EX-CALPERS CHIEF ACCUSED OF FRAUD
The Securities and Exchange Commission has accused Federico Buenrostro, former chief executive of the California Public Employees’ Retirement System, and a friend of fabricating documents designed to show that $20m in fees paid by Apollo to Arvco, a “placement agent”, for help securing the pension fund’s investment had been fully disclosed.
TATA CONSULTANCY ARM IN PROFIT RISE
Tata Consultancy Services has shrugged off the tough conditions affecting rivals in India’s outsourcing sector to deliver quarterly results broadly in line with expectations. India’s largest IT services and software group by revenue reported net profits of Rs29.3bn (£346m) in the fourth quarter, up 23 per cent on the year before.
BEIJING HANDS CIC A FURTHER $50BN
China Investment Corp, the Chinese sovereign wealth fund, has received a further $50bn in capital from the government. The move was disclosed late last week in Beijing by CIC officials attending a forum for sovereign wealth funds and pension funds that meets twice a year.
550 JOBS TO GO AT BRITISH GAS CALL CENTRE
The closure of a British Gas call centre in Southampton is likely to result in most of the 550 workforce losing their jobs. The company claimed that customers preferred to contact staff via e-mail than over the telephone and insisted that the closure would not affect its quality of service.
BACK ELECTED MAYORS, SAYS PM
Cities that fail to back the idea of directly-elected mayors will lose out on jobs and investments, David Cameron warned.
The Daily Telegraph
CHRISTOPHER TAPPIN GRANTED BAIL
Mr Tappin, 65, is set to be released from Otero Prison later this week after a US court overturned an earlier decision to hold him until his trial on weapons smuggling charges. The millionaire was ordered to submit a $1m bond, including $50,000 cash.
CRIME: IN WORLD’S TOP 20 ECONOMIES
Crime generates an estimated $2.1 trillion in global annual proceeds – or 3.6 per cent of the world’s gross domestic product – and the problem may be growing, a senior United Nations official has said.
THE WALL STREET JOURNAL
UNILEVER TAKES PALM OIL IN HAND
Unilever PLC is negotiating to build a $100m palm-oil processing plant in Indonesia, in an attempt to accelerate its commitment to sourcing the oil in ways that do not destroy the environment.
UNITED CONTINENTAL NEARS BOEING DEAL
United Continental will soon finalise a deal with Boeing for more than 100 of its 737 single-aisle jetliners, according to a person familiar with the matter. Boeing last year placed far behind its rival Airbus in landing orders for small airliners.