GE fined $50m by SEC August 4, 2009 GENERAL Electric has been fined $50m (£29.5m) after being accused of manipulating its earnings to meet analysts’ expectations. The United States Securities and Exchange Commission (SEC) alleged that the firm deceived investors, adding that “overly aggressive accounting can distort a company’s true financial condition.” GE did not admit or deny the allegations, but agreed to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 4, 2009 FINANCIAL TIMES BMW EYES TIE-UP WITH PEUGEOT FOR MINIBMW is examining whether to share platforms with PSA Peugeot Citroën for its Mini small car, it emerged yesterday, as the German premium carmaker returned to profit in the second quarter on the back of cost-cutting. Norbert Reithofer, BMW’s chief executive, said the company was talking to [...]
Bluefin boss attacks Tory threat to FSA August 4, 2009 THE HEAD of one of the UK’s largest insurance brokers has hit out at shadow chancellor George Osborne’s plans to scrap the tripartite system of regulation, accusing him of “pandering to public sentiment”. Howard Fryer, managing director of Axa-owned broking giant Bluefin, has said the insurance sector would face costly turmoil if Osborne goes ahead [...]
BSkyB and Deloitte bosses net millions August 4, 2009 THE senior partner of accountancy firm Deloitte, John Connolly, and the chief executive of BSkyB, John Darroch, have been awarded pay packages worth millions. Connolly, whose firm Deloitte is the auditor of the part-nationalised Royal Bank of Scotland (RBS), grabbed an annual pay packet of £5.3m, benefiting from Deloitte’s profit-sharing scheme as the company earned [...]
WIFE STRIFE August 4, 2009 THE WIFE of fraudster Bernie Madoff, Ruth has come under fire from a former associates who say she almost certainly knew about her husband’s $65bn Ponzi scheme. She yesterday reached an agreement with a court meaning she cannot spend more than $100 on anything without telling a court-appointed trustee.
BNY Mellon nears Insight deal August 4, 2009 Bank of New York Mellon is in late-stage talks to buy the lion’s share of Insight, the fund manager inherited by Lloyds Banking Group from HBOS, in a deal worth up to £235m. BNY is understood to have beaten off competition from US private equity house Hellman & Friedman and asset manager Schroders. Abdullah Nauphal, [...]
Focus DIY hopes for rescue plan August 4, 2009 Focus DIY will today unveil a restructuring plan aimed at saving it from collapse and will call on landlords to get behind the proposals. The retailer is proposing a company voluntary agreement (CVA), under which it would jettison stores standing empty. Landlords of the closed outlets would be offered dividends, paid in lump sums, in [...]
Sony launches cheap Kindle rival August 4, 2009 Electronics firm Sony has launched a cheaper rival to Amazon’s Kindle book reader, undercutting its competitor’s product by some $100 (£59). Sony said it would start selling its Pocket Reader at $199, as well as a larger touchscreen version at $299. “Achieving the $199 price point, we believe, expands the market dramatically,” said Steve Haber, [...]
Menolly Cheapside wins tenant August 4, 2009 International law firm Orrick, Herrington & Sutcliffe yesterday signed a lease to move its London headquarters to the new Menolly development at 107 Cheapside. The lease is for 44,500 sq ft of space at the new 185,000 sq ft development. Orrick has also taken an option over a further 20,000 sq ft and plans to [...]
A SIGH OF RELIEF FOR FUND GURU DUFFIELD August 4, 2009 AFTER months of being down on his luck, perhaps the tide is starting to turn for veteran fund management guru John Duffield and his newest business venture, Brompton Asset Management. Duffield, who also previously set up Jupiter and New Star, originally named the firm Hyde Park Asset Management, before hedge fund marketing firm Hyde Park [...]
