Blue-chip index falls for eighth straight session – London Report December 15, 2015 OIL AND commodity price concerns have continued to drag on the FTSE 100, with the index touching 10-week lows at its close last night. It finished down 1.3 per cent at 5,874, its eighth straight session of losses, and down around 10 per cent so far this year. The price of key metals, including copper [...]
Fifa crisis: UBS has “received inquiries” over accounts linked to football’s governing body November 3, 2015 UBS is the latest bank to reveal it has been approached by law enforcement authorities investigating Fifa corruption. The paper trail from football's under-fire governing body has led Swiss investigators to a number of "suspicious" transactions at various banks while US authorities have questioned HSBC, Standard Chartered, Deutsche Bank and Credit Suisse amongst others. British banks Standard Chartered, [...]
Apple share price rises on record results October 28, 2015 Apple's share price has risen 2.89 per cent as markets opened in the US after record breaking results, which the company reported yesterday. The company had expected earnings per share for the three months to the end of September to hit the $1.87 – $1.88 mark, but beat expectations by a long way, with the figure coming in [...]
Eugenie Bouchard sues US Tennis Association for “millions and millions” over US Open injury October 15, 2015 Canadian tennis star Eugenie Bouchard is suing the United States Tennis Association (USTA) and the USTA National Center for "millions and millions" after sustaining a head injury at the US Open. Bouchard suffered concussion after falling on a tile floor in a therapy room at the Grand Slam event in September. The lawsuit alleges "a slippery, [...]
The plot thickens: Now Bill Gross sues Pimco for “hundreds of millions of dollars” October 8, 2015 Recently-departed Pimco boss Bill Gross has filed a lawsuit against the company he founded and its parent company, Allianz, for at least $200m (£130.6m), accusing them of pushing him out. In a filling submitted to a California State court, Gross accuses "a cabal" of Pimco bosses of "plot[ting] to drive [him] out of Pimco in order to take, without compensation, [...]
Winklevoss twins’ Bitcoin exchange Gemini gets a license from the New York State Department of Financial Services October 5, 2015 A top US regulator has licensed a bitcoin exchange set up by the Winklevoss twins, who rose to fame on the back of a lawsuit against Facebook founder Mark Zuckerberg. Gemini, which will let individuals and institutional customers buy and sell the cryptocurrency, received a banking charter from the New York State Department of Financial Services today. The [...]
Volkswagen emissions scandal: Former chief executive Martin Winterkorn steps down from role at VW’s biggest shareholder Porsche SE October 17, 2015 The former chief executive of Volkswagen, Martin Winterkorn, is due to step down from his role at Porsche SE, which is also the scandal engulfed carmaker's biggest shareholder. He'll be replaced by Hans Dieter Poetsch, the chief financial officer of the holding company Porsche SE and designated new VW chairman, with effect from November 1. "Hans Dieter Poetsch, chief financial [...]
American Apparel files for bankruptcy to cut down debts October 5, 2015 US clothing retailer American Apparel has filed for bankruptcy protection as it attempts to shake-off its debt-pile and rebuild its reputation following a series of scandals relating to founder and former chief executive Dov Charney. The teen-focused chain, known for overpriced jersey basics and risque advertising, said it has struck a deal with 95 per [...]
VW: Will it go from Naughty to Nice in 2016? – CNBC Comment December 22, 2015 Volkswagen’s Supervisory Board has taken bold steps in the final weeks of 2015 to put the diesel cheating scandal to rest. But with three days to go before Christmas, I expect Santa has made his list, is checking it twice, and is sending a sleigh full of coal to the carmaker’s Wolfsburg headquarters. That’s because [...]
Tesco results analysis: Why earning mis-statements are like London buses October 26, 2015 Earnings mis-statements are like London buses, it turns out: you wait ages for one, before two turn up at once. Or that's according to a new study, anyway, which concluded that when one company is found to have mis-stated its earnings, its competitors in that industry could be incentivised to follow suit, leading to even more earnings mis-statements. But [...]