News

The Co-operative Bank's disgraced former chairman, Paul Flowers, apparently won the job because he beat his rivals' psychometric test scores, MPs on the Treasury Committee have been told.

Investors stash $6 trillion in hedge funds and PE

The value of assets held by hedge funds, private-equity firms and real-estate fund managers reached $6trn (£3.6trn) last year as investors regained their appetite for risk.

Third Point takes significant shareholding in Dow Chemical

Third Point, the hedge fund run by activist investor Daniel Loeb, has taken a significant shareholding in Dow Chemical and is urging the company to explore a spin off of its petrochemical business so it can concentrate on being a specialty chemicals firm.

Alternative assets industry hits £6 trillion mark

The value of assets held by hedge fund, private equity and real estate fund managers reached $6 trillion (£3.6 trillion) last year as investors regained their appetite for risk.

Tom Sandell urges FirstGroup to reassess 'premature' break-up rejection

Billionaire activist investor Tom Sandell has accused the £1.7 billion transport group of a “premature” rejection of its break-up plans for the business.

Richard Desmond

Man Group denies it misled Richard Desmond over 'incomprehensible' deal

Hedge fund giant Man Group has brushed off Richard Desmond's £20 million High Court claim for losses on a financial product, insisting it did not even act as the counter-party in the disputed transaction.

In Brief: Australia extends Serco Christmas Island deal

Australia extends Serco Christmas Island deal

Serco, the outsourcing giant which repaid £68.5m to the UK Ministry of Justice last week, has received a vote of confidence from the Australian government. It has extended Serco’s contract with its border protection department to run 17 detention centres in the country’s mainland and on Christmas Island.

US regulators seek $1.1m from former Goldman trader Fabrice Tourre

America’s Securities and Exchange Commission has taken former Goldman Sachs London banker Fabrice 'Fabulous' Tourre to court demanding $1.1 million (£674,000) in fines and other penalties for his role in a failed mortgage-backed securities deal which cost investors $1 billion.

Rule to curb risky trades by banks in US is finally passed

Nearly four years after President Obama first proposed curbs to rein in the risky bets on Wall Street, US regulators have finally ratified a strict new regime aimed at stopping banks from making speculative trades that could cause another meltdown.

Tom Hodgkinson: Who arrives at the door when the pig has been killed? The Methodist minister

Around 10 years ago, I opened an account with the Co-operative Bank. I was attracted by its policy of not lending money at excessive rates of interest to the very poor and staying out of the way of arms deals and the like. It seemed by far the best of a bad bunch in the sense that it appeared to have morals. At around the same time, in a feeble anti-capitalist campaign, I joined the Phone Co-operative and an energy supplier called Ecotricity, which apparently supplies its power via windmills.

Co-operative Bank loses customers after Paul Flowers scandal

The Co-operative Bank has admitted for the first time it is losing customers after a series of scandals including alleged drug-taking by former chairman Paul Flowers.

Andy McSmith's Diary: Hedge funds, the Tories’ cash cow, eagerly repay favours

A measure in George Osborne’s 2013 Budget which made no headlines outside the financial pages was the abolition of stamp duty reserve tax on UK-domiciled asset management funds. That may not sound like an attention grabber, but it was manna for Britain’s hedge-fund bosses, who by the Government’s estimate saw £145m drop off their companies’ collective annual tax bill.

MPs summon corporate advisers to explain their valuations of Royal Mail

A group of the City’s best-known corporate advisers has been summoned to appear before a committee of MPs to discuss the price at which Royal Mail was floated on the London Stock Exchange last month.

MPs have voiced fresh concern that the Government's controversial privatisation of the Royal Mail

Royal Mail flotation: MPs voice fresh concern over controversial privatisation

An Early Day Motion has been tabled in Parliament calling on the Coalition to review its decision

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Pompeii, Capri & the Bay of Naples
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3.	Provence 6 nights B&B by train from £599pp
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Homeless Veterans campaign: Donations hit record-breaking £1m target after £300,000 gift from Lloyds Bank

Homeless Veterans campaign

Donations hit record-breaking £1m target after huge gift from Lloyds Bank
Flight MH370 a year on: Lost without a trace – but the search goes on

Lost without a trace

But, a year on, the search continues for Flight MH370
Germany's spymasters left red-faced after thieves break into brand new secret service HQ and steal taps

Germany's spy HQ springs a leak

Thieves break into new €1.5bn complex... to steal taps
International Women's Day 2015: Celebrating the whirlwind wit of Simone de Beauvoir

Whirlwind wit of Simone de Beauvoir

Simone de Beauvoir's seminal feminist polemic, 'The Second Sex', has been published in short-form for International Women's Day
Mark Zuckerberg’s hiring policy might suit him – but it wouldn’t work for me

Mark Zuckerberg’s hiring policy might suit him – but it wouldn’t work for me

Why would I want to employ someone I’d be happy to have as my boss, asks Simon Kelner
Confessions of a planespotter: With three Britons under arrest in the UAE, the perils have never been more apparent

Confessions of a planespotter

With three Britons under arrest in the UAE, the perils have never been more apparent. Sam Masters explains the appeal
Russia's gulag museum 'makes no mention' of Stalin's atrocities

Russia's gulag museum

Ministry of Culture-run site 'makes no mention' of Stalin's atrocities
The big fresh food con: Alarming truth behind the chocolate muffin that won't decay

The big fresh food con

Joanna Blythman reveals the alarming truth behind the chocolate muffin that won't decay
Virginia Ironside was my landlady: What is it like to live with an agony aunt on call 24/7?

Virginia Ironside was my landlady

Tim Willis reveals what it's like to live with an agony aunt on call 24/7
Paris Fashion Week 2015: The wit and wisdom of Manish Arora's exercise in high camp

Paris Fashion Week 2015

The wit and wisdom of Manish Arora's exercise in high camp
8 best workout DVDs

8 best workout DVDs

If your 'New Year new you' regime hasn’t lasted beyond February, why not try working out from home?
Paul Scholes column: I don't believe Jonny Evans was spitting at Papiss Cissé. It was a reflex. But what the Newcastle striker did next was horrible

Paul Scholes column

I don't believe Evans was spitting at Cissé. It was a reflex. But what the Newcastle striker did next was horrible
Miguel Layun interview: From the Azteca to Vicarage Road with a million followers

From the Azteca to Vicarage Road with a million followers

Miguel Layun is a star in Mexico where he was criticised for leaving to join Watford. But he says he sees the bigger picture
Frank Warren column: Amir Khan ready to meet winner of Floyd Mayweather v Manny Pacquiao

Khan ready to meet winner of Mayweather v Pacquiao

The Bolton fighter is unlikely to take on Kell Brook with two superstar opponents on the horizon, says Frank Warren
War with Isis: Iraq's government fights to win back Tikrit from militants - but then what?

Baghdad fights to win back Tikrit from Isis – but then what?

Patrick Cockburn reports from Kirkuk on a conflict which sectarianism has made intractable