New rules on way after 'flash crash'
Published 19/05/2010 | 05:00
NEW rules to curb stock trading when markets plunge uncontrollably will kick in mid-June for the largest stocks in the United States, it was revealed yesterday.
The plan was hastily crafted by the Securities and Exchange Commission in response to the unexplained "flash crash" on May 6 that drove the Dow Jones industrial average down nearly 1,000 points in under an hour.
Black Tie parent back in the red
The parent firm of suit rental chain Black Tie, founded by RTE's 'Dragons' Den' guru Niall O'Farrell, sank into the red again last year as it racked up a €2.6m loss, new accounts show. The loss for 18 months to the end of June last year at the company behind the chain -- Irish Clothiers Holdings -- comes on top of a €2.1m loss recorded in the 12 months to the end of 2007.
Ex-AKO trader admits guilt
A former trader for the London-based hedge fund AKO Capital yesterday admitted to insider dealing, becoming the first person to confess to the offence since the Financial Services Authority began a wave of prosecutions last year. Anjam Ahmad (39) pleaded guilty in London to one count of conspiracy to commit insider dealing, relating to transactions in the shares of 22 companies.
Former RBS boss banned from City
The former boss of Royal Bank of Scotland's investment banking business and a key lieutenant of the disgraced former chief executive Fred Goodwin has been banned from holding a full-time role in the City. The Financial Services Authority said that Johnny Cameron had agreed to the lifetime ban after an investigation into systems and controls in the global markets division at RBS.
Chinese tycoon jailed for 14 years
ONE of China's richest men was sentenced yesterday to 14 years in prison for bribery and other crimes. Huang Guangyu (41) the former head of a home appliances chain, was also convicted of insider dealing and other unspecified "illegal operations" in Beijing. The tycoon has been in detention since November 2008, the year in which he topped the Hurun Rich List of China's wealthiest with a $6.3bn (€5.1bn) fortune.