Train ticket prices to rise in 2011 November 23, 2010 Rail companies said fares will rise by an average of 6.2 per cent in January, nearly twice the rate of inflation. Passengers using Southeastern and Southern trains will be hardest hit, with a 7.8 per cent average fare rise. Unions were quick to denounce the price jump, with TSSA leader Gerry Doherty calling the rises [...]
3i confirms £130m Stork buy November 23, 2010 Private equity firm 3i Group will buy Netherlands-based materials testing business Stork Materials Technology for £130m, the company confirmed yesterday. The firm said it hopes to grow as more governments bring in quality testing rules. 3i has already invested in Trescal, a European calibration and measurement services firm, and Inspectorate, a testing and inspection company, [...]
Firms furious over plan for migrant cap November 23, 2010 BUSINESS and industry yesterday reacted angrily to government plans to cut the number of workers it allows in from outside the EU by a fifth, insisting they would stop Britain from recruiting global talent. Home secretary Theresa May said the number of workers entering Britain from outside the EU will be capped at 21,700 a [...]
SAP to pay Oracle $1.3bn damages November 23, 2010 SAP has been ordered to pay Oracle $1.3bn (£824m) in damages for software theft, a federal jury decided yesterday after a high-profile trial that captivated Silicon Valley. The verdict saw gasps from a packed courtroom and hugs and handshakes among Oracle’s legal team. Oracle had sought at least $1.65bn in damages, while Germany’s SAP pegged [...]
JP MORGAN HUNTS FOR A NEW OFFICE November 23, 2010 JP MORGAN Chase has edged closer to shelving plans for a new headquarters in Canary Wharf, which has already cost £300m in fees. The bank is understood to have singled out the former Lehman Brothers building on Bank Street (pictured) as an alternative. JP Morgan and Canary Wharf Group declined to comment.
More hedgies probed by FSA November 23, 2010 MONEY managers SAC Capital Advisors, Janus Capital Group and Wellington Management have received inquiries from the Securities Exchange Commission (SEC) in the ongoing Wall Street insider-trading investigation. SAC, a giant hedge-fund manager run by Steve Cohen, received an information request while Janus Capital disclosed the inquiry yesterday in a filing, saying it would fully cooperate. [...]
Vodafone joins iPad sales war November 23, 2010 VODAFONE is in talks to bring a discounted iPad to the market after rivals Orange and T-Mobile announced this week they will sell the tablets less than half price with a contract. O2 is understood to be less keen to offer iPads locked to a lengthy contract, especially with an upgrade rumoured to be due [...]
Pru loses trio of top execs November 23, 2010 A TRIO of senior executives at Prudential have resigned, it emerged yesterday, potentially unsettling the company as it tries to rebuild investor confidence. Thibaut Le Maire, chief risk officer at the financial services group, is thought to have resigned to take a senior role at HSBC after less than two years at the firm. HSBC [...]
Bank has been slow to admit mistakes, says FSA boss Sants November 23, 2010 BANK of England governor Mervyn King faces a tough grilling in front of MPs tomorrow after the man who is set to be his new deputy criticised the Bank for being slow in “fessing up” to mistakes made ahead of the financial crisis. Financial Services Authority chief executive Hector Sants told lawmakers the Bank had [...]
House of Lords slams Big Four auditors for role in banking crisis November 23, 2010 THE HOUSE of Lords yesterday accused the Big Four auditors of misleading investors by giving the banks a clean bill of health before the financial crisis. The Lords’ economic affairs committee grilled bosses of Ernst &Young, Deloitte, PwC and KPMG as part of a probe into a possible lack of competition in the financial services [...]
