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As Barclays is Sued, U.S. Probes are Settled by Deutsche Bank and Credit Suisse

As Barclays is Sued, U.S. Probes are Settled by Deutsche Bank and Credit Suisse

In order to resolve U.S. investigations into sales of the toxic debt that fueled the financial crisis, Deutsche Bank AG and Credit Suisse Group AG agreed to pay a combined $12.5 billion. With this the two banks have put behind them a major dispute – one that had weighed on their shares and raised...
GM LaysOff Shift In Detroit, Ford Shutting Kansas City Plant for a Week

GM LaysOff Shift In Detroit, Ford Shutting Kansas City Plant for a Week

To match production and demand, Ford Motor Co will close its Kansas City, Missouri pickup truck and van plant for a week in early January, the automaker said.   F-150 pickup trucks and Ford Transit vans are made at the plant. A couple of months ago, Ford also closed the Kansas City plant for...
More Polluting U.S. Diesel Vehicles Agreed to be Fixed and Bought Back by VW

More Polluting U.S. Diesel Vehicles Agreed to be Fixed and Bought Back by VW

As Volkswagen AG took new steps to put its emissions cheating scandal behind it, the German automaker has agreed to a $1 billion settlement to fix or buy back another 80,000 polluting diesel vehicles sold in the United States.   Volkswagen has now agreed to spend as much as $17.5 billion in...
Brussels says no Cause for Low Tax Bill as Apple Appeals Against EU Tax Ruling

Brussels says no Cause for Low Tax Bill as Apple Appeals Against EU Tax Ruling

As the European Union issued details of its ruling that Apple Inc. maker won sweetheart tax deals from the Irish government which amounted to illegal subsidies, the iPhone maker appealed on Monday against a $14-billion tax demand.   Underlining its anger with the European Commission, which...
China Aims Blow at Iron Rice Bowl, Heralding Social and Financial Change

China Aims Blow at Iron Rice Bowl, Heralding Social and Financial Change

The decades-old system of providing cradle-to-grave welfare support, known as the country's "iron rice bowl", system started by the Chinese government has been ordered to be smashed specifically with respect to the state firms.   But the decades-old system of providing cradle-to-grave...
In Newly Discovered Security Breach, Yahoo says One Billion Accounts Exposed

In Newly Discovered Security Breach, Yahoo says One Billion Accounts Exposed

Claiming that data from more than 1 billion user accounts was compromised in August 2013, making it the largest breach in history, Yahoo Inc warned on Wednesday that it had uncovered yet another massive cyber attack.   The company had noted nearly half of the number of accounts hacked this...
GM, Ford Shares Suffer as China Talks about Penalizing U.S. Automakers Over Price-Fixing

GM, Ford Shares Suffer as China Talks about Penalizing U.S. Automakers Over Price-Fixing

After a Chinese official warned the government could slap a penalty on an unnamed U.S. automaker for monopolistic behavior, shares of U.S. automakers General Motors Co and Ford Motor Co skidded on Wednesday.   It was only a few days ago that U.S. President-elect Donald Trump questioned the...
Scale Issue is Left Lingering by Abandoned CBS, Viacom Merger

Scale Issue is Left Lingering by Abandoned CBS, Viacom Merger

Sumner Redstone's holding company National Amusements Inc is under pressure to buy or partner with peers in an industry where scale matters after its decision to abandon a merger of its prized media assets, CBS Corp and Viacom Inc.   Scale was crucial for both companies, because it would...
In 'Massive' Cyber Attack, Thyssenkrupp Secrets Stolen

In 'Massive' Cyber Attack, Thyssenkrupp Secrets Stolen

In cyber attacks earlier this year, hackers stole technical trade secrets from the steel production and manufacturing plant design divisions of ThyssenKrupp AG, the German company said.   Engaged in what it said were "organized, highly professional hacker activities", it had been targeted by...
$1.3 Billion to be Invested in Mexico by Retailer Wal-Mart de Mexico

$1.3 Billion to be Invested in Mexico by Retailer Wal-Mart de Mexico

In what is perceived as a show of commitment to Mexico at a time of uncertainty after the election of Donald Trump, retailer Wal-Mart de Mexico has announced that it will invest $1.3 billion in logistics in Latin America's No. 2 economy.   Wal-Mart spokeswoman Jo Warner assured the media...
From Smart Toothbrushes to o Cancer, Philips Bets Big on Software

From Smart Toothbrushes to o Cancer, Philips Bets Big on Software

A transformation at the former Dutch conglomerate, Philips, that its chief executive says will gather pace was reflected in the fact that these days the average researcher at Philips is more likely to be a software developer than an product engineer.   Noting that around 60 percent of the...
$1 Billion Verdict in Hip Implant Trial to be Questioned on Grounds of Fairness of Trial by J&J

$1 Billion Verdict in Hip Implant Trial to be Questioned on Grounds of Fairness of Trial by J&J

A verdict of $1 billion in damages against Johnson & Johnson last week over allegations of design flaws in its Pinnacle hip implant would be challenged in terms of the fairness of the trial that resulted in the fine, the company said.   The Texas jury's penalty, the largest product...
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World

Ukraine's Bold Kursk Incursion Shakes Russian Defense And Alters War Dynamics

Ukraine's Bold Kursk Incursion Shakes Russian Defense And Alters War Dynamics
Ukraine's recent incursion into Russian border territory has caused significant upheaval, revealing internal challenges within Russia's military and strategic command. This unexpected operation,...

US Treasury Secretary Yellen Says $3 Trillion A Year Is Required For Climate Funding, Much More Than What Is Now Available

US Treasury Secretary Yellen Says $3 Trillion A Year Is Required For Climate Funding, Much More Than What Is Now Available
The largest economic opportunity of the twenty-first century, according to U.S. Treasury Secretary Janet Yellen, is to close the $3 trillion annual capital gap that would arise from the world's...

Turkey Gets Taken Off The "Grey List" For Money Laundering By A Financial Crime Monitor

Turkey Gets Taken Off The "Grey List" For Money Laundering By A Financial Crime Monitor
In a significant vote of confidence for Turkey amid its attempts to revive its economy, the Financial Action Task Force, an international watchdog group devoted to preventing money laundering and...

Global Warming Causes The First 12-Month Period Above 1.5C

Global Warming Causes The First 12-Month Period Above 1.5C
According to the European Union's climate change monitoring service, the world just had its warmest January on record, making it the first 12-month period in which average temperatures were more than...

2023 Was The Second-Warmest Year Ever For The UK

2023 Was The Second-Warmest Year Ever For The UK
The national weather service of the United Kingdom, Met Office, announced that 2023 was the second-warmest year on record for Britain. This finding highlights the increasing influence of human-caused...

People

Kamala Harris Targets GOP Economic Criticism With New Policy Proposals

Kamala Harris Targets GOP Economic Criticism With New Policy Proposals
Vice President Kamala Harris on Friday presented a comprehensive economic policy agenda aimed at countering criticisms from Republicans and addressing key middle-class concerns. Speaking in Raleigh,...

Musk Gives To An Organisation That Supports Trump's Election: Bloomberg

Musk Gives To An Organisation That Supports Trump's Election: Bloomberg
According to a Bloomberg story quoting sources, billionaire Elon Musk, who has been criticising US President Joe Biden more and more, has contributed to a political organisation that aims to elect...

New Study Finds People Who Were Class Bullies Could Make Higher Incomes In Their Middle Age

New Study Finds People Who Were Class Bullies Could Make Higher Incomes In Their Middle Age
A recent study challenges the widely held belief that school bullies would eventually get their comeuppance by indicating that they are likely to end up with greater earnings. The Institute for...

In A New York Corporate Fraud Lawsuit, Trump Slapped Fines And Interest Of $454 Million

In A New York Corporate Fraud Lawsuit, Trump Slapped Fines And Interest Of $454 Million
A New York judge ruled in the former president's civil business fraud trial on Friday, ordering him to pay a total of approximately $454 million in penalties.   According to an attorney...

Survey Finds 80% Employees In Asia Face Moderate To High Risk For Mental Health Issues

Survey Finds 80% Employees In Asia Face Moderate To High Risk For Mental Health Issues
Employees in Asia are under "significant mental health strain," with 82% at moderate to high risk of being depressed.   According to a recent study by insurance broker Aon and TELUS Health,...