Latest Breaking Business News
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Goldman unveils checks on conflicts in bid to fix image
Lloyd Blankfein, Chairman and CEO, Goldman Sachs Group, speaks with the media after meeting with U.S. President Barack Obama and other CEOs at the White House in Washington February 5, ...
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EU denies breakdown in solar panel talks
BRUSSELS (Reuters) - The European Commission rejected Chinese trade association statements that talks to resolve a dispute over allegations of dumping of solar panels had broken down, while Chinese comments highlighted risks the dispute could ...
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U.S. prosecutors sought testimony from top SAC executives WSJ
NEW YORK (Reuters) - U.S. prosecutors are seeking testimony from three senior executives of the $15 billion hedge fund SAC Capital Advisors, the Wall Street Journal reported on ...
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Elan rejects Royaltys $6.4 billion raised offer
ELN.I ) rejected Royalty Pharma's ROYPH.UL increased $6.4 billion bid on Thursday, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one ...
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Ride-share service Lyft raises $60 million from venture capital firm
SAN FRANCISCO (Reuters) - Ride-sharing service Lyft said it had raised $60 million from venture-capital firm Andreessen Horowitz, underscoring the growing appeal of services that tap into consumers' willingness to share goods and services for a ...
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Ally Financial to Pay $2.1 Billion in Settlement With ResCap Creditors
Ally Financial Inc. said Thursday it will pay $2.1 billion to its mortgage subsidiary Residential Capital and the unit's creditors under an agreement reached last week that could move the Detroit-based lender closer to repaying its government bailout.The amount is $1.35 billion more than what Ally previously offered to pay to fend off ResCap creditors trying to hold the government-owned ...
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JPMorgan names Barry Sommers to head consumer bank
JPMorgan Chase said it has appointed Barry Sommers, under whom the bank expanded its services to wealthy clients, to head its Chase consumer bank business. Sommers, 44, who previously served as chief executive of the bank's wealth management business, joined JP Morgan through the Bear Sterns merger in 2008. Sommers was responsible for the company's Chase Private Client business, which ...
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ISS Employee Leaked Proxy Votes SEC Says
Institutional Shareholder Services Inc., a proxy advisory firm that advises investors on corporate governance matters, agreed to pay a $300,000 penalty to settle charges that an employee leaked confidential information on proxy votes for roughly five years.The employee, who no longer works at ISS, passed along information about how more than 100 clients were voting in exchange for tickets to ...
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Top 10 headaches the Bank of Canada’s new chief faces right off the bat
The Bank of Canada’s new Governor Stephen Poloz takes the helm June 3. Not only does he have to fill ';the glittering shoes of rock-star-status Governor'; Mark Carney, he also faces a raft of challenges right off the bat, says BMO Capital Markets chief economist Douglas Porter. ';As if that economic and financial backdrop was not daunting enough, he will also have some ...
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Are financial services firms prepared for onslaught of new regulation
More than 25% of Canadian financial services providers are either "not very" or "not at all" prepared for upcoming regulatory changes, according to a recent survey conducted by Randstad Canada with Ipsos Reid. The study polled 300 professionals in Canada's financial services sector. They worked in departments including operations, management, risk management, ...
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Fracking threatens Germany’s ‘absolutely pure beer’ brewers say
German brewers called on Chancellor Angela Merkel's government to block the tapping of shale gas by means of hydraulic fracturing, citing industry concerns that fracking could taint the purity of the country's beer. The Association of German Breweries, which represents companies including Anheuser-Busch InBev NV and Bitburger Braugruppe GmbH, rejected the government's planned ...
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TGI Fridays nailed for doctoring booze
TRENTON, N.J. Here's one that will sober you up. Twenty-nine bars and restaurants, nearly half of them TGI Fridays, filled premium brand liquor bottles with lower-quality booze and sold it to patrons who thought they were buying the good stuff, authorities said Wednesday. Worse yet, investigators said at least one New Jersey bar was mixing food dye with rubbing alcohol and serving it as ...
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IRS scandal may reduce audit risk
(MoneyWatch) Recent congressional hearings, changes in leadership and the impact on resources resulting from budget cuts mark a low point for the IRS. They may also mark a reduction in the number of tax returns they'll ...
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How Bernankes testimony affects investors
the Fed may cut the pace of bond purchases in the next few months if policymakers see indications of sustained economic growth. That pushed the benchmark 10-year Treasury note yield above 2 percent for the first time since March. It also raised fears about the damage that could be done to bond prices if rates rise. But what action, if any, should investors take? That's easy: Nothing. To ...
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Video GM recalls Cadillac SUVs due to loose wheels
Stocks opened sharply lower after a new report showed unexpected weakness in Chinese manufacturing. Also, General Motors is recalling more than 27,000 Cadillac SUVs worldwide because of loose wheels. Ashley Morrison ...
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What holds women back
posted a not terribly controversial idea . She'd recently read "Lean In" (Sheryl Sandberg's memoir-manifesto) and responded with this view: "There is a problem with any group that squanders the talent of half its members, especially if it doesn't even realize it's doing it." Women make up only a small percentage of leaders in the corporate world, in ...
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NJ Bars Accused of Booze Fraud Serving Rubbing Alcohol
(Image credit: Julio Cortez/AP Photo) New Jersey authorities are investigating 29 establishments for serving customers cheaper booze as a substitute for top-shelf liquor, including one that allegedly offered rubbing alcohol and food coloring as scotch. ';This alleged scheme is a dishonest ruse to increase profits, and it is a slap in the face to the consumer,'; said state Attorney ...
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At midday Wall Street pares losses TSX still hurting
U.S. stocks and bonds were little changed on Thursday, with equities rebounding from what traders considered an excessive drop on Wednesday, though concerns remained over the pace of global economic growth.The midday strength in U.S. equities bucked a worldwide trend of weakness. European shares ended down 2 per cent while Japan plummeted 7.2 per cent on weak data from China and ...
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Man who pretended to be member of Walt Disney family arrested
SANTA CLARITA, Calif. - Authorities say a man has been arrested after claiming to be a member of the Walt Disney family and giving away invalid Disneyland passes.Los Angeles County sheriff's officials say the man called himself "Stephen Disney" and had a fake driver's license and tax forms that falsely claimed income from the Walt Disney Corp.The statement says he gave ...
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Unemployment aid applications fell to 340000 last week
WASHINGTON - The number of Americans applying for unemployment benefits fell 23,000 last week to a seasonally adjusted 340,000, a level consistent with solid job growth.The less volatile four-week average ticked down just 500 to 339,500, the Labor Department said Thursday. That's close to the five-year low of 338,000 reached during the first week of May. The four-week average is 9 percent ...
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Market Extra Market carnage underlines dangers of overcrowding
NEW YORK (MarketWatch) -- Japan's stock market plunge, a sharp rebound by the yen, and even the temporary whack taken by major U.S. indexes on Thursday all help demonstrate what happens when trades get too ...
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Energy Stocks Energy stocks decline Marathon asset sale fizzles
-0.34% declined 0.4%. Marathon on Thursday said a deal to sell its 20% stake in the Canadian oil sands fell through and talks with a potential buyer have ...
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Mothercare chief executive insists recovery on track despite fall in sales
Mothercare is crawling towards a recovery as chief executive Simon Calver insisted the UK company was on target to break even within two years.The mother and baby goods retailer saw UK sales drop 11% to 500m last year. It reported a loss of 21.7m, a slight improvement on the 24.7m loss recorded in the previous twelve months.The business turned in an impressive international performance, with ...
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United Utilities bucks trend as FTSE 100 suffers biggest daily drop for a year
added 6p to 787.5p after the water company said it would raise its final dividend by 7.2% despite a 9.3% fall in full year profits, which was due to a decrease in deferred taxation credit.Peter Atherton at Liberum Capital said the numbers were in line with market ...
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Falling investment poses another problem for Osborne
Ed Balls and Chuka Umunna chose their moment well. On the day that official figures showed that capital spending fell by 0.8% in the first three months of 2013, Labour released figures showing that Britain devotes a smaller share of national income to investment than any other G8 country. What's more, only Italy has seen a bigger fall in the investment share of GDP since 2010.George Osborne ...
Singapore Featured
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Singaporean expansion of MRT leads to disruption
Singapore’s Mass Rapid Transit System (MRT) is not very big in comparison to Shanghai, Beijing or Tokyo, but proportionate to the size of Singapore and the city-state’s population, it is an extremely successful and extensive public transport system and one that the Land Transport Authority (LTA) plans to grow even further.
Singapore has a population of around 5 million, which is important when placing the MRT in context, it has a daily ridership of 2 million, giving it a commuter penetration of at least 40%, which does not take into account the fact that not all 5 million Singaporeans commute on a daily basis or use public transport. Read more
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