SAP admits Oracle charges September 8, 2011 SAP last night said it pleaded guilty to unspecified charges in a criminal case involving unauthorised access to computers maintained by software rival Oracle. The US Department of Justice prosecutors yesterday charged SAP’s defunct TomorrowNow Inc unit with 11 counts of unauthorised access to an Oracle computer, and one count of criminal copyright infringement, according [...]
Twitter sets out business stall September 8, 2011 Social network Twitter tried to convince investors of its business credentials yesterday as it set out a business case and passed the milestone of 100m users. Chief executive Dick Costelo talked up the prospect of using promoted tweets to generate revenues and boasted that the company has “a truckload” of cash following a recent fundraising. [...]
Investec set to unveil Evo takeover deal September 8, 2011 EVOLUTION Group hopes to announce as soon as today that Anglo-South African bank Investec has won the race to take over the financial group for around £220m. Investec is thought to be paying more than 100p a share to buy the business. Talk of an imminent deal was enough to boost Evolution’s shares three per [...]
Trichet loses his cool as ECB holds rates in the Eurozone September 8, 2011 THE EUROPEAN Central Bank (ECB) cut short its rate-hiking cycle yesterday due to “intensified downside risks” to growth that it said will bring inflation below its two per cent target next year. ECB president Jean-Claude Trichet signalled that the Bank is now relatively more concerned about the economic recovery, seeing the risks of price instability [...]
ON THE DEFENSIVE: TRICHET’S PRESS CONFERENCE IN QUOTES September 8, 2011 ON THE STABILITY AND GROWTH PACT: Can I remind us that in 2004 and 2005, some important governments in Europe were asking for weakening the Stability and Growth Pact. Do you remember that? And do you remember which governments were asking for weakening the Stability and Growth Pact? The three big governments of Europe, including [...]
No QE just yet as Bank holds rates at 0.5pc September 8, 2011 THE BANK of England kept interest rates on hold at 0.5 per cent yesterday, for the 30th straight month — with analysts not predicting an increase any time soon. Not since 1950 have interest rates remained at the same level for so long. And despite rumours that the Bank is moving in a dovish direction, it [...]
Housebuyers struggle to get loans in London September 8, 2011 HOUSEBUYERS across the country were buoyed by higher levels of purchase approvals in August, the surveyors’ group E.surv said yesterday. Approvals were up 4.3 per cent on August 2010 and hit a 15-month high. However, Londoners missed out on the boost, with approvals dropping by 10 per cent compared with July’s figure. That is because [...]
First Reserve equity deal lifts Glencore September 8, 2011 GLENCORE rose to its highest level in five weeks in London trading yesterday after First Reserve International swapped its bonds in the commodities giant and bought shares, in a move that was seen by the market as a vote of confidence in the company. US private equity giant First Reserve confirmed yesterday that it had [...]
Sale is a sign of some much-needed faith September 8, 2011 LIKE a proud parent whose faith in its wayward child never falters, First Reserve has believed in Glencore since day one. When the then-privately held commodities giant issued its debut $2.2bn convertible bond in December 2009, First Reserve was one of the biggest investors, snapping up $800m of notes. Now it’s swapped those notes for [...]
Two women join the Co-op board September 8, 2011 THE Co-operative Banking Group has appointed two women to its board, months after the recommendations of the Davies report. One of them is Merlyn Vivienne Lowther, formerly chief cashier at the Bank of England. The other is Anne Gunther, chief executive of the Norwich & Peterborough Building Society. Lord Davies said in February that companies [...]
