Entries by ceadmin

US airline payout angers workers

Unions representing workers at United Airlines have reacted with anger to the US carrier’s plans to pay a $250m (£123m) dividend to its shareholders.

Thousands of staff took pay cuts to help the airline rebuild its finances after it went into bankruptcy in the aftermath of the 9/11 attacks.

Union officials said the investor payout betrayed the efforts of staff to revive the airline’s reputation

Supermarkets admit milk price fix

Supermarket firms Sainsbury’s and Asda have admitted that they were part of a dairy price-fixing group that earned about £270m ($550m) extra from shoppers.

The supermarkets, along with a number of dairy firms, have agreed to pay fines totalling some £116m ($240m) after an Office of Fair Trading (OFT) probe.

Cases against Tesco and Morrisons will continue after no deal was struck

Nigeria probes Siemens bribe case

A Nigerian anti-corruption agency has begun investigating former ministers alleged to have taken bribes from the German telecoms firm, Siemens.

Siemens was found guilty of paying bribes and was fined 201m euros ($248m) by a Munich court on 4 October.

Names on the court papers that emerged last week included Bello Mohammed Haliru, the late Haruna Elewi and Tajudeen Olanrewaju

BP fined $373m by US government

Oil giant BP has been fined a total of $373m (£182m) by the US Department of Justice for environmental crimes and committing fraud.

The fines include $50m relating to a Texas refinery explosion in 2005 that killed 15 people and injured 170 more.

That sum is the highest fine of its kind levied under the Clean Air Act

Cisco raided in tax dodge probe

The Brazilian headquarters of computer network equipment maker Cisco Systems has been raided as part of an investigation into tax evasion.

Authorities believe the unit may have imported $500m worth of equipment over the past five years without properly paying import duties.

The firm said its Sao Paulo and Rio de Janeiro offices had been temporarily closed and some staff detained

Top Chinese businessman arrested

The former head of Chinese oil firm Sinopec, who stepped down unexpectedly in June, has been arrested.

Officials confirmed that Chen Tonghai had been detained for questioning, but did not explain why.

Following Mr Chen’s decision to quit for “personal reasons”, state media reported that he was being investigated for “financial problems”

Lloyds sued for money-laundering

Lloyds TSB says it will vigorously defend a money-laundering lawsuit brought by US prosecutors.

Lloyds and Bank of Cyprus face civil charges alleging they helped launder hundreds of millions of dollars from a securities fraud.

The US government is seeking penalties of at least $162m from Bank of Cyprus and $130m from Lloyds, which said the legal action was without basis

StatoilHydro head quits on probe

The head of newly-created StatoilHydro has resigned amid a probe into possible corruption over contracts in Libya.

Eivind Reiten, who is also the head of Norsk Hydro, said he had to step down to avoid a conflict of interest.

The probe started on Monday, when the company – formed when Statoil acquired Norsk Hydro’s oil and gas division – first listed its shares

Siemens fined after bribery probe

Siemens has been fined 210m euros ($248m; £145.5m) by a German court following an investigation over whether workers paid bribes to gain contracts.

Siemens also agreed to pay 179m euros to the tax authorities, after a failure to declare payments properly