Hedgies in US downgrade probe September 20, 2011 Securities regulator the SEC is believed to have sent subpoenas to hedge funds and other trading firms as it probes possible insider trading before the US government’s long-term credit rating was cut last month. Securities and Exchange Commission officials demanded more information about specific trades made shortly before Standard & Poor’s downgraded the country’s rating [...]
Full Tilt accused of Ponzi scheme September 20, 2011 Prosecutors yesterday accused the Full Tilt Poker website of running a Ponzi scheme that defrauded gamers out of $440m (£289m). “Full Tilt Poker did not maintain funds sufficient to repay all players, and in addition, the company used player funds to pay board members and other owners more than $440m since April 2007,” the office [...]
United could be forced to delay its IPO September 20, 2011 MANCHESTER United may be flying on the pitch but its IPO in Singapore appears to have stalled. Sources close to the transaction told City A.M. the club is struggling to convince cornerstone investors to invest at its target price against a backdrop of volatile markets. The club is hoping to raise in the region of £640m [...]
Insurance chief secures hefty fees if Omega bid turns sour September 20, 2011 MARK Byrne, the former reinsurance executive who has launched a bid for 25 per cent of the Lloyd’s of London insurer Omega, will be entitled to a £2m payment if the company terminates his employment within 12 months of any change of control. The entrepreneur will be on a rolling contract as executive chairman of [...]
Tech titans beating forecasts despite dire consumer outlook September 20, 2011 ORACLE last night posted quarterly revenue above expectations, defying a weak outlook for global technology spending, while Microsoft and Adobe also gave reasons for optimism in the sector. Bellwether firm Oracle, which sells software to corporations and public agencies, reported revenue of $8.37bn (£5.32bn) in the three months to 31 August, up 12 per cent [...]
Taming of the Shrews: Young Gunners avert a major crisis September 20, 2011 ARSENAL (3) vs SHREWSBURY (1) ARSENAL manager Arsene Wenger called for his detractors to gain a measure of perspective after watching his side avoid a major Carling Cup upset at the hands of League Two Shrewsbury. For the first time during his tenure Wenger has been forced to field questions about his ability to take [...]
Spurs sunk in Stoke shoot-out September 20, 2011 STOKE (0) vs TOTTENHAM (0) Stoke win 7-6 on penalties TEENAGE midfielder Massimo Luongo missed in a sudden-death penalty shoot-out as Tottenham crashed out of the Carling Cup at the first hurdle. Roman Pavlyuchenko and Stoke’s Jermaine Pennant also failed to convert spot-kicks as the shoot-put ended 4-4, following a goal-less 120 minutes. Manager Harry [...]
Owen and Giggs roll back the years September 20, 2011 LEEDS UNITED (0) vs MANCHESTER UTD (3) MANCHESTER UNITED manager Sir Alex Ferguson claimed Michael Owen still has a vital role to play at the club after watching the England international roll back the years with a clinical brace in last night’s Carling Cup third round win at Leeds. Owen settled the tie with two goals [...]
Olympic chief Hunt buoyed by triathlon and beach volleyball September 20, 2011 BRITISH Olympic chief Andy Hunt believes he has seen evidence over the summer that Team GB is on target to achieve its goals after formally announcing the nation’s first athletes for London 2012. Three-time gold medal winner Ben Ainslie topped a bill of 11 sailors and windsurfers who Hunt yesterday revealed as the inaugural members [...]
McGrath tells Australia to go for Flower September 20, 2011 ENGLAND’S former Ashes tormentor Glenn McGrath has encouraged Cricket Australia to pursue the possibility of poaching Andy Flower from the ECB in the wake of Tim Nielsen’s resignation yesterday. Flower, who signed a new contract in May amid rumoured interest from India, has masterminded Australia’s downfall in consecutive Ashes series, led England to No1 in [...]
