Kodak unveils new structure and Apple spat January 10, 2012 KODAK announced a new business structure yesterday that divides its film group into its two other business units as the once-iconic photography company tries to refocus as a digital company to help fend off financial difficulties. Its US-listed shares jumped after the news and closed up 50 per cent. Separately, the company filed a lawsuit [...]
BP halts spill fund over a court order January 4, 2012 BP’s $20bn (£12.8bn) oil spill fund has halted payments to eligible victims until a US federal court clarifies an order issued in December, according to a notice posted on the fund’s website. The court in Louisiana overseeing spill lawsuits had asked the fund, called the Gulf Coast Claims Facility, to pay into a court supervised [...]
FACEBOOK: A TIMELINE OF THE SOCIAL NETWORK February 1, 2012 SEPTEMBER 2003 Mark Zuckerberg – then a 19-year old psychology and computer science student at Harvard – launches Facemash, a site where fellow students can rate their classmates JANUARY 2004 Zuckerberg starts writing code for Facebook and registers the domain name thefacebook.com. Six days after the site is launched, Harvard seniors Cameron Winklevoss, Tyler Winklevoss [...]
FACEBOOK: A TIMELINE OF THE SOCIAL NETWORK February 1, 2012 SEPTEMBER 2003 Mark Zuckerberg – then a 19-year old psychology and computer science student at Harvard – launches Facemash, a site where fellow students can rate their classmates JANUARY 2004 Zuckerberg starts writing code for Facebook and registers the domain name thefacebook.com. Six days after the site is launched, Harvard seniors Cameron Winklevoss, Tyler Winklevoss [...]
Olympus to sue 19 executives January 10, 2012 Japan’s disgraced Olympus Corp is suing 19 current and former executives, including its current president, for up to almost $50m (£32m) in compensation, as it struggles to recover from one of the nation’s worst accounting scandals. The maker of cameras and medical equipment said all board members subject to the lawsuit would quit in March [...]
BP puts spill bill at door of Halliburton January 3, 2012 BP yesterday launched legal action in a bid to make contractor Halliburton cough up the estimated $42bn (£26bn) paid out in compensation and expenses for the Deepwater Horizon oil spill disaster. Halliburton cemented the failed well that caused the United States’ biggest offshore spill. In a US court filing, BP said it was suing to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 10, 2012 FINANCIAL TIMES MICROSOFT ALLEGES PIRACY IN CHINA LAWSUITS Microsoft has stepped up its fight against software piracy in China with unprecedented lawsuits against Chinese electronics retailers. The company is suing Shanghai Gome, a branch of one of the country’s largest electronics and appliances chains, and Beijing Chaoyang Buynow, one of China’s largest computer malls. The [...]
TIMELINE: THE TCHENGUIZ CASE December 22, 2011 ● 9 March 2011 Robert and Vincent Tchenguiz are arrested by the SFO in connection with the collapse of Icelandic bank Kaupthing. After questioning they are released without charge. ● ● 15 March Vincent Tchenguiz blames the SFO raid for his property Peverel Group entering administration, after Bank of America Merrill Lynch demands repayment of [...]
HSBC agrees $62.5m Madoff lawsuit settlement June 7, 2011 HSBC said it agreed to pay $62.5m (£38.1m) to settle a class action brought against it in the US over its role in providing administrative services to a fund which placed cash with Wall Street swindler Bernard Madoff. The action was brought by investors in Thema International Fund, which transferred a net $312 million to [...]
Morgan Stanley takes a $1.8bn hit in MBIA case December 13, 2011 MORGAN Stanley and MBIA have agreed a settlement that will remove some risky derivative contracts from the bank’s books and end lawsuits the parties had filed against one another. The deal, announced yesterday, will result in a $1.8bn (£1.16bn) charge for Morgan Stanley in the fourth quarter. After a tax credit, the bank will lose [...]