Chinese hustlers are taking advantage of the Cayman legal system – and British investors are paying for it
Troika visits bailed-out Portugal August 27, 2012 The so called troika of lenders – the EU, European Central Bank (ECB), and International Monetary Fund – will return to Portugal today to conduct the fifth quarterly review of its €78bn rescue package. It is still possible that Portugal could require another bailout package, while its leaders may request more time to meet the [...]
Samsung’s loss is Nokia’s gain after Apple win August 27, 2012 NOKIA shares hit their highest point in more than four months yesterday on suggestions the Finnish phone manufacturer could be the biggest winner from Apple’s court victory over Samsung last week, while the Korean firm’s value plummeted. Analysts said that Nokia – which teamed up with Microsoft last year to launch a range of handsets [...]
IBM pays $1.3bn cash to acquire HR software manager Kenexa August 27, 2012 IBM yesterday agreed a cash deal to acquire Kenexa, the human resource software manager, marking its entry into the sector. The deal will see the computing behemoth pay $46 per share, valuing the smaller firm at $1.3bn (£823m), and comes after recent forays into the HR management market from other tech giants. Kenexa reported a [...]
US agrees risk rules for swaps August 27, 2012 MAJOR swaps players will face new risk management requirements under rules finalised by the Commodity Futures Trading Commission (CFTC) yesterday. The rules, which the agency approved unanimously in a closed-door vote, will dictate the way major swaps industry participants document and reconcile their swaps trades. They also detail how swaps will be valued and netted. [...]
Best Buy nears deal after talks August 27, 2012 BEST BUY yesterday announced it had reached an agreement with founder Richard Schulze to allow him to prepare a bid to buy the struggling electronics retailer. The US company, which said last week that talks between the parties had broken down after Schulze claimed Best Buy’s proposals were “completely unacceptable”, announced that it had satisfied [...]
Lonmin mine unrest moves into third week as violence spreads August 27, 2012 CASH strapped platinum miner Lonmin reported further unrest in its Marikana mining district yesterday, with reports of fresh intimidation of workers in its Eastern mines. Violence, which claimed the lives of 34 people twelve days ago, had largely been confined to its Karee mine in the West. Yesterday it said workers had faced “intimidation” in [...]
Victoria director hits out as vital meeting looms August 27, 2012 AN OUSTED director at carpet maker Victoria has criticised the firm’s board, saying management is not acting in shareholders’ interests ahead of a crucial vote at Friday’s annual meeting. Alexander Anton, a member of the firm’s founding family who stepped down recently over a disagreement on pay, told City A.M. that Victoria’s board “used every [...]
Something for everyone in forecasting equity markets August 27, 2012 FOR such a highly paid group of professionals the great and the good of the financial markets have been behaving in somewhat lemming-like fashion once again. Rather than judging important allocation decisions based on economic and stock fundamentals, it’s been more about “will they or won’t they”. There we were, for example, in the early [...]
Tiffany lowers profit forecast but pushes ahead with growth August 27, 2012 TIFFANY & Co, the New York-based jeweller, cut its sales and profit forecasts for the second consecutive quarter yesterday after its well-heeled customers trimmed spending in an uncertain economy. The group lowered its full-year profit outlook by around four per cent, saying it expects sales growth during the end-of-year holiday season to be slower. In [...]
BNP and Credit Agricole start internal law-breaking probes August 27, 2012 ITALIAN bank UniCredit became the latest bank to admit it is under investigation by the US authorities for breaching Iranian sanctions, making public statements over the weekend. And French banks BNP Paribas and Credit Agricole both revealed they are carrying out internal probes into potential breaches of US regulations – although they would not say [...]
