Switzerland’s largest bank, UBS, has been fined $100m by the United States Federal Reserve for violating US trade sanctions.
UBS admitted “very serious mistakes” had been made and said it would now quit the banknote trading business outside Switzerland.
The Fed had accused the bank of supplying US dollars to countries such as Cuba, Libya, Iran and Yugoslavia
Software giant Microsoft is facing a heavy fine and swingeing penalties following the breakdown of talks with Brussels over anti-trust action.
European Competition Commissioner Mario Monti is now planning to unveil the draft EU competition ruling against the firm on Wednesday, 24 March.
Both Mr Monti and Microsoft chief Steve Ballmer agreed that commitment over future conduct was the sticking point
Coca-Cola is to recall all bottles of its Dasani water in the UK, after levels of bromate were found to exceed legal levels.
The recall is an embarrassment for the drinks giant, which has faced criticism for selling what is treated and purified tap water.
Coca-Cola said it had consulted the Food Standards Agency, which agreed there were no immediate safety fears
It is the biggest pay-out yet won by regulators tracking down wrongdoing by US mutual funds, in which at least half of US households have savings.
Bank of America and FleetBoston agreed to pay fines and cut their fees, but admitted no wrongdoing.
The US market regulator and New York’s attorney general unveiled the deal
It is the biggest pay-out yet won by regulators tracking down wrongdoing by US mutual funds, in which at least half of US households have savings.
Bank of America and FleetBoston agreed to pay fines and cut their fees, but admitted no wrongdoing.
The US market regulator and New York’s attorney general unveiled the deal
Microsoft could soon be facing multi- billion euro fines and other sanctions for breaking European competition law.
The European Commission has finished drafting its decision in the case it brought against the software giant.
The Commission is likely to decide that the firm illegally tied audio and video software, as well as server systems, to its Windows operating system
Rome – A recent audit of Parmalat had found that its net debt was 14.3 billion (R130 billion), nearly eight times more than the figure it had reported months before the huge fraud scandal erupted, the dairy conglomerate said yesterday.
The fresh audit, ordered by a court-appointed administrator to discover what Parmalat’s true book-keeping showed, found that net debt for the nine-month period to September 30 stood at 14
Swiss market authorities have launched an investigation into insider dealing at Adecco, the world’s largest employment firm, which saw its stock plunge by a third last week.
The Federal Banking Commission said it had launched a “preliminary investigation”, working alongside the US Securities and Exchange Commission, which is conducting its own inquiries. Felix Weber, who resigned as chief financial officer last week, took full responsibility for the accounting problems
British Airways Plc, Britain’s biggest airline, is set to eliminate additional 5,000 office jobs to cut costs, Reuters reported.
The job cuts are in addition to the number already announced as part of BA’s Future Size and Shape restructuring program.
In November, the UK flag carrier said that it was on track to deliver 13,000 job cuts to cope with the industry downturn
US oil and construction company Halliburton has put two of its businesses into voluntary bankruptcy as it prepares to settle asbestos claims.
The company, once headed by US Vice President Dick Cheney, has agreed to pay about $4bn (£2.3bn) to workers exposed to the killer mineral