Autonomy’s Mike Lynch sets up website to challenge HP December 4, 2012 MIKE LYNCH, the British founder of the software firm Autonomy, has intensified his battle with Hewlett-Packard (HP) by setting up a website to rebut HP’s explosive claims. HP took a $5bn (£3.1bn) writedown last month, saying former Autonomy management had inflated the company’s accounts before the firm’s $11bn sale to HP. Lynch has publicly denied [...]
Facebook data use challenged December 4, 2012 FACEBOOK’S privacy policy will be probed in an Irish court by a campaign group that claims the social network is violating European data protection laws. Europe v Facebook, a group set up by Austrian student Max Schrems, said it will challenge an audit from Ireland’s data commissioner, which Schrems said did not go far enough.
UBS sells off pension business December 4, 2012 Swiss bank UBS has sold its pension business based in its wealth management arm to Broadstone Pensions and Investments. Terms were not disclosed. The deal will see the six-man team at the UBS London office transfer over to Broadstone’s office in Baker Street once the deal is completed. The former UBS Corporate Pensions business serves [...]
Edinburgh Worldwide keeps up December 4, 2012 Baillie Gifford’s Edinburgh Worldwide Investment Trust kept pace with markets last year, boosting its net asset value by 4.8 per cent. The £186m trust saw its share price rise 6.3 per cent compared to a 6.2 per cent increase for the MSCI All Countries World Index for the year ending October 2012, it said in [...]
Eredene exits Indian housing December 4, 2012 Eredene Capital, an Aim-listed investor in Indian infrastructure, yesterday took a £6.6m writedown after selling out its stakes in two social housing projects. The London-based firm, which boasts Sir Christopher Benson as a non-executive director, has sold its stake in Gopi Resorts and Matheran Realty – two housing developers in Mumbai– for £7.2m. The investment [...]
Xstrata exodus continues with Reid departure December 4, 2012 XSTRATA’S long-serving chief financial officer Trevor Reid is to follow departing chief executive Mick Davis out the door of the mining giant when the firm completes its merger with commodities business Glencore next year, it was announced yesterday. Reid, who was poached by Davis in 2001 to help turn the flailing business around, has decided [...]
Christmas countdown for rival high street retailers December 4, 2012 AS we move into the final countdown to Christmas, our high street department stores are pulling out all the stops. Looking back over 2012, the race between Marks & Spencer and John Lewis has never been tighter. YouGov’s BrandIndex highlights how the two brands began the year with six points separating their Index scores – [...]
Norilsk billionaires end feud with Abramovich as enforcer December 4, 2012 TWO Russian billionaires ended a four-year battle over the world’s biggest nickel and palladium miner yesterday by giving the largest voting stake in their $30bn (£18bn) company to Kremlin-favoured tycoon Roman Abramovich. Norilsk Nickel, which mines mineral deposits in Russia, was one of the biggest prizes handed to insiders in the post-Soviet carve-up of Russian [...]
European luxury goods makers braced for a tough year in 2013 December 4, 2012 EUROPEAN luxury goods makers knocked back predictions of a boost to sales early next year, saying that economic gloom will continue to discourage shoppers from splashing out on designer dresses and leather handbags. Consultancy Bain & Co had said that sales of luxury goods should pick up steam from the second quarter of 2013 as [...]
Royal Dutch Shell bows out of a troubled refinery in France December 4, 2012 SHELL will not extend its six-month oil processing contract with troubled French Petit-Couronne refinery beyond mid-December, which will make the refinery less attractive for potential buyers, the plant’s union spokesman said. The refinery stopped production on 10 January, before restarting operations in June under a deal with Royal Dutch Shell, the former owner, to deliver [...]
