FRC launches consultation over changes to governance rules April 19, 2012 THE FINANCIAL Reporting Council (FRC) has this morning launched a widespread consultation on changes to the rules governing auditors and corporate stewardship, but has stopped short of proposing binding regulation. The regulator is planning to update the UK’s 20-year old corporate governance code, as well as revising aspects of the stewardship code – introduced in [...]
Former Co-op bank boss agreed compensation worth £4.5m April 19, 2012 NEVILLE Richardson, the former head of the Co-Op’s banking group, agreed a £1.4m compensation payment for loss of office when he quit the group. He resigned in July last year but received a further £380,000 in payment after agreeing to work until the end of the year. He decided to take his pension entitlements as [...]
Hedge fund assets reach record high on global markets bounce April 19, 2012 THE HEDGE fund industry’s total assets reached a record high of $2.13 trillion at the start of this year, new figures show. Investors put a net $16bn into hedge funds in the first three months of 2012, Hedge Fund Research (HFR) said yesterday. Funds with fixed income-based relative value or macro strategies had inflows of [...]
Goldman to sell Petershill stake April 19, 2012 Goldman Sachs is in talks to sell its Petershill Fund, a portfolio of hedge fund assets that the bank has run for the past five years. The fund was set up and run until last year by Jonathan Sorrell – the son of WPP’s Sir Martin Sorrell – who left last year in a high-profile [...]
Capital One profit beats estimates April 19, 2012 Capital One Financial posted an adjusted first-quarter profit yesterday that topped Wall Street estimates, as customers borrowed more from the credit card company-turned-bank. As the US economy begins to add jobs and gain strength, consumers have become more comfortable with taking on debt and commercial businesses have been borrowing as they look to lock in [...]
Chipmaker AMD gets share boost April 19, 2012 Chipmaker Advanced Micro Devices (AMD) forecast revenue above analyst expectations yesterday boosting its shares in after-market trading. AMD posted first-quarter revenue of $1.59bn, down from $1.61bn in the year-ago period. It estimated second-quarter revenue would rise three per cent from the previous quarter, plus or minus three percentage points.
Nokia shares spiral as profits plunge into red April 19, 2012 NOKIA’S shares plunged by almost four per cent yesterday after the struggling Finnish phone maker reported a €1.34bn loss in its first quarter and announced its head of sales is preparing to leave. The Helsinki-based company said that “greater than expected competitive challenges and seasonality” drove operating profit into the red, from a €439m gain [...]
Aquascutum calls time on Corby factory with the loss of 115 jobs April 19, 2012 AQUASCUTUM, the 160-year old clothing brand which collapsed into administration earlier this week, is to shut its factory in Corby making 115 people redundant. Administrators FRP Advisory, said yesterday that it had concluded the plant in Corby was not viable due to “loss-making operations and a lack of funding.” “Whilst a difficult decision, it has [...]
OFT cuts British Airways fine for fuel surcharge pact with Virgin April 19, 2012 THE OFFICE of Fair Trading has halved a fine imposed on British Airways for colluding with rival airline Virgin Atlantic over fuel surcharges. The consumer and competition watchdog said it had dropped the fine to £58.5m down from a record £121.5m thanks to BA’s help during the investigation and changes to competition law, following an [...]
Philip Morris sales boosted by emerging markets and pricing April 19, 2012 PHILIP Morris, one of the world’s biggest tobacco groups, said yesterday that its profits for the first quarter had risen 13 per cent, boosted by a rise in prices. The company, which makes cigarettes including the Marlboro and Benson & Hedges brands, reported net income of $2.16bn (£1.35bn) for the three months to 31 March, [...]
