Facebook sinks to record low as early investor shares unlocked August 16, 2012 FACEBOOK shares plunged to a new low yesterday as early investors were able to sell their stock for the first time after the lock-up period in force since May’s initial public offering (IPO) came to an end. The stock fell as much as seven per cent to a low of $19.69 – less than half [...]
Desmond launches legal action August 16, 2012 Northern & Shell chairman Richard Desmond, owner of OK! magazine and Channel 5, is understood to be suing investment bank Credit Suisse at the High Court over a £50m derivative deal he said was too risky. Papers obtained from the Court by reporters show the media baron is claiming a 2007 transaction he entered into [...]
Brevan Howard’s Rokos to depart August 16, 2012 A co-founder of Brevan Howard, one of the world’s biggest and most successful hedge fund managers, is to leave the firm this month. Chris Rokos, a star trader on the firm’s $25bn (£15.8bn) flagship Master fund who has worked with founder Alan Howard for more than ten years, is to stop trading at the end [...]
Broker fined over trading breach August 16, 2012 A joint brokerage venture between Morgan Stanley and Citigroup was fined $450,000 (£286,992) after a trader broke trading limits and amassed a $1.3bn position, Financial Industry Regulatory Authority (Finra) records released yesterday show. Morgan Stanley Smith Barney, the joint venture, faced the fine from Finra after it allowed its trader to breach caps permitted on [...]
Top grades at A-Level decline August 16, 2012 THE NUMBER of students achieving the top grade at A-Level has fallen for the first time in 21 years, new figures showed yesterday, as more than 300,000 candidates picked up their results. Business groups heralded the drop in A*s and As from 27 to 26.6 per cent, saying it helps employers separate high-flyers from the [...]
Retail sales surprise analysts with jump August 16, 2012 RETAIL sales did surprisingly well in July, despite no discernible impact from the Olympics or the final arrival of summer weather, the Office for National Statistics (ONS) said yesterday. Retail sales saw a 2.8 per cent increase in volumes in the year to July. Values grew yet faster, climbing 3.1 per cent over the year, [...]
Lovering backs maternity line August 16, 2012 JOHN LOVERING, the retail veteran and former chairman of Homebase, Debenhams and Peacocks, has returned to the high street as a backer of fledging maternity brand Crave. His investment vehicle Echelon Partners has injected an undisclosed sum into the business, to help fund its growth. The brand was founded by former City worker Helen Worsley [...]
ISS eyes float with €500m investment August 16, 2012 DANISH cleaning giant ISS yesterday accepted a €500m (£391m) investment from Ontario Teachers’ Pension Plan and KIRKBI Invest, the trust owned by the descendents of Lego’s founder. ISS will use the funds to pay down debts ahead of a planned IPO in the next few years, having abandoned an attempt to float in March 2011. [...]
Zurich avoids disaster to post strong profits August 16, 2012 INSURANCE giant Zurich yesterday announced better-than-expected profits, largely thanks to the absence of any major disaster claims this year. Operating profit at the Swiss firm was $2.5bn (£1.6bn) for the first half of 2012, up 17 per cent, while the combined ratio for the same period – a measure of underwriting profitability – improved to [...]
Asda boss says yes to relaxing Sunday trading August 16, 2012 THE CHIEF EXECUTIVE of Asda yesterday came out in support of Sunday opening hours being extended on a permanent basis, as the debate over Sunday trading continues to divide retailers. Andy Clark said it was too early to say what the impact of the extra trading hours has had on sales but shoppers had welcomed [...]
