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The Business Matrix: Friday 05 July 2013


Judges uphold Kerviel conviction

Jérôme Kerviel, the rogue trader who ran up losses of more than ¤4.9bn (£4.2bn) at the French investment bank Société Générale, lost his appeal to overturn his conviction yesterday. Mr Kerviel claimed his bosses at the bank knew what he was doing and turned against him only once his trades started losing money in 2008.

‘Vast evidence’ against trader

Prosecutors say they have extensive evidence in the case of former trader Tom Hayes, the first suspect to come to court following an investigation into suspected rigging of inter-bank lending rates. “To describe [the evidence] as voluminous would be an understatement,” the Serious Fraud Office told a preliminary court hearing.

Victory for 32Red over William Hill

Casino website 32Red has won a four-year legal fight against bookie William Hill, winning £1.1m in costs and damages and forcing Hill to take down its 32Vegas website. The chief executive of 32Red, Ed Ware, said of the High Court victory: “The 32Vegas brand was damaging to our business and litigation was the only available solution.”

Food prices fall for second month

Cheaper dairy and sugar costs plus slight falls in cereal prices caused food prices around the world to fall 1 per cent in June, the United Nations’ food agency reported. The Food and Agriculture Organisation’s price index, which measures monthly price changes for a basket of cereals, oilseeds, dairy, meat and sugar, fell for a second month running.

Women now big tech spenders

The smartphone and tablet revolution has dramatically changed the technology market in the UK as a big proportion of the highest-spending consumers are now female and aged over 35. That is the verdict of newspaper marketing group Newsworks, whose research revealed a marked shift.

Store openings boost Dunelm Mill

Dunelm Mill reported yesterday that new store openings had pulled in cash-strapped punters over the past 12 months. The Leicester-based retailer said demand for its bedding, curtains and kitchenware was likely to boost profits to about £108m last year, compared with £96m  a year earlier.

Now glitches hit LOT’s Dreamliners

Turbulence over Boeing’s £150m flagship Dreamliner jet continued after the first European carrier to operate the 787 aircraft reported glitches. The Polish airline LOT said it cancelled a Dreamliner flight on Tuesday because the aircraft had “problems with the power supply”.

Glaxo China faces police inquiry

Police in China have been investigating Britain’s biggest pharmaceuticals firm, GlaxoSmithKline, for six days but the drug-maker claims it does not know why. Senior executives at Glaxo China are suspected of “economic crimes”, according to a blog by police in Changsha.

Samsung buys Israeli start-up

Samsung has bought Boxee, an Israeli set-top box maker and media streaming firm. The South Korean electronics giants said yesterday it was buying  the start-up for its “talent and assets” to help improve its  internet-connected devices.

French strike hits 585 easyJet flights

A strike by French air-traffic controllers forced easyJet to cancel 585 flights last month, – compared with just 22 flights cancelled in June 2012. But the budget airline said it still enjoyed a slight pick-up in passenger numbers last month.