JPMorgan Chase reached a record $211.2m settlement late on Thursday with federal and state regulators on charges it manipulated a bidding process to gain business from municipalities. The agreed settlement by the bank’s Wall Street division with 25 states and various federal regulators will see the bank paying, among others, the SEC, the Justice Department…
News of the World, the British tabloid paper that sold to millions as “the best for news, showbiz and sport exclusives” is shutting down amid the escalating phone hacking scandal, the head of News International James Murdoch said late on Thursday. It is widely believed that shutting down the 168-year-old title is an attempt to…
German engineering and steel conglomerate ThyssenKrupp announced late on Wednesday plans to sell all of its remaining 49.48 million treasure shares accrued from its 2006 and 2008 buyback programmes. The share sale, which would generate €1.7bn based on Wednesday’s closing share price, will assist the company in paying off part of its €6.5bn debt. The…
Officially, according to Mexico’s constitution as established in 1917, only Mexican citizens and corporations can own properties in the country’s “Restricted Zone.” Fortunately for real estate investors, Mexico’s government saw the problems that this law posed for drawing international investment to the country. Instead of trying to change the constitution, the government implemented a system…
FTSE 100 oil company Tullow Oil published a trading and operation statement on Tuesday ahead of the group’s half-year result release showing record revenues of $1.05bn. The company raised its full-year production guidance as it said that high revenues were due to strong operational performance driven by production in Africa. The group indicated that average…
Volkswagen, Europe’s biggest automaker, has secured a majority stake in German-based heavy truck maker MAN SE, the company said on Monday. VW now holds 55.9 percent of the voting rights in MAN, which brings it a step closer to a tie-up with Swedish Scania. The company said it had made a mandatory offer to all…
Swiss Bank UBS said on Friday it has nominated the former president of Deutsche Bundesbank, Axel Weber, for election to join its board in 2012 and to chair the board from 2013 onwards. Weber’s nomination to the board of directors will take place during its May 3 shareholders meeting according to the bank. Weber is…
The Greek government is set to hold a second vote on Thursday on an austerity bill that forms part of the bailout deal with the IMF and ECB. Amid public protests Greece is expected to pass the bill which needs to be implemented to guarantee the next tranche of financial support. Greece’s Prime Minister George…
The Greek government is set to hold a second vote on Thursday on an austerity bill that forms part of the bailout deal with the IMF and ECB. Amid public protests Greece is expected to pass the bill which needs to be implemented to guarantee the next tranche of financial support. Greece’s Prime Minister George…
Christine Lagarde, the French finance minister, was late on Tuesday elected as the first woman to head the IMF. Her victory was sealed after a late endorsement from the US which saw her beat Mexican central bank governor Agustin Carstens to the post. Lagarde, who succeeds Dominique Strauss Kahn following his resignation in May to…
