Madoff: I thought I had been caught on several occasions July 29, 2009 BERNARD Madoff, who is serving 150 years in prison for his $65bn (£40bn) Ponzi fraud, thought he had been rumbled several times, he said in an interview from behind bars. Speaking to lawyers representing a group of victims who are suing him, Madoff said he was surprised that his huge fraud – which took place for [...]
Virgin nets a key deal with Disney’s ESPN July 29, 2009 ESPN, the Disney-owned media group that has picked up live Premier League football rights from the defunct Setanta, yesterday agreed a carriage deal with Virgin Media, the cable company. The deal is similar to Virgin’s previous deal with Setanta, whereby Virgin customers paying for the highest television package will get the channel, which will show [...]
Porsche set for 5bn of losses July 29, 2009 CARMAKER Porsche said yesterday it was in advanced talks to sell off its cash-settled options on Volkswagen (VW) shares, and that it expects to report pre-tax losses of up to €5bn (£3.8bn) in its current fiscal year. That figure compares with a year earlier pre-tax profit of €8.6bn, the bulk of which came from gains [...]
Visa’s earnings leap 73 per cent July 29, 2009 VISA reported better-than-expected quarterly earnings yesterday, as the world’s largest credit card network sold its stake in Brazil’s VisaNet, trimmed expenses and consumers used their cards more. Net income rose 73 per cent to $729m (£446m) for the third quarter. But in a bid to conserve cash the company adjusted its estimate of capital expenditure [...]
Lehman deal helps Nomura back to profit July 29, 2009 JAPAN’S largest brokerage Nomura reported its first profit in six quarters yesterday, as the purchase of Lehman Brothers’ European and Middle Eastern assets began to pay off. The firm posted profit before tax of 31.4bn yen (£200m) for the three months ending 30 June, compared to a loss of 84.3bn yen in the equivalent quarter [...]
TAXI SALES STALL July 29, 2009 LONDON black cab maker Manganese Bronze slumped into the red over the first half of the year as taxi sales slid despite a boost from the government’s car scrappage scheme. The group reported a pre-tax loss of £600,000 against a profit of £1.5m last year, while vehicle sales fell 11 per cent. Chief executive John [...]
Stereotyping in schools to blame for continuing gender pay gap July 29, 2009 THE GOVERNMENT’S failure to tackle gender stereotypes in schools is partly to blame for women still being being paid almost 23 per cent less than men, a report said yesterday. According to The Women and Work Commission (WWC) – which was set up in 2004 to investigate how the gender pay gap can be closed [...]
RAB Capital falls into the red as asset levels drop by a third July 29, 2009 HEDGE fund manager RAB Capital said yesterday it had swung to a pre-tax loss for the first half of the year, and admitted the outlook for the next six months was uncertain. The firm, which suffered early on in the financial crisis with poor bets on failed lender Northern Rock, reported a pre-tax loss of [...]
SJP eyes new wealth clients July 29, 2009 WEALTH manager St James’s Place yesterday said it would broaden its investment range and style to attract new clients after posting a fall in first-half operating profits. Chief executive David Bellamy said St James’s Place was seeking to attract a new breed of clients and was planning to offer absolute return and fixed-income funds for [...]
Commuter chaos in the City as RMT takes industrial action over salaries July 29, 2009 THOUSANDS of London commuters face travel chaos today and tomorrow, as workers on the National Express East Anglia franchise go on strike for 48 hours over pay. Services to Cambridgeshire, Norfolk, Suffolk and Essex will be affected and the action will disrupt many lines in and out of London, including trains for Stansted Airport, Southend [...]
