New Castle trader Chiesi pleads guilty January 19, 2011 A FORMER hedge fund trader pleaded guilty to passing inside information to Galleon Group founder and co-defendant Raj Rajaratnam in a New York court yesterday. Danielle Chiesi had been due to stand trial alongside Rajaratnam, who denies any wrongdoing. The former trader at New Castle Funds, which was once part of Bear Sterns, was accused [...]
Revenues at IBM and Texas fail to impress July 19, 2010 IBM’S second quarter revenue missed expectations yesterday despite a growth in its higher-margin services and software units, which bolstered profits. The US technology giant reported a two per cent rise in second quarter revenue to $23.7bn (£15.6bn). IBM’s shares fell three per cent after-hours to $125.60 after closing at $129.79 as analysts on average had [...]
From albatross to global powerhouse February 3, 2011 WHEN Ian Livingston took the helm at BT, Global Services was a complete mess. One of the first things he had to do after becoming chief executive in 2008 was issue a dramatic profit warning due to underperforming contracts at the division, which competes with the likes of IBM for big corporate IT deals. Shareholders, [...]
CITY MOVES | WHO’S SWITCHING JOBS February 8, 2011 Alvarez & Marsal The global professional services and turnaround consulting firm managing the Lehman Brothers Holdings bankruptcy has strengthened its European financial services group with the appointment of managing director Nils Melngailis (pictured), who joins from Parex Bank. Senior directors Agnès Hugot and Jose de Ochoa and senior associates Heiko Logisch and Ardeshir Mistri also [...]
Wall St rises as IBM and Texas results hit after bell July 19, 2010 US stocks rose yesterday, spurred by optimism ahead of earnings from key technology companies and after Dow component Boeing announced strong orders. Investors bet on solid reports from International Business Machines (IBM), the world’s largest technology services provider, and chip maker Texas Instruments, hoping both would show strength similar to Intel’s results last week. But [...]
The world lists in New York February 8, 2011 America is home to many of the world’s biggest companies. However, as mentioned above, NYSE Euronext has a truly global reach. Leading business from Asia, Latin America and Europe choose the exchange for their primary or secondary listings. And this includes many of the UK’s largest blue chip businesses. The top five UK companies listed [...]
CITY MOVES | WHO’S SWITCHING JOBS February 1, 2011 Financial Risk Management Anthony Simpson (pictured) has joined the hedge fund specialist as co-head of global business development. He will be based in London working in partnership with Akio Shimazu and will also join FRM’s executive committee. Formerly, Simpson has worked in a similar role for Ramius, the alternative investment management business of Cowen Group. [...]
TRADING ON THE AMERICAN DREAM BRINGS DIVERSITY TO A PORTFOLIO February 8, 2011 For many investors, the American dream is still alive and kicking. As more retail investors look overseas for portfolio growth and income, the US is a common first port of call. Many investors gain exposure to the US market using instruments such as exchange-traded funds (ETF) and managed funds. One extremely popular ETF is the [...]
Bullish corporate results bolster FTSE January 18, 2011 THE FTSE rose healthily today and though it gave back some of the gains in the afternoon it closed in the black, up 1.18 per cent or 65.10 to 6,050.80. Banks boosted trading as conditions in the eurozone continued to stabilise, while Burberry was in demand after releasing excellent third-quarter results that showed revenues rose [...]
Bullish corporate results bolster FTSE January 18, 2011 THE FTSE rose healthily today and though it gave back some of the gains in the afternoon it closed in the black, up 1.18 per cent or 65.10 to 6,050.80. Banks boosted trading as conditions in the eurozone continued to stabilise, while Burberry was in demand after releasing excellent third-quarter results that showed revenues rose [...]