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Economy

To view the full article, register now. HSBC, which is Europe's biggest bank, has admitted its traders twice misused confidential information provided to them by clients for its own profit. Johnson was found guilty of defrauding Cairn Energy in what prosecutors described as a clear case of "front-running" the company's $3.5bn order. The $100 million that bank settled to pay is lower than criminal penalties paid by other global banks nearly three years earlier for misconduct over the ...
  • Nutella maker to pay $2.8 billion for Nestle's US candy unit

    Nutella maker to pay $2.8 billion for Nestle's US candy unit

    Economy

    Nestle said Ferrero will acquire more than 20 of its USA confectionery brands, allowing the company to focus on non-candy products from its US division like pet products, bottled water, coffee, frozen food and baby nutrition. The transaction, which includes three manufacturing facilities in IL, positions Ferrero as the third biggest confectionery firm operating in the U.S.
  • Oil hits highs as Opec members calls for output curbs to continue

    Oil hits highs as Opec members calls for output curbs to continue

    Economy

    According to the U.S. Energy Information Administration, U.S. crude inventories fell 4.9 million barrels last week, more than the 3.9-million decline forecast. Still, some analysts have warned that the 13 per cent rally since the start of the year could peter out due to global refinery maintenance and rising North American production.
  • Airbus Could Stop Making A380 Jumbos If Deal With Emirates Fails

    Airbus Could Stop Making A380 Jumbos If Deal With Emirates Fails

    Economy

    Airbus chief operating officer and president commercial aircraft, Fabrice Brégier said the aircraft manufacturer would ramp up its aircraft deliveries this year. He said the Dubai-based airline is "the only one who has the ability" to commit to a minimum of six planes a year for a minimum of eight to 10 years, which Airbus needs to make the program viable.
  • Uber built secret program to evade law enforcement

    Uber built secret program to evade law enforcement

    Economy

    Bloomberg reported Thursday that Uber used the tool, known as Ripley, from spring 2015 until late 2016 in several cities. Per Bloomberg , once instance occurred in Montreal in May 2015 where around 10 investigators from the provincial tax authority raided Uber's office with a warrant to search for evidence pertaining to an alleged tax violation against the company.
  • Grayling slammed over 'Qatari sunshine' visit as passengers suffer fares hike

    Grayling slammed over 'Qatari sunshine' visit as passengers suffer fares hike

    Economy

    Some commuters saw their season tickets increase by around £100 a year. A spokesperson for Virgin Trains on the East Coast route could not say how much the season ticket had risen by, but a commuter told the Peterborough Telegraph that his season ticket a year ago cost £7,484, approximately 3.6 per cent less than the new figure.
  • 'Bomb cyclone' hits US East Coast, emergency declared in several states

    'Bomb cyclone' hits US East Coast, emergency declared in several states

    Economy

    A brutal winter storm smacked the coastal Southeast with a rare blast of snow and ice, hitting parts of Florida , Georgia and SC with their heaviest snowfall in almost three decades. According to the National Oceanic and Atmospheric Administration, it "occurs when a midlatitude cyclone rapidly intensifies", or quickly drops in atmospheric pressure, marking the strengthening of the storm.
  • Whitbread plc (WTB) Rating Reiterated by Davy Research

    Economy

    Parsley Energy Inc now has $9.39 billion valuation. PerkinElmer, Inc. (PKI) has risen 14.86% since January 11, 2017 and is uptrending. It has outperformed by 9.39% the S&P500. The stock increased 0.58% or GBX 2.35 during the last trading session, reaching GBX 407.7. Lsv Asset Mgmt has 0.02% invested in Ashtead Group plc (LON:AHT) for 2.11M shares.
  • CITU opposes move to allow 49 per cent FDI in Air India

    CITU opposes move to allow 49 per cent FDI in Air India

    Economy

    The Indian government's move to liberalise foreign direct investment (FDI) in the country's retail segment continues to gather momentum, following the relaxation of rules governing local sourcing of products. The country received more than $60 billion in FDI in the past financial year running from April 2016 to March 2017, representing an all-time high. Under the current policy, there is a limit of 49% FDI and for 100% foreign investment, the approval of the Government was required.
  • Walmart boosts starting pay, closes dozens of Sam's Clubs

    Walmart boosts starting pay, closes dozens of Sam's Clubs

    Economy

    On the same day that the company boosted its starting pay to $ 11 an hour , it said it was closing 63 Sam's Club warehouse locations. And for years, I've had a related business in pointing out that Costco and Walmart actually have dramatically different business models, for all that they may look the same from the vantage point of a coastal professional.
  • Inflation at 17-month high, rises to 5.21 pc in Dec, 2017

    Inflation at 17-month high, rises to 5.21 pc in Dec, 2017

    Economy

    The reports probably will keep the Federal Reserve on course to increase interest rates in March and raise the prospects of a more aggressive monetary policy tightening this year. The December increase was driven by a 2.7% decline in gasoline prices. "The uptrend seen in food inflation in recent months appears to have sustained in December", said Abhishek Upadhyay, economist at ICICI Securities PD.
  • Dropbox confidentially files for IPO

    Dropbox confidentially files for IPO

    Economy

    Dropbox is reportedly aiming to list in the first half of this year. 500 million registered users around the world use Dropbox to work the way they want, on any device, wherever they go. 6,350 crores), Chief Executive Officer Drew Houston said in an interview a year ago. "Cash is oxygen", Houston said in an onstage interview at the time.