March 18, 2013
SAC Capital fund pays $614m over insider trading
A major hedge fund has agreed to pay a record $614m (£406m) to US regulators to settle charges of insider trading. SAC Capital, run by Steve Cohen, did not admit or deny the charges. A unit of the business was accused of profiting from secret…
February 22, 2013
Eurozone downturn and deficits to persist, Commission says
The eurozone recession will persist into 2013, the European Commission has conceded in its latest forecast. Governments face an uphill battle to rein in their overspending, with Spain, France and Portugal all failing to cut their deficits to agreed…
February 22, 2013
Air France-KLM losses widen as fuel costs rise
Air France-KLM, the Franco-Dutch airline, says it made a big loss in 2012, blaming sharply rising fuel costs and trouble with its cargo business. Net losses increased 47% to 1.19bn euros (£1bn; $1.57bn), after a 471m-euro restructuring charge and a…
February 22, 2013
Competition Commission raps Big Four accountants
Britain's four biggest accountancy firms have been heavily criticised by the Competition Commission. The regulator has accused PWC, Ernst & Young, Deloitte and KPMG of being too dominant and not always meeting a shareholder's needs. The four…
February 22, 2013
AIG reports $4bn loss from sale of leasing business
American International Group (AIG) has reported a huge loss from the sale of its aircraft leasing business ILFC. The insurer reported a net loss of $4bn (£2.6bn) for the last three months of 2012, due to the $4.4bn loss from the ILFC sale. It had…
February 22, 2013
Japan Moves to Stimulate their Stalled Economy
Japan's central bank is embarking on an American-like plan to stimulate the country's stalled economy by pumping more money into it. The Bank of Japan, under pressure from the new government of Prime Minister Shinzo Abe, agreed Tuesday to double…
February 18, 2013
PSOJ warns of massive job losses in Jamaica
The Private Sector Organisation of Jamaica (PSOJ) is calling on the Government to immediately review and make changes to aspects of its new tax regime, which it said could do more harm than good to the economy. "The PSOJ is urging the Government to…
February 18, 2013
German economy to return to growth, says Bundesbank
Germany will avoid recession and return to growth in the first quarter of 2013, the country's central bank has said. The Bundesbank's monthly report for February forecast that the rest of 2013 will see a gradual pick-up in activity in Europe's…
February 18, 2013
Japan shares up as G20 statement stokes weak yen hopes
Japanese shares have risen after finance ministers of the G20 group of nations avoided singling out Japan for criticism over the recent yen weakness. The yen has dipped nearly 15% against the US dollar since November amid Japan's efforts to stoke…
February 18, 2013
Amazon dismisses German warehouse security firm
Online retailer Amazon has ended the contract of a security firm employed at one of its German warehouses, following complaints about workers' conditions. The company, Hensel European Security Services (Hess), was accused of harassing seasonal…