Former City stockbroker is sent down for defrauding investors November 5, 2012 A FORMER City broker was locked up for 13 years yesterday after defrauding investors out of millions of pounds to finance his “lavish” lifestyle. Nicholas Levene, 48, lost an estimated £32m of investors’ money between 2005 and 2009 after diverting funds given to him by investors into his own accounts. Levene used £18m of the [...]
UK Coal hews out a deal to dilute owners November 5, 2012 SHAREHOLDERS in UK Coal, the biggest coal mining firm left in Britain, yesterday accepted plans to dilute their ownership of the company in a bid to save the firm and their investments. UK Coal investors, including Peel Holdings, UBS and Pelham Capital, unanimously backed plans to isolate the mining part of the business and spin [...]
UBS’s top tier shaken up by new boss Orcel November 5, 2012 UBS has shaken up its investment bank management just days after the Swiss bank revealed it is winding down its fixed income operations and cutting 10,000 staff. New investment boss Andrea Orcel has led the reshuffle, months after joining from rival Bank of America Merrill Lynch. Orcel has shifted former co-head of the advisory business [...]
Osborne pledges joint action over corporate tax avoidance November 5, 2012 GEORGE Osborne vowed to clamp down on corporate tax avoidance yesterday, calling for “concerted international co-operation to strengthen international standards for corporate tax regimes”. The chancellor’s statement, delivered in tandem with German finance minister Wolfgang Schäuble at a G20 meeting in Mexico yesterday, came as officials from HM Revenue & Customs (HMRC) were grilled by [...]
HSBC warns bill for laundering may rise higher November 5, 2012 HSBC might have to hike its provisions for US fines for allowing money laundering, the bank said yesterday, as the final cost could rise well above the $1.5bn (£939m) it has set aside so far. Poor controls meant Mexican drug dealers used HSBC – without the bank’s knowledge – to launder money. Chief executive Stuart [...]
Investment bank staff shake up now spreads to Morgan Stanley November 5, 2012 JP MORGAN and Morgan Stanley both changed their top investment banking teams yesterday, while Goldman Sachs added a new director to its board. Morgan Stanley’s Paul Taubman stood down, ending a two-year stint of co-heading the bank’s securities division. Colm Kelleher, the other co-head, is staying in charge of the trading and banking unit. And [...]
S&P is guilty of misleading investors in Oz November 5, 2012 AUSTRALIA’S Federal court issued a landmark judgment yesterday that Standard & Poor’s misled investors by giving its highest rating to derivatives that lost almost all their value in the run-up to the 2008 global economic crisis. The Australian case marked the first time a ratings agency had faced trial over the complex financial products widely [...]
Murray learns his lesson to recover and beat Berdych November 5, 2012 US OPEN champion Andy Murray revealed that the memory of last week’s surprise defeat to Poland’s Jerzy Janowicz at the Paris Masters inspired him to yesterday’s 3-6, 6-3, 6-4 victory over Tomas Berdych at the ATP World Tour Finals in London. In his first fixture in Britain since becoming a Grand Slam winner, Murray had [...]
Compton finds form in opener duel with Root November 5, 2012 UNCAPPED batsman Nick Compton insisted laughter proved the best medicine for his early-tour struggles after finally finding form with a half-century as England drew their warm-up match in India against Mumbai A. Somerset’s Compton, vying with Joe Root of Yorkshire for the right to partner captain Alastair Cook at the top of the order, hit [...]
Wenger worried by Arsenal slump with hopes of revival hit by Walcott illness November 5, 2012 ARSENAL manager Arsene Wenger admits his side’s slump in form is worrying him but has challenged the Gunners to summon a change in fortunes in their hardest Champions League fixture so far this season. Wenger’s men face Schalke tonight having lost three of their last five Premier League games and after needing a comeback of [...]
