Author Archives
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Britain’s financial watchdog extends probe into EY
On Thursday, Britain’s Financial Reporting Council (FRC) stated it has added an extra year to its investigation into EY’s audit of Thomas Cook. The holiday company had collapsed in September leaving tens of thousands of people stranded abroad. The FRC… Read More ›
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China excludes U.S. chemicals from import tariffs
On Thursday, China unveiled a new list of U.S. imports which will be exempted from tariffs following the two countries announcing a Phase 1 trade deal. The waivers will be effective from December 26, and will apply for six items,… Read More ›
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Hedge funds got early access to market sensitive info from BoE’s audio feeds
Following a report by The Times newspaper, the Bank of England (BoE) has admitted that a rogue supplier has been misusing feeds of its press briefings, to make available market-sensitive information available to traders seconds before rivals. This third-party supplier… Read More ›
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Swatch threatens to pursue damages over Swiss competition authority move to cut off its revenue source
Following a statement from the Swiss competition authority, COMCO, saying it wants to prohibit the Swatch Group from supplying watch mechanisms to other companies during 2020, Swatch, the world’s biggest watch maker, has threatened to pursue damages. “The provisional measures… Read More ›
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Mercedes-Benz USA to pay $20 million fine over U.S. vehicle recall
Mercedes-Benz USA has agreed to pay $20 million in civil penalty over its handling of U.S. vehicle recalls following a year-long investigation by the U.S. government into the recall of 1.4 million vehicles. Under the terms of the settlement, Mercedes-Benz… Read More ›
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Complicated migration policy post-Brexit will lead to shortage of skilled workers
On Thursday, a leading employer’s group stated, Britain’s plans to introduce a new system for immigration after Brexit is likely to lead to be complicated and cause a shortage of skilled workers. According to the results of a survey, more… Read More ›
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China’s Dongfeng Motor to have reduced stake following FCA’s merger with PSA
According to two sources, China’s Dongfeng Motor will have a reduced stake of 4.5% in the new group following the merger of PSA with Fiat Chrysler. The board of both groups have approved a binding memorandum of understanding for a… Read More ›
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Goldman Sachs provides WeWork with $1.75 credit line
In a statement, shared workplace operator WeWork disclosed, it has arranged a $1.75 billion letter of credit with Goldman Sachs, which is in the process of being syndicated and it expects to tap the fund in January 2020. The line… Read More ›
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Chairman of Samsung Electronics sentenced to jail on union-busting charge
A south Korean court has jailed Lee Sang-hoon, Samsung Electronics Co Ltd board Chairman following a sentence of up to 1-1/2 years in jail. Lee Sang-hoon has been charged for sabotaging legitimate union activities, said the South Korean court. Along… Read More ›
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Hong Kong saw capital outflows of $5 billion midst pro-democracy protests
Following China’s attempt to thwart the pro-democracy movement in Hong Kong, since April the Asian financial hub has seen capital outflows of nearly $5 billion, said the Bank of England. According to the central bank’s Financial Stability Report, the flight… Read More ›
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