 First Group’s chairman has resigned despite defeating an attempt by activist investor Coast Capital to oust him from the board. Wolfhart Hauser has stepped down and will not stand for re-election at the company’s next annual shareholder meeting. Around one in four shareholders, excluding Coast, voted against the New York Hedge fund’s 13 resolutions, Press [...]
H2O assets fall by €2.6bn over liquidity concerns June 25, 2019 Asset management firm H2O saw assets drop by more than €2.6bn across six funds last week as the company deals with concerns over investments connected to a controversial financier. The London based asset management arm of French investment bank Natixis has been facing questions over its links with bonds issued by Lars Windhorst and the [...]
