After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
LinkedIn sparks tech bubble fear May 17, 2011 SOCIAL network website LinkedIn last night hiked the projected price of its stock market float, sparking fears of a tech bubble amongst observers. The business-orientated competitor to Facebook raised the range of its initial public offering by $10 from $32-$35 per share to $42-$45 per share. It now expects to raise as much as $406m [...]
OFT looks for audit change May 17, 2011 UK regulators believe the market for auditing services is anti-competitive enough to warrant a full investigation and are looking for ways to improve it, the Office of Fair Trading (OFT) said yesterday. An OFT investigation and a high-profile House of Lords inquiry has concluded that the Big Four auditors – PriceWaterhouseCoopers, KPMG, Ernst & Young [...]
Why BP’s Arctic venture went sour May 17, 2011 LIGHTNING really has struck twice for Bob Dudley, BP’s beleaguered chief executive. Hounded out of Russia by the partners in BP’s joint venture project BP/TNK, of which he was head, Dudley went on to take the top job at BP following the Gulf of Mexico oil spill. Hailed as the man to take the oil [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 17, 2011 FINANCIAL TIMES FED SEEKS ANNUAL US BANK STRESS TESTS The Federal Reserve wants to subject US banks to annual capital tests, reserving the right to veto dividend pay-outs if they do not pass. A draft of the new rule is set to be approved by the Federal Reserve Board and put out for public comment [...]
Betfred makes Tote case May 17, 2011 BOOKMAKER Betfred yesterday insisted that it could come from behind to pip the racing industry preferred bid for the Tote, the state-owned betting company. A consortium led by Sir Martin Broughton, the former chairman of Liverpool Football Club, and the British Horseracing Board are closing in on a deal to buy the turf accountant in [...]
Ex-Tesco boss to advise US firm May 17, 2011 Former Tesco’s boss Sir Terry Leahy is to become a part-time senior adviser to US private equity house Clayton Dubilier & Rice. The position will be Sir Terry’s first major role since standing down as chief executive of the supermarket chain earlier this year.
Robert Tchenguiz challenges SFO May 17, 2011 Entrepreneur Robert Tchenguiz yesterday challenged the Serious Fraud Office over his arrest earlier this year. He filed a judicial review at the High Court, branding his arrest “unlawful, aggressive and disproportionate”. Robert and his brother Vincent were arrested in searches related to the SFO’s investigation into the collapse of Icelandic bank Kaupthing.
Buckworth to lead Shearman May 17, 2011 City law firm Shearman & Sterling has announced that project finance head Nick Buckworth will become managing partner of its London office following current head Anthony Ward’s appointment to the firm’s global executive group. Buckworth, who joined Shearman in 1996, will be replaced by partner Tim Pick.
Fidelity to vote against Pru chairman May 17, 2011 LEADING City fund manager Fidelity is planning to vote against the re-election of Prudential’s chairman Harvey McGrath in protest at the botched bid for Asian insurer AIA last year, City A.M. learned yesterday. It is among a group of institutional investors expected to oppose the re-election of McGrath, Prudential’s chairman since 2008, at the annual [...]
EU admits Greece may need to undertake voluntary restructure May 17, 2011 GREECE could embark upon a voluntary restructuring of its debt, EU officials admitted for the first time yesterday, saying that a “soft restructuring” is one of the options available. At a summit of EU finance ministers yesterday (Ecofin), Eurogroup chairman Jean-Claude Juncker said the option depends on Athens meeting deficit reduction targets: “If Greece makes [...]
