Google and Oracle kick off lawsuit over smartphones April 16, 2012 A HIGH-STAKES court case over smartphone technology between Oracle and Google kicked off yesterday, starting a trial that could reveal financial details about the Android operating system. Oracle sued Google in August 2010 over seven patents and copyright claims for the Java programming language. According to Oracle, Google’s Android operating system tramples on its intellectual [...]
Goldman fails to dismiss lawsuit March 21, 2012 Goldman Sachs yesterday lost its bid to dismiss a lawsuit accusing it of defrauding investors by selling risky debt linked to subprime mortgages that it planned to bet against. The decision by US district judge Victor Marrero in New York keeps alive a hedge fund’s claims over a $2bn offering of collateralised debt obligations. Marrero [...]
Libor could hit banks’ ratings November 13, 2012 LAWSUITS against banks over Libor manipulation could be so expensive that their credit ratings get cut, leading ratings agency Moody’s warned yesterday. It came as it emerged 10 senior traders at RBS are being investigated by US authorities for fixing the bank’s submission to the key inter-bank lending rate. Moody’s said the combination of regulatory [...]
Best of the Brokers November 4, 2012 INTERCONTINENTAL HOTELS Numis rates the hotel chain “add” and has a target price of £18 ahead of third quarter results tomorrow. The broker expects to see slower revenue growth for now and earnings of $165m. GLAXOSMITHKLINE UBS has a “neutral” rating on the pharma giant but has cut its target price from £15.25 to £14.50 [...]
Language software outfit SDL shares drop on legal warning October 15, 2012 SHARES in British translation software firm SDL plummeted yesterday as the firm counted the cost of a lawsuit resulting from its 2005 acquisition of Trados. SDL said litigation from a former Trados shareholder could cost the firm up to $3m (£1.9m). The announcement, along with a host of City analyst downgrades, sent SDL’s share price [...]
S&P reaches its highest level for five years January 17, 2013 STRONGER-than-expected data on US housing starts and jobless claims lit a fire under stocks yesterday, pushing the S&P 500 to a five-year high and its third day of gains. Shares of chipmaker Intel rose in extended-hours trading after the company forecast better-than-expected first-quarter gross margins. Intel gained 1.85 per cent after closing up 2.6 per [...]
Judge orders details of Apple’s HTC agreement to be revealed November 22, 2012 APPLE will have to disclose details of a peace treaty with HTC to its arch-rival Samsung, a US judge has ruled. In the latest development in the ongoing patent wars between the world’s two most successful smartphone makers, the Korean company’s lawyers will have special access to an agreement between Apple and HTC signed earlier [...]
Singapore’s Olam to sue short seller and critic Muddy Waters November 21, 2012 OLAM took its battle with short-seller Muddy Waters to court yesterday as the Singaporean commodities trader fought off criticism of its accounting practices and debt levels that hit its bond and share prices. Olam, 16 per cent owned by Singapore state investor Temasek, has filed a suit against Muddy Waters and its founder Carson Block [...]
Ex-SAC hedgie arrested in US insider scheme November 20, 2012 A FORMER hedge fund manager who worked for a fund affiliated with Steven A Cohen’s SAC Capital was arrested yesterday in what US prosecutors are calling “the most lucrative insider-trading scheme ever”. Mathew Martoma, who worked for CR Intrinsic Investors in Stamford, a unit of SAC Capital, has been accused of making more than $276m [...]
What the other papers say this morning November 26, 2012 FINANCIAL TIMES Intrade to cut off bets from US Intrade, the leading prediction market for bets on events from elections to box-office receipts, said it would cut off US customers next month in the face of a regulator’s lawsuit. The Dublin-based online marketplace was regularly cited as a barometer of the fluctuating odds of the [...]