Germany’s financial market watchdog has launched a probe into possible insider trading in shares of carmaker DaimlerChrysler.
DaimlerChrysler’s share price jumped last week ahead of chief executive Juergen Schrempp’s announcement that he would step down at the end of the year.
Following the announcement, the shares surged as much as 10%
Commerzbank, Germany’s fourth-largest lender, has confirmed that five executives and former staff are caught up in a Russian money-laundering probe.
Frankfurt prosecutors searched offices last week on Tuesday and Wednesday, the bank said. Premises were also checked elsewhere in Germany and Switzerland
A pension fund that holds shares of Morgan Stanley has sued the giant investment bank’s directors, claiming they wasted corporate assets through “grotesque mismanagement,” including paying more than $100 million to two departing executives.
The suit, filed yesterday in U.S
A member of the board of German chip firm Infineon has offered to step down following allegations of bribery.
Andreas von Zitzewitz, the firm said, was under investigation “in context with payments made for contracts regarding motorsport sponsorship”.
Dr von Zitzewitz led the firm’s memory chip unit, the core of operations at Europe’s second-biggest chip maker
MyTravel has been fined £240,000 ($450,000) by the City watchdog for failing to tell investors about a change in its profit forecasts.
The Financial Services Authority (FSA) said it had not told investors promptly about a one-off £24.3m ($45m)loss in 2002, which was likely to affect profits
Venezuela has ordered oil giant Shell to pay $131m (£74m) in what it says is unpaid tax, as part of a clampdown on alleged tax avoidance by foreign firms.
In a separate move, the country’s tax authority seized documents belonging to US oil firm Chevron which it said had not been produced upon request.
Venezuelan authorities have said that foreign firms may owe up to $3bn (£1
The European Commission has raided the offices of Intel and other computer makers across Europe as part of a probe into possible anti-trust violations.
Intel has been involved in a lengthy investigation by Brussels over alleged unfair trade practices.
“The investigations are being carried out within the framework of an ongoing competition case,” said European Commission spokesman Jonathan Todd
A US court has jailed New York Times journalist Judith Miller for refusing to testify in an investigation into the unmasking of a CIA agent in 2003.
Miller has argued journalists must be allowed to keep sources confidential in order to preserve freedom of the press.
Time magazine reporter Matthew Cooper, who had also refused to give evidence, said he had received a “dramatic” message, freeing him to testify
Volkswagen has postponed making a decision on plans to build a new factory in India in the wake of a bribery scandal at the German carmaker.
Business daily Handelsblatt said VW boss Bernd Pischetsrieder had put the plans on hold amid allegations of bribes relating to the project.
Last week VW called in auditors KPMG to review bribery allegations at the firm
Microsoft is to pay $775m (£438.4m) to computer giant IBM to settle an anti-trust claim.
Under the settlement, the software maker will also give IBM a $75m credit for its computer programmes