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.

Standard & Poor's gets new chief executive after US downgrade

The head of the agency that stripped the US of its top-notch credit rating earlier this month is to step down in September.

Top trader to exit Barclays

Barclays Capital's star commodities trader,Todd Edgar, and several colleagues are set to leave the bank as it streamlines its investment banking operations.

FSA rejects ban on shorting as Europe's critics warn of dangers

The Financial Services Authority yesterday rejected the shock bans on short-selling financial stocks imposed by France and other European countries in a bid to quell market turmoil.

Hedge funds make wrong calls on market mayhem

Europe's bans on short selling cast hedge funds in their usual role as shadowy bogeymen, profiting from the misfortunes of others, but some of the world's biggest funds have taken a bath amid the wreckage, it has emerged.

Stephen Foley: Griffin's dreams have fallen short

US Outlook: When you make a fortune trading bonds from your Harvard University dorm room, and then build one of the world's most powerful hedge funds, you probably think there isn't anything you can't achieve.

Gods Without Men, By Hari Kunzru

Ever since The Impressionist appeared in 2003, with its picaresque hero for post-colonial times, it was clear that Hari Kunzru's fiction was fuelled by an energetic intelligence. Along with a love of big ideas came narrative zest, verbal and comic flair, and an acute eye for contemporary mores both East and West. Is identity a fixed essence or a mimic matter assembled from conventions, the first novel asked.

Varde set to secure Crest Nicholson

The takeover of the housebuilder Crest Nicholson is set to be completed by the end of this month, it emerged yesterday.

Lansdowne sells its entire shareholding in Goldman

Europe's biggest hedge fund has sold its $850m (£518m) shareholding in Goldman Sachs, the Wall Street bank, signalling its rising concerns about the health of the global banking sector.

Soros returns $1bn to investors as he ends his hedge fund career

George Soros, the legendary investor best known for breaking the Bank of England, signalled the end of an era yesterday, announcing that he would no longer invest money for other people and concentrate instead on managing his multi-billion dollar personal fortune.

Disappear, By Talitha Stevenson

Last year saw a rush of fiction inspired by the financial crisis, including novels by ex-city worker turned novelist Alex Preston and comic writer Paul Torday. Talitha Stevenson's new book, while pondering the dangers of "making money from money", also traces the break-up of a far from recession-proof marriage. As in many credit-crunch tales, the collapsing markets are seen as representative of a more deep-seated malaise.

Court case adds fuel to hedge-fund divorce

The messy divorce of hedge-fund tycoons Elena Ambrosiadou and Martin Coward has become even uglier following a series of alleged revelations in a legal case in Cyprus.

Stephen Foley: Another big name joins the tech bubble

US Outlook: On the subject of departures from Mr Obama's economics team, the president's former chief adviser and Harvard professor, Larry Summers, joined the advisers of Marc Andreessen's venture capital firm this week.

Jiau guilty of insider trading

Winifred Jiau, the first consultant for a so-called expert network firm to go to trial on insider trading charges, has been convicted in the US of securities fraud and conspiring with hedge funds to gain an illegal market advantage.

US investigator attacks Wall Street's risk culture

Preet Bharara, the US Attorney who successfully prosecuted Raj Rajaratnam and dozens of other insider traders, has lashed out at a corporate culture that encourages walking the line between legal and illegal activity.

Japan gives Man a shot in the arm

Man, the London-based hedge fund firm, reported better-than-expected profits and a strong rise in assets yesterday, with the business boosted by the launch of a new version of its flagship AHL fund in Japan.

Career Services

Day In a Page

Independent Travel
Pompeii, Capri & the Bay of Naples
Seven Cities of Italy
Burgundy, the River Rhone & Provence
Prague, Budapest and Vienna
Lake Garda
3.	Provence 6 nights B&B by train from £599pp
Prices correct as of 20 February 2015
War with Isis: Fears that the looming battle for Mosul will unleash 'a million refugees'

The battle for Mosul will unleash 'a million refugees'

Aid agencies prepare for vast exodus following planned Iraqi offensive against the Isis-held city, reports Patrick Cockburn
Yvette Cooper: We can't lose the election. There's too much on the line

Yvette Cooper: We can't lose the election. There's too much on the line

The shadow Home Secretary on fighting radical Islam, protecting children, and why anyone in Labour who's thinking beyond May must 'sort themselves out'
A bad week for the Greens: Leader Natalie Bennett's 'car crash' radio interview is followed by Brighton council's failure to set a budget due to infighting

It's not easy being Green

After a bad week in which its leader had a public meltdown and its only city council couldn't agree on a budget vote, what next for the alternative party? It's over to Caroline Lucas to find out
Gorillas nearly missed: BBC producers didn't want to broadcast Sir David Attenborough's famed Rwandan encounter

Gorillas nearly missed

BBC producers didn't want to broadcast Sir David Attenborough's famed Rwandan encounter
Downton Abbey effect sees impoverished Italian nobles inspired to open their doors to paying guests for up to €650 a night

The Downton Abbey effect

Impoverished Italian nobles are opening their doors to paying guests, inspired by the TV drama
China's wild panda numbers have increased by 17% since 2003, new census reveals

China's wild panda numbers on the up

New census reveals 17% since 2003
Barbara Woodward: Britain's first female ambassador to China intends to forge strong links with the growing economic superpower

Our woman in Beijing builds a new relationship

Britain's first female ambassador to China intends to forge strong links with growing economic power
Courage is rare. True humility is even rarer. But the only British soldier to be awarded the Victoria Cross in Afghanistan has both

Courage is rare. True humility is even rarer

Beware of imitations, but the words of the soldier awarded the Victoria Cross were the real thing, says DJ Taylor
Alexander McQueen: The catwalk was a stage for the designer's astonishing and troubling vision

Alexander McQueen's astonishing vision

Ahead of a major retrospective, Alexander Fury talks to the collaborators who helped create the late designer's notorious spectacle
New BBC series savours half a century of food in Britain, from Vesta curries to nouvelle cuisine

Dinner through the decades

A new BBC series challenged Brandon Robshaw and his family to eat their way from the 1950s to the 1990s
Philippa Perry interview: The psychotherapist on McDonald's, fancy specs and meeting Grayson Perry on an evening course

Philippa Perry interview

The psychotherapist on McDonald's, fancy specs and meeting Grayson Perry on an evening course
Bill Granger recipes: Our chef recreates the exoticism of the Indonesian stir-fry

Bill Granger's Indonesian stir-fry recipes

Our chef was inspired by the south-east Asian cuisine he encountered as a teenager
Chelsea vs Tottenham: Harry Kane was at Wembley to see Spurs beat the Blues and win the Capital One Cup - now he's their great hope

Harry Kane interview

The striker was at Wembley to see Spurs beat the Blues and win the Capital One Cup - now he's their great hope
The Last Word: For the good of the game: why on earth don’t we leave Fifa?

Michael Calvin's Last Word

For the good of the game: why on earth don’t we leave Fifa?
HIV pill: Scientists hail discovery of 'game-changer' that cuts the risk of infection among gay men by 86%

Scientists hail daily pill that protects against HIV infection

Breakthrough in battle against global scourge – but will the NHS pay for it?