Tribunal upholds £1.25m FSA fine on former UBS trader for rogue trades with client cash May 21, 2012 THE FSA has had its decision to fine a UBS trader £1.25m upheld by the upper tribunal, an independent judiciary body. Sachin Karpe, head of a trading desk in the bank’s institutional wealth management business, was fined in 2009 for engaging in “unauthorised trading”, including an attempt to subvert Indian law by helping an Indian client make [...]
City’s finest in full bloom at Chelsea Flower Show preview May 21, 2012 Cairn’s Sir Bill Gammell arrives at last night’s Chelsea Flower Show Charity Gala Preview in aid of the RHS MITIE’s Ruby McGregor-Smith was fresh from the firm’s upbeat results Simon Borrows was named as the new chief exec of 3i last week Ex-Lloyds boss Eric Daniels proved he’s still on the City’s best guestlists RBC’s [...]
Mitie seeks out overseas deals as sales jump May 21, 2012 OUTSOURCER Mitie yesterday said it was eyeing international growth as it reported record revenues. The FTSE-250 company, which has dozens of UK government contracts, has a brimming order book with services including security and maintenance growing. Its pre-tax profits jumped 5.9 per cent to £94.5m for the year to the end of March. Mitie’s order [...]
Alibaba buys back $7bn stake in Yahoo May 21, 2012 CHINESE internet entrepreneur Jack Ma’s Alibaba Group is buying back up to half of Yahoo’s 40 per cent stake for $7.1bn (£4.5bn) in a deal that moves the Chinese e-commerce leader closer to a public listing. Under the agreement, Yahoo will sell one-half of its stake in Alibaba for at least $6.3bn in cash and [...]
Google Chrome becomes world’s top web browser May 21, 2012 GOOGLE CHROME has surpassed Internet Explorer as the most used web browser, according to data firm StatCounter. For the week of 14-20 May, Chrome was the world’s number one web browser, leaving usual top spot hogger Internet Explorer lagging behind. The Google site first pipped Window’s browser two months ago, when Chrome topped the league for one [...]
Carlyle bets on US’s Avail-TVN May 21, 2012 AVAIL-TVN, a US-based media services provider, announced yesterday it has raised $100m (£63m) in a round led by private equity giant Carlyle Group, to help fund its acquisition of rival company On Demand Group in the UK. Avail-TVN, which works with companies like NBC and Univision, said its $27m acquisition of On Demand Group – [...]
Ryanair says fuel prices will drive down profits May 21, 2012 BUDGET airline Ryanair yesterday announced record profits of €503m (£406m) for the year to March 2012, an increase of a quarter on a like-for-like basis. But the Dublin-based firm said that this would be the last year of expectation-beating profit rises and warned that returns could drop by as much as 20 per cent during the next [...]
Eaton snaps up rival Cooper in £7.5bn deal May 21, 2012 Diversified industrial manufacturer Eaton yesterday agreed to buy electrical equipment maker Cooper Industries $11.8bn (£7.5bn) in cash and stock, its biggest-ever acquisition, a move that will lower Eaton’s taxes by shifting its incorporation to Ireland. American Eaton will pay $72 per share for Cooper: $39.15 in cash and the rest in stock. Eaton shareholders will [...]
German Opel jobs are at risk May 21, 2012 THE head of German carmaker Opel, under pressure from parent General Motors to end losses, yesterday refused to promise workers at its plant in Bochum that their jobs would be safeguarded after 2014. The plant, located in the rust-belt Ruhr region devastated by coal mine closures, is expected to shut after the company chose to [...]
CITY VIEWS | DO YOU THINK LONDON’S AIRPORTS ARE READY FOR THE OLYMPICS? May 21, 2012 ATSUSHI MATSUMOTO SMBC NIKKO I don’t think so. The airports could be end up being a let down and embarrassment this summer. But I have hope in the aviation authorities that they could still do something about it in the 50 or so days to go before the Olympics. What is really bothering me is [...]
