Business world wins praise in the honours list June 17, 2012 CARPHONE Warehouse founder Charles Dunstone was the sole business leader awarded a knighthood in the Queen’s birthday honours for 2012, announced over the weekend, in a year that saw industry and economic leaders garner just 12 per cent of accolades, down more than a full percentage point from 2011. However, Sir John Parker, chairman of [...]
British Bankers’ Association names new chief executive June 12, 2012 The British Bankers’ Association (BBA) announced today that Anthony Browne, a Morgan Stanley banker and former advisor to London mayor Boris Johnson, will take over as its new chief executive in September. The organisation lobbies on behalf of the industry and also appears in the media to represent the financial services industry. Browne takes over [...]
Banking trade body to name new chief exec June 11, 2012 THE BRITISH Bankers’ Association (BBA) is expected this morning to announce that Anthony Browne, former aide to London Mayor Boris Johnson, will be its new chief executive. Browne, who until recently wrote a weekly column in City A.M., will take over the post from outgoing head Angela Knight. This year he has helped Morgan Stanley with its [...]
UBS losses on Facebook set to soar to $350m June 10, 2012 UBS is thought to have lost up to $350m (£226m) on the botched Facebook float last month. The Swiss investment bank racked up the losses, far higher than those initially estimated, after placing an order for one million shares in the social networking giant. When it did not receive confirmation of the trade it repeated [...]
Facebook costs may hit $200m June 7, 2012 Losses by banks and brokerages due to Facebook’s botched debut on the Nasdaq exchange last month may be as high as $200m (£128m), Thomas Joyce, chief executive officer of Knight Capital, said yesterday. Nasdaq said on Wednesday that it would offer $40m in cash and rebates to clients harmed by its mishandling of Facebook’s market [...]
Nasdaq offers a $40m apology after Facebook’s botched float June 6, 2012 NASDAQ yesterday apologised for botching Facebook’s first day of trading as its $40m (£25.8m) compensation offering was approved by regulators. Chief executive Robert Greifeld said the stock exchange “owes the industry an apology” for the technical problems that plagued Facebook’s Nasdaq debut on 18 May. The tech-favourite bourse said it will offer $13.7m in cash [...]
London property surges as cash flows out of troubled nations June 5, 2012 INVESTORS fleeing the Eurozone crisis have helped push prime London property prices even higher, according to figures out today from Knight Frank, although the new higher rate of stamp duty on houses above £2m has slowed the pace. Prices rose 0.7 per cent in May, taking the annual rise to 10.7 per cent and leaving [...]
GSK in plan to axe all Human Genome board May 31, 2012 GLAXOSMITHKLINE (GSK) plans to launch a campaign to replace the entire board of Human Genome Sciences with its own nominees, stepping up its £1.67bn hostile bid for the US biotech company, sources said yesterday. The British company has started reaching out to executives in the pharmaceutical industry as well as finance and governance experts who [...]
Facebook claims could top $100m May 24, 2012 Claims by four of Wall Street’s main market makers against Nasdaq over Facebook’s botched IPO are likely to exceed $100m, as they and other traders continue to deal with thousands of problems with customer orders. The exchange operator is facing lawsuits from investors and threats of legal action from brokers. Four of the top market [...]
Wall St edges higher in last minute swing May 24, 2012 US stocks ended slightly higher in a third session marked by late day swings yesterday, but the Nasdaq fell after NetApp gave a weak revenue forecast, casting doubt on the outlook for tech spending. Major indexes were lower for much of the session, as investors found little reason to buy following three days of gains. [...]