Ex-IBM exec sentenced to prison term

first_img whatsapp ROBERT Moffat, a former IBM senior executive whose extra-marital affair with a trader ensnared him in the Galleon hedge fund insider trading probe, was sentenced yesterday to six months in prison and a $50,000 (£32,410) fine.Moffat pleaded guilty in March to securities fraud and conspiracy in connection with tips he passed on about IBM’s business dealings to Danielle Chiesi of New Castle Funds, which is related to the Galleon case.Manhattan federal court judge Deborah Batts, in imposing the sentence on Moffat, said he had committed “an outstanding breach of fiduciary duty” to IBM by tipping Chiesi. Moffat did not trade on information and did not make any money, his lawyers said. Moffat’s more than three-decade-long career at IBM was left in ruins after his arrest in October 2009 for what US prosecutors said was a minor role in the purported scheme. He was once considered a candidate to become IBM’s chief executive. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Show Comments ▼ Monday 13 September 2010 7:35 pm Share Ex-IBM exec sentenced to prison term whatsapp KCS-content Tags: NULLlast_img read more

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WYG says it will continue to slim down after cuts

first_img Monday 27 September 2010 8:04 pm KCS-content TROUBLED engineering consultant WYG said yesterday its major restructuring was on track, after announcing pared losses for the year of £21.9m. The company, which undertook a debt for equity swap with its lenders in January, said it cut 620 jobs in the year to 30 June, costing £8m in redundancy payments and office closures. More cost-saving measures are expected in the current financial year, said chairman Mike McTighe. Show Comments ▼ whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily Proofcenter_img Share WYG says it will continue to slim down after cuts “The much awaited outcome of both the comprehensive spending review and the strategic defence spending review continues to induce paralysis across both the public and private sector markets,” said TigheRevenue at the firm fell 16 per cent to £220.6m. Shares in the firm, which was recently demoted to the AIM market, dropped 8.8 per cent to 28.5p. whatsapp Tags: NULLlast_img read more

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OECD warns of UK headwinds as cuts forecast

first_img KCS-content OECD warns of UK headwinds as cuts forecast Thursday 18 November 2010 8:28 pm Tags: NULL whatsapp GOVERNMENT spending cuts will put the brakes on UK growth, according to influential think tank the Organisation for Economic Co-operation and Development (OECD) which yesterday slashed its forecast for the UK in 2011.The Paris-based group said Britain will grow by 1.7 per cent in 2011, well below the 2.5 per cent it predicted in May and the 2.3 per cent expected by the Treasury.But despite warning of “head winds” and “subdued growth”, the OECD continued to judge the Coalition’s fiscal tightening “substantial but necessary”. The OECD’s revised forecast dragged some growth it previously saw for the UK next year into the current 12 months, upping the 2010 forecast to 1.8 per cent from 1.3 per cent. However, the pace will slow as contributions from businesses stockbuilding wane and household consumption remains subdued, it said.The organisation forecast world growth would slow to 4.2 per cent in 2011 from 4.6 per cent this year before returning to a rate of 4.6 per cent in 2012. Last May, it projected expansion of 4.6 per cent in 2010 and 4.5 per cent in 2011. Sharecenter_img Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamNoteabley25 Funny Notes Written By StrangersNoteableyJournalPregnant Woman Takes a Nap – You Won’t Believe What She Discovered When She WokeJournalCleverstLittle Boy Brings $2 Painting to Antiques Road Show, Not Realizing Who It’s ByCleverstZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wraplast_img read more

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Accountant pay flat but bonuses up

first_img THE CHRISTMAS bonus season should be good for UK accountants, but their salaries look set to rise at below inflation rates, a new survey has found.Six in ten City businesses expect to pay their finance staff bonuses this year, the survey by recruitment consultancy Ambition found – and while accountants on average expect a bonus of 8.7 per cent of salary, employers anticipated paying an average 10.8 per cent.But while finance staff surveyed expected five per cent salary rises in 2011 – almost two percentage points above inflation – employers said they expect to offer an average 2.6 per cent raise, which falls below the current 3.2 per cent inflation rate.Jamie Lyon, head of employer services at the ACCA, said accountants recognised that economic conditions had been challenging and bonuses may not be as high as in booms. “Finance departments are the unsung heroes of businesses and we support our members in trying to get the best remuneration,” he said.Based on current average accountants salaries of £42,000, bonuses should average £4,536 – £880 higher than expected, creating a total bonus pot for all UK qualified accountants of up to £3.1bn. In 2009 accountants’ total bonus pot was £0.57bn, an average of £1,974 each. “It’s understandable that staff now want to get their pay back in line but the fact that businesses will be paying higher bonuses than expected will go some way to appeasing any disappointment,” said Ambition managing director Tim Gilbert.In March, the Institute of Chartered Accountants in England and Wales reported that members’ salaries were down about two per cent on 2009’s level, to an average £79,100. Bonuses had fallen 26 per cent over the year. Accountant pay flat but bonuses up KCS-content Wednesday 1 December 2010 8:22 pm whatsapp Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Share whatsapp Tags: NULLlast_img read more

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Car sales fall for fifth month

first_img whatsapp Show Comments ▼ More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comConnecticut man dies after crashing Harley into live bearnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Share Monday 6 December 2010 7:20 am Tags: NULL whatsappcenter_img John Dunne by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Sales of new cars in the UK fell for the fifth month running in November. Registrations were down 11.5 per cent compared with same month last year, according to the Society of Motor Manufacturers and Traders (SMMT).The government’s Scrappage Incentive Scheme helped to lift sales last year.The programme expired in May and sales have been falling since July.SMMT chief executive Paul Everitt said: “Registrations are expected to fall next month, but demand may benefit from motorists looking to avoid the January VAT rise.“Next year will continue to be challenging as consumer spending tightens and the government’s austerity measures take effect.”Diesel car sales continue to overtake those of petrol cars and now account for 53 per cent of the market.Meanwhile fleet car sales rose six per cent – as companies sought to beat the looming rise in VAT. Car sales fall for fifth month last_img read more

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Banks support FTSE amid broad-based gains

first_img LONDON’S FTSE made strong gains today as bank shares surged and sovereign debt fears receded.Athough stocks gave back some of the day’s earlier gains by the market close, the leading index closed closed up 57.73 points or one per cent at 6,014.03.It ended a three-day losing streak and stayed ahead of the 6,000 mark. Banks led the gains, led by Barclays after chief executive Bob Diamond gave evidence to the Parliament Treasury Select Committee on bonuses.Barclays closed up 5.53 per cent at 292p on news that the UK will not levy any additional taxes on the expected £7bn bonus pool and banks will instead be asked to raise business lending by ten per cent, or £20bn.Societe Generale also issued a bullish note on the European banking sector, upgrading it to “overweight”; and Citigroup published upgraded HSBC to “buy” from “hold”, pushing shares in HSBC, Lloyds and RBS all higher. Show Comments ▼ Capital Shopping Centres lost ground after Simon Property dropped its indicative bid, losing 2.75 per cent to 381.70p.And in the FTSE 250, home furnishings retailer Dunelm fell 5.78 per cent to 497p after reporting a tough time run-up to Christmas, with its out of town retail locations hit by snow.“After subdued trading for much of December, we have seen a return to more normal volatility this week – and this could be set to increase on Wednesday with the Portuguese bond auction and what this could mean for confidence in European sovereign states,” said Anthony Grech, head of research at IG Index.“Markets will be only too mindful of how quickly positive sentiment evaporated in November as the Ireland situation worsened, so the next couple of days have the potential for big swings in equities.” Share whatsapp Marks & Spencer also fell after its latest trading update showed group sales rose four per cent in the final quarter of 2010. While analysts’ responses were generally favourable, its cautious 2011 outlook put some investors off. Banks support FTSE amid broad-based gains Miners also performed well, with Kazakhmys up 3.87 per cent to 1,612.00p. Chip-maker Arm Holdings was the FTSE 100’s biggest riser, back up after a bout of profit taking after its ground-breaking deal with Microsoft last week. It closed up 6.99 per cent to 497.50p. Builder supplies group Wolseley gained 5.93 per cent to hit 2,179p after both Citigroup and Deutsche Bank raised their price targets, Citi’s up to 3000p. Builders merchant Travis Perkins also rose in sympathy. 
Among smaller caps, Bluetooth chip specialist CSR closed far ahead as the main market’s biggest riser, up 16.01 per cent to 413p after settling a $67.5m patent infringement case brought against its subsidiary SiRF by Broadcom.Kitchen fitter Howden Joinery also rose 10.05 per cent to 116.10p on a strong Christmas trading update.Medical devices firm Smith & Nephew fell prey to profit takers after a share price spike yesterday on reports of a bid approach from Johnson & Johnson. It lost 5.9 per cent to close at 670p today. alison.lock whatsapp Tuesday 11 January 2011 4:43 pm Tags: NULLlast_img read more

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Danish provider of UK public services plots £1.5bn listing

first_img Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap whatsapp whatsapp DANISH outsourcer ISS, one of Britain’s largest providers of public sector services, said yesterday it expected to raise $2.4bn (£1.5bn) with an initial public offering (IPO).The firm, which counts hospital catering staff and cleaners amongst the 41,000 people it employs in Britain, is considering a Copenhagen listing in one of the biggest stock market offerings in Europe so far this year.ISS will use the proceeds to pay down debt and to develop a growth strategy. Part owned by Goldman Sachs Capital Partners and EQT, the private equity vehicle operated by Sweden’s Wallenberg family, the firm had been slated for an $8.5bn sale to Apax partners, the London-based private equity house.However, its owners have instead pursued an IPO on Copenhagen’s Nasdaq OMX exchange, with the firm’s share price range to be revealed next month. ISS yesterday revealed an increase in revenue to £8.4bn over last year, with operating profits of £462.4m.Chief executive Jeff Gravenhorst said: “We look forward to offering potential new shareholders in ISS the opportunity to be part of our growth and development going forward.” Thursday 17 February 2011 8:26 pm Show Comments ▼ KCS-content Tags: NULL Danish provider of UK public services plots £1.5bn listing last_img read more

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CITY VIEWS: ARE YOU CONCERNED ABOUT THE BAN ON TOBACCO DISPLAYS?

first_img whatsapp Tags: NULL KCS-content whatsapp Wednesday 9 March 2011 8:03 pm Share BYRON KEOWN | MANAGEMENT SOLUTIONS“Limiting advertising may help people who are trying to quit by removing obvious reminders, or prevent children from buying them. Though seeing cigarettes brings smoking to the mind, it doesn’t make people buy a packet who otherwise wouldn’t smoke. But clearly something needs to be on display – otherwise how will people know the prices?”HARRY BOOTY | KINGS COLLEGE LONDON“I don’t think it will make much of a difference. I don’t think people will smoke less or stop if advertising is limited or stopped altogether. As far as I can tell, people don’t buy cigarettes because of advertising – the reasons for smoking are not as simple as that.” Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap CITY VIEWS: ARE YOU CONCERNED ABOUT THE BAN ON TOBACCO DISPLAYS? last_img read more

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IHG boss to quit after his 6-year reign

first_imgWednesday 16 March 2011 8:35 pm whatsapp Tags: NULL Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap KCS-content Share Show Comments ▼ INTERCONTINENTAL Hotels Group (IHG) yesterday made the shock announcement that chief executive Andy Cosslett would stand down and hand over the reins of power to finance boss Richard Solomons. The move triggered a flurry of calls to the company’s top ten investors to reassure them that it was “business as usual” despite the resignation of its leader. Cosslett has led the world’s largest hotel group for six years and steered it through a multi-billion dollar overhaul of its Holiday Inn brand. He said yesterday that he felt that the time was right to stand aside, while leaving the company “in good shape”. Cosslett, who will leave the company in June, revealed that he would not be receiving any extra payment beyond his pension pot worth £2.6m and the company shares he had accrued worth a further £8.6m at yesterday’s price. “I have no immediate plans (for work) and will give it a few months to assess my options,” said Cosslett. He said that jetting across the world for business had taken its toll.“It is hard, but that’s not the reason I am going. I think I have achieved what I set out to do,” he added.Chief financial officer Richard Solomons works closely with Cosslett and was described as a “natural successor” by IHG chairman David Webster. IHG’s shares fell 27p to 1,228p. whatsapp IHG boss to quit after his 6-year reign last_img read more

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Big BP shareholder slams Rosneft deal

first_img ONE OF BP’s biggest shareholders spoke out against its revised plan to swap shares with Rosneft yesterday. David Cummings, head of UK equities at Standard Life Investments said in an interview: “[T]he logic for doing the £5bn share swap with Rosneft has gone in our view. I mean they’ve just had their joint venture blocked, and that’s to explore in the Arctic… at the moment we don’t think BP has got a plan B.”Cummings told Radio 4 “the deal is in trouble” unless BP can reconcile its differences with Russian partner AAR and their joint venture, TNK-BP. BP was forced to amend its proposal last week after a tribunal supported AAR’s objections to the deal, and now hopes to swap shares without gaining any Arctic exploration rights. Show Comments ▼ whatsapp Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Big BP shareholder slams Rosneft deal center_img KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Todaymoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Monday 28 March 2011 8:52 pm whatsapp Tags: NULLlast_img read more

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