Coutts pays £8.75m over money laundering compliance
Coutts, the 320-year old private bank famous for handling the finances of the Queen, has been fined £8.75m late on Monday by the FSA for money laundering violations in its dealings with high risk customers. The RBS-owned bank, which specialises in private banking and wealth management, was found to suffer “serious and systematic” failings, which […]
CaixaBank edging closer to €1.1bn Civica merger
Spanish lender CaixaBank, the Barcelona-listed arm of La Caixa, and smaller competitor Banca Civica SA have both suspended trading on Monday, said stock market regulator CNMV. The move is in anticipation of a deal announcement that could see CaixaBank take over Banca Civica in an all-share deal that will value the bank at €1.1bn or […]
Chevron and Transocean charged in Brazil oil spill
Federal prosecutors in Rio de Janeiro late on Wednesday filed criminal charges against 17 Chevron and drill rig operator Transocean’s executives and the companies for an oil leak in the Atlantic off the coast of Brazil in November. According to Chevron, the leak was stopped within four days and none of the oil that leaked […]
China raises fuel prices again
China has raised fuel prices for the second time this year as it tries to get to grips with the rising cost of crude oil. Gasoline and diesel are to be subject to 6.4 point and 7 point cost increases respectively. On Monday, China’s primary economic planning institution, the National Development & Reform Commission, announced […]
Game “valueless”, say directors
The end of Game appears to be in sight as the beleaguered video game retailer’s shares were suspended from trading on the LSE, with company directors admitting the company “had no equity value left”. The first quarter of the year has been an increasingly rough ride for GAME; the group recorded £18m in losses in […]
Jaguar land Rover teams up with Chinese manufacturer
Tata Motors’ Jaguar Land Rover on Wednesday announced that it has reached an agreement on a proposed joint venture in China with Chery Automobile Company. The union, which will manufacture and sell vehicles in China, will be a boost for the luxury British brand in its endeavours to expand even further into the world’s largest […]
Osborne’s budget to help businesses “navigate” tax system
Chancellor George Osborne delivering his third budget speech on Wednesday said that his budget was “fiscally neutral” with “a modest reduction in both taxation and spending.” Osborne believes that Britain is in need of a “simple and transparent” tax system which “businesses can easily navigate.” The key points outlined by the chancellor in his budget […]
Inter-American Development Bank joins forces with China in $1bn fund
The Inter-American Development Bank (IADB) has launched a $1bn fund with the Chinese government with the intention to invest in the Caribbean and Latin America, said the bank’s President Luis Alberto Moreno late on Monday. It is believed the move will help China strengthen its ties to prominent institutions in Mexico, Argentina and Brazil. The […]
Australia passes contentious mining law
After a controversial struggle with mining corporations which spanned two years, parliament has passed a law imposing a 30 percent tax on coal mine profits. The tax will affect any company that makes $75m in profits, and with 30 Australian mining companies breaking the barrier, the government believes it will raise somewhere in the region […]
Rusal hit by net profit plunge of 91.7 percent
Rusal, the world’s largest aluminium producer by volume, said on Monday that adjusted net profit results for 2011 showed a plunge of 91.7 percent due to high debt servicing outgoings and lower aluminium prices. The group posted a net profit of $237m compared to $2.87bn the year before largely because of a write-down in the […]
