Life insurer Standard Life has said that it is unable to keep its promise to make up the shortfall in its customers’ endowment mortgages.
Up to 600,000 investors may be affected by the insurer’s move. In 2000, the mutual said it would guarantee its endowment policies provided it met investment targets
A ruling that Visa and Mastercard had violated antitrust law has been upheld by the US Supreme Court.
The case stemmed from a 1998 Justice Department lawsuit challenging the credit card issuers’ regulations.
The groups appealed after a court found they were wrong to block banks from issuing credit cards on rival networks such as Discover and American Express
A ruling that Visa and Mastercard had violated antitrust law has been upheld by the US Supreme Court.
The case stemmed from a 1998 Justice Department lawsuit challenging the credit card issuers’ regulations.
The groups appealed after a court found they were wrong to block banks from issuing credit cards on rival networks such as Discover and American Express
US Airways Group will ask a bankruptcy court on Friday to impose emergency pay cuts of 23 percent on unionized workers if an agreement with the workers is not reached during the day.
In a letter to its unions, the No. 7 U
A landmark legal complaint against British drug maker GlaxoSmithKline (GSK) over its Aids drug pricing and policies in South Africa will proceed after GSK dropped its public and repeated vows to appeal a decision allowing the case to go forward, according to AidsHealthcare Foundation (AHF).
Instead, GSK simply filed a required legal response to the complaint, AHF said.
The complaint was filed with South Africa’s Competition Tribunal in August by AHF, the US’ largest Aids organisation and several other South African Aids advocates
Nigeria has placed an embargo on government contracts with a subsidiary of US oil services firm Halliburton.
It said it was taking action against Halliburton Energy Services Nigeria (HESN) as a result of negligence in security and safety matters.
In 2002, radiation emitting devices used by the firm to make measurements in oil wells were reported missing in Nigeria’s oil-rich Delta region
Japan’s market watchdog has ordered US banking giant Citigroup to shut down its private banking operations there.
Regulators said they found a list of problems at Citigroup’s private banking arm, from improper trading practices to lax anti-money laundering procedures. The regulator said Citigroup must cease operations at four branches that conduct private banking in Japan
Budget airline Ryanair is obliged to be taken to court under EU law if it fails to pay back illegal state aid for flying to Belgium’s Charleroi airport.
In February, EU competition officials ordered Ryanair to repay several million euros in subsidies to the southern Belgian Walloon region.
Ryanair has appealed the ruling but in the meantime it still has to pay up
German car maker Volkswagen has warned that 30,000 jobs could be lost at its six German plants unless staff accept a two year pay freeze.
Unions argue a freeze is unacceptable, demanding instead a 4% annual rise.
Volkswagen says it needs to save 500m euros in costs to guarantee the future of its 176,000 strong German workforce in the face of growing competition from rivals operating out of low cost eastern European markets
Four former senior executives at Equitable Life are to face disciplinary proceedings over the mutual insurer’s near-collapse four years ago.
The four are former managing directors Roy Ranson and Alan Nash, ex-chief executive Chris Headdon, and actuary Barry Sherlock.
The Institute of Actuaries has referred allegations of misconduct against the four to a tribunal