AMD chief executive resigns January 10, 2011 THE HEAD of US chip-maker AMD has resigned with immediate effect, the firm said yesterday, and will be replaced by chief financial officer Thomas Seifert until a permanent replacement can be found. Dirk Meyer, who has headed the company since 2008, came to a mutual decision with the company to stand down, AMD said last [...]
News Corp calls off MPs’ meeting January 10, 2011 RUPERT Murdoch’s News Corporation, which is attempting to buy the 61 per cent shares in BSkyB it does not already own, has cancelled a meeting it was due to hold with the influential Culture, Media and Sport select committee tomorrow. Sources close to News Corp, whose proposed deal is under intense scrutiny, said the media [...]
Fed makes $81bn profit January 10, 2011 THE US Federal Reserve reported record earnings yesterday, with profits jumping by more than 50 per cent to $80.9bn (£52bn) thanks to vast interest payments on its lending programmes. The Fed will turn over more than $78.4bn to the US Treasury, its highest ever contribution, as its $2.16 trillion portfolio of securities including US government [...]
Groupon closes $950m funding January 10, 2011 ONLINE advertising firm Groupon said yesterday it has completed its $950m (£610m) round of financing. Chicago-based Groupon, which turned down a $6bn takeover offer from Google in November, said in a regulatory filing the bulk of the funds would be used to buy back shares from investors and to expand outside of the US. The [...]
HEFNER TAKES PLAYBOY PRIVATE January 10, 2011 HUGH Hefner, the founder and flamboyant publisher of the magazine best known for nude centrefolds, has taken the business private in a deal valuing it at $207m (£133m).
Alcoa kicks off US results week January 10, 2011 US aluminium producer Alcoa beat some Wall Street forecasts yesterday with its fourth-quarter figures, posting income of $258m (£166m) compared to a $277m loss a year ago. Revenue rose four per cent to $5.65bn thanks in part to higher aluminium prices, which the firm said will rise a further 12 per cent on the back [...]
Credit Suisse cuts payouts January 10, 2011 CREDIT Suisse is to defer more of its staff bonuses and cut cash payouts, in a move that followed stricter rules imposed elsewhere in Europe. Switzerland’s second-largest bank, which last year awarded chief executive Brady Dougan shares worth around Sfr71m (£47m) under a five-year bonus plan, said yesterday it would apply the changes to its [...]
Siemens upbeat on earnings January 10, 2011 Engineering conglomerate Siemens said yesterday its quarterly profit and sales were set to surpass the year-earlier figures, thanks to robust factory demand. The Munich-based group said it was likely to post a “very strong” increase in new orders for the three months to the end of December, but added the figures would probably not match [...]
Clegg demands sensitivity on pay from Lloyds and RBS January 10, 2011 NICK Clegg warned state-owned banks yesterday that they must show “sensitivity” to public opinion when awarding bonuses this year. The Deputy Prime Minister was keen to emphasise that the government would use its role as a majority shareholder in Royal Bank of Scotland and the biggest minority shareholder in Lloyds Banking Group to prevent bonuses [...]
Miliband blasts Hester’s payout as opposition calls for bonus tax January 10, 2011 LABOUR leader Ed Miliband said yesterday that Stephen Hester “shouldn’t get the scale of bonus that is being talked about”, following reports that the Royal Bank of Scotland chief executive is in line for a £2.5m bonus, despite the bank being majority-owned by the government. Miliband’s comments came as the opposition party called on the [...]
