Intel settles up with AMD in $1.25bn deal November 12, 2009 INTEL has agreed to pay rival Advanced Micro Devices (AMD) $1.25bn (£755m) to settle all outstanding legal disputes. The settlement ends a campaign that AMD has been waging against its larger rival which stretches back 12 years, and will give the firm vital funds to pay down its $3.2bn of debt. AMD took legal action [...]
Serious Fraud Office begins probe into City trader Levene October 21, 2009 The Serious Fraud Office (SFO) has launched a formal criminal investigation into the activities of north London financier Nicholas Levene. The 45-year-old, from High Barnet, has been declared bankrupt as City clients pursue him through the courts over alleged debts of at least £200m. The Serious Fraud Office (SFO) said it has opened an inquiry [...]
Serious Fraud Office begins probe into City trader Levene October 21, 2009 The Serious Fraud Office (SFO) has launched a formal criminal investigation into the activities of north London financier Nicholas Levene. The 45-year-old, from High Barnet, has been declared bankrupt as City clients pursue him through the courts over alleged debts of at least £200m. The Serious Fraud Office (SFO) said it has opened an inquiry [...]
Cadbury shareholder sues firm October 1, 2009 A Cadbury shareholder is suing the confectioner’s board and chief executive, saying investors “stand to lose out massively” if the company refuses to negotiate over a £10.2bn takeover proposal from American rival Kraft Foods. The lawsuit, filed in US District Court yesterday by Steward International Enhanced Index Fund, seeks class action status and names Cadbury [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 17, 2009 FINANCIAL TIMES STRICKEN SCOTTISH AIRLINE’S £30M IN QUESTION Administrators of Globespan, the collapsed Scottish airline that has left thousands of passengers stranded abroad, were investigating last night why £30m of its funds were being held by E-Clear, the company that handles its credit card transactions. Bruce Cartwright, of PwC, said he understood that about half [...]
BP SLAMMEDONSAFETY September 23, 2009 BRITISH oil giant BP, led by chief executive Tony Hayward, has failed to carry out safety improvements after an explosion that killed 15 workers at its refinery in Texas in 2005, the US Occupational Safety and Health Administration said in a letter to the company last month. The complaint by the regulator is bad news [...]
BP SLAMMEDONSAFETY September 23, 2009 BRITISH oil giant BP, led by chief executive Tony Hayward, has failed to carry out safety improvements after an explosion that killed 15 workers at its refinery in Texas in 2005, the US Occupational Safety and Health Administration said in a letter to the company last month. The complaint by the regulator is bad news [...]
FSA GIVEN RIGHT TO VETO BONUS DEALS November 15, 2009 THEFinancial Services Authority will have the power to tear up pay and bonus contracts that violate its guidelines under planned legislation to be unveiled as part of the Queen’s Speech onWednesday. Lord Myners, the City Minister, claimed yesterday that allowing the regulator to render void some contracts would prevent excessive risk-taking from threatening the stability [...]
Small investors to launch RBS claim October 11, 2009 A GROUP of small shareholders is planning to sue Royal Bank of Scotland, claiming it misled investors in its May 2008 prospectus for a rights issue to pay for its acquisition of Dutch bank ABN AMRO. The Royal Bank of Scotland Shareholders’ Action Group said yesterday it had hired forensic accountant Paul Klumpes and was [...]
BoA faces SEC suit over bonus payouts September 22, 2009 BANK of America (BoA) is to face a lawsuit from the US Securities and Exchange Commission (SEC) over claims that it deceived investors about bonuses paid to Merrill Lynch employees when it took over the struggling bank last year. BoA promised shareholders at the time that no bonuses would be paid without their assent, but [...]