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Irishman Colm Long is the new chief revenue officer at Flipboard

Former Facebook head of global user operations Colm Long has joined digital magazine player Flipboard as chief revenue officer.

Colm Long was instrumental in growing internet search giant Google’s EMEA operations when the company came to Ireland in 2002. Google currently employs around 2,000 people in Dublin City.

In 2008, Long spearheaded social network Facebook’s arrival in Dublin, enabling it to grow from an initial headcount of 70 people to almost 1,000 people today.

Prior to Facebook going public in 2012, Long left Dublin and became head of Facebook’s global user operations at Menlo Park in Silicon Valley, California.

Previously, Long worked in senior positions at Barclaycard International and French online stockbroker Self Trade. A native of Derry, he has a bachelor’s degree in applied linguistics from the University of Brighton in the UK.

Tesco chairman resigns amid accounting scandal, 99 per cent profit plunge

LONDON — The chairman of Tesco, the world’s second-biggest retailer behind Walmart, announced his resignation Thursday amid an accounting scandal in which the company admitted it had overstated its projected profits.
Richard Broadbent said he will step down once a successor is found while the company confirmed its financial troubles continued, with a 99 per cent drop in first-half net income to 6 million pounds ($9.6 million).
“Three immediate priorities are clear: to recover our competitiveness in the U.K., to protect and strengthen our balance sheet and to begin the long journey back to building trust and transparency into our business and brand,” Chief Executive Dave Lewis said.

Tesco launched an investigation last month after discovering its first-half earnings estimate had been inflated by about 250 million pounds due to alleged accounting errors that booked some income too early while delaying the recognition of some costs.
It said Thursday that the estimated profits had been overstated by 263 million pounds, slightly more than initially flagged. The question is whether this was an accident or there was a deliberate effort to massage the results as Tesco struggled to meet profit forecasts in the face of increased competition.
Lewis, who previously worked for Unilever, started cleaning house almost as soon as he walked in the door in August. A whistleblower alerted him about the accounting issues a month after he took over the job.
Eight executives have been suspended while the investigation takes place, and Tesco was forced to delay its first-half earnings report by three weeks so the company could sort out its books.

 

Tesco chairman resigns after accounting scandal

LONDON (AP) – The chairman of Tesco, the world’s second-biggest retailer behind Walmart, announced his resignation Thursday amid an accounting scandal in which the company admitted it had overstated its projected profits.

Richard Broadbent said he will step down once a successor is found while the company confirmed its financial troubles continued, with a 99 percent drop in first-half net income to 6 million pounds ($9.6 million). Shares in the supermarket chain slumped over 5 percent in morning trading in London.

“Three immediate priorities are clear: to recover our competitiveness in the U.K., to protect and strengthen our balance sheet and to begin the long journey back to building trust and transparency into our business and brand,” Chief Executive Dave Lewis said.

Tesco launched an investigation last month after discovering its first-half earnings estimate had been inflated by about 250 million pounds due to alleged accounting errors that booked some income too early while delaying the recognition of some costs.

It said Thursday that the estimated profits had been overstated by 263 million pounds, slightly more than initially flagged. The question is whether this was an accident or there was a deliberate effort to massage the results as Tesco struggled to meet profit forecasts in the face of increased competition.

Lewis, who previously worked for Unilever, started cleaning house almost as soon as he walked in the door in August. A whistleblower alerted him about the accounting issues a month after he took over the job.

Eight executives have been suspended while the investigation takes place, and Tesco was forced to delay its first-half earnings report by three weeks so the company could sort out its books.

Once the undisputed king of the British grocery scene, Tesco is trying to shore up falling sales and profits as lower cost competitors eat away at its market share. The company’s overseas expansion has also foundered, most notably with the closure of its “Fresh & Easy” operation in the United States.

Bearded Bandholz hits broadcast

Eric Bandholz was but a bare-faced boy when he was bitten by the bug for business.

Asked as a fifth-grade student at Northwood Middle School what he wanted to be when he grew up, he said, “I want to be an entrepreneur.”

“He could hardly pronounce the word, but that’s what he said,” said his mother, Julia. “I just chuckled at it. He used to play with baseball cards and things like that, and I thought he was going to be a salesman or a stockbroker. He was going to do something out with the public, because he liked being out there. I guess he’s being able to live that dream.”

Now a 33-year-old graduate of Riverside High School and the University of South Carolina who lives in Austin, Texas, after stints in Charlotte, North Carolina, and Spokane, Washington, Bandholz has marketed his own mug full of fur and parlayed his penchant for beards and branding into the Beardbrand men’s grooming company.

And he’s tried to jump his jaw locks to a new level on the popular “Shark Tank” reality television show, the 2014 Emmy Award winner for Outstanding Structured Reality Program where billionaire NBA team owner Mark Cuban, real estate mogul Barbara Corcoran, “Queen of QVC” Lori Greiner and others explore business deals that could make millionaires out of contestants.

How to find a stockbroker

Want to invest in stocks, but don’t know how to choose a stockbroker to handle your investment portfolio? Vunani Private Clients CEO Mike Weetman shares how to make the all-important choice

Finally decided you want to play with the big boys and invest in the stock market? If you don’t want to DIY it here are some tips to help you choose the right stockbroker.

Speaking at the Media Day held at the JSE yesterday, CEO of Vunani Private Clients Mark Weetman said that the following points must be considered before you decide on the broker you want.

Ways to find a stockbroker perfect for you

Finally decided to invest in stocks, but prefer a professional to handle your investment portfolio instead of going the DIY route? Vunani Private Clients CEO Mike Weetman gives you tips on choosing a stockbroker right for you

Finally decided you want to play with the big boys and invest in the stock market? If you don’t want to DIY it here are some tips to help you choose the right stockbroker.

Speaking at the Media Day held at the JSE yesterday, CEO of Vunani Private Clients Mark Weetman said that the following points must be considered before you decide on the broker you want.

Former Stockbroker Sentenced in ‘Rebecca: The Musical’ Fraud Case

Former stockbroker Mark Hotton was sentenced to 34 months in prison Friday in part for defrauding producers of the Broadway show “Rebecca: The Musical” out of more than $60,000 in fees and commissions.

Mr. Hotton, 48 years old, pleaded guilty in July 2013 to two counts of wire fraud, one for defrauding the musical’s producers and another for defrauding a Connecticut-based real-estate firm.

Mr. Hotton allegedly promised producers that he had secured $4.5 million in funding for their show from a group of fictitious overseas investors.

The producers of “Rebecca: the Musical” were forced to postpone the show’s November 2012 opening because Mr. Hotton’s fabricated investors never came through. In addition to the prison term, Mr. Hotton must pay $68,000 in restitution, as well as forfeit $500,000 in fines.

Mr. Hotton’s attorney, Ira London, declined to comment after the sentencing.

Mr. Hotton received payments from the show’s producers for lining up fictitious investors, who had names such as “ Paul Abrams ” of Hawthorne, East Victoria. Later, the money failed to materialize for a variety of reasons; one investor, Mr. Hotton said, contracted malaria while on safari in Africa and died.

The show, which was based on the 1938 thriller novel “Rebecca” by English author Daphne du Maurier, opened in Vienna in 2006 but has struggled to find funding here.

Ben Sprecher, the show’s producer, attended the sentencing and said the musical is planning a fall 2015 opening.

He added that he came to court because, “He did a terrible thing. I needed to look him in the eyes.”

The second charge, in which Mr. Hotton defrauded a Connecticut real-estate firm out of more than $200,000, relied upon a similar ruse and included some of the same fictitious names.

In a statement, U.S. Attorney Preet Bharara said of the West Islip resident, “Mark Hotton scripted not one, but two intricate and multifaceted schemes to bilk his victims out of hundreds of thousands of dollars.”

The murderers next door

In the secure storage vaults of Nottinghamshire police headquarters is a box filled with Hollywood memorabilia. There’s a signed photograph of film star Gary Cooper, unsmiling in a tweed jacket and tie. There’s a bank form, faded at the edges, in which Cooper authorises his stockbroker to sell some shares in a Mexican steel company. There’s a blue-and-cream table card from a 1940s dinner dance, with Frank Sinatra’s autograph.

These yellowed bits of paper look fairly unremarkable, but the people who owned them were prepared to kill for them. Earlier this year, Susan and Christopher Edwards were sentenced to 25 years for murdering Susan’s elderly mother and father, a crime they managed to conceal for 15 years, while they amassed the contents of this box.

How could an unassuming middle-aged woman and her bookkeeper husband come to shoot her parents at point-blank range for the sake of some obscure memorabilia? And how did they get away with it for so long? William and Patricia Wycherley were killed at their home in Forest Town, Mansfield, some time over the 1998 May Day bank holiday weekend. As soon as the banks reopened on the Tuesday morning, Susan and Christopher opened a joint account into which they would transfer the Wycherleys’ savings, pensions, disability benefits and winter fuel allowances, gradually siphoning off every penny. They wrapped her parents’ bodies in a duvet cover and buried them a metre under their lawn, a few steps from their own back door.

Wells Fargo Unit Banks on Family History

A family’s code, its set of defining characteristics, is left in traces all along the family tree, which is why later generations, born into wealth, are wise to better understand their family’s humble roots, and how their family reinvented itself over subsequent generations. That understanding of the ancestral code will help current family members define their mutual goals and objectives. For such reasons, private bankers at Abbot Downing, Wells Fargo’s advisory for clients with $50 million in assets or more, are ordering up history lessons for their clients.

Abbot Downing’s in-house history team of nine is led by chief historian Andy Anderson; they assemble for each family a dossier of pictures and historical documents, from naturalization papers to passenger lists. Those documents tell the story of each family, chronicling back at least four generations. The reports can take between five weeks to six months to compile, and are available at no extra charge to Abbot Downing’s clients.

The Zaslows in 1937, surviving the Depression: From left, Spencer, Ida, Arnie, Irving, and Jerry. Photo: Courtesy of the Zaslow family

Anderson has occasionally discovered family members who were slave owners, had entirely separate families, children out of wedlock, and drug addiction. In such cases, he discreetly passes the information to the patriarch and matriarch, concerned that it might not be suitable for children’s ears. Still, having a frank discussion about the family’s past is important because the ultimate goal is to ground the family and discuss the values that will carry them forward, says Anderson.

ASIC fines online stock broker

ASIC has fined online stock broking company ETrade for failing to prevent an erroneous order for a State Street Global Advisors exchange-traded fund that distorted the market.

ETrade Australia Securities has paid a penalty of $55,000 to comply with an infringement notice issued by ASIC’s Markets Disciplinary Committee.

The penalty was handed down for failing to prevent the entry into the ASX Trading Platform of an erroneous order for the SPDR MSCI Australia Select High Dividend Yield Fund (SYI).

The relevant order saw 225 units of SYI sold for $20, causing the price of SYI to decrease from $27.15 to $20, representing a $7.15 or 26 per cent decrease in the price of SYI.

“ETrade co-operated with ASIC throughout its investigation and did not dispute any material facts,” the regulator said.

“ETrade agreed not to contest the matter, thereby saving time and costs that would otherwise have been expended.”