October 30, 2012
Swiss Bank UBS Announces Job Cuts
Swiss bank UBS has announced it is cutting 10,000 jobs worldwide as it tries to cut costs and slims down its investment banking activities. The jobs will go over the next three years, and amount to 16% of its current workforce of 64,000, the bank…
October 28, 2012
Sacked platinum miners reinstated
The world's biggest platinum producer, Anglo American Platinum (Amplats), has agreed to reinstate the 12,000 South African miners sacked for taking part in an unofficial strike. It had agreed to take back the miners if they returned to work by…
October 28, 2012
Samsung posts record profits on Galaxy phone sales
Samsung Electronics has reported record profits in the three months to September, led by strong sales of its Galaxy range of smartphones. Net profit was 6.5t won ($5.9b; £3.7b), up 91 per cent from a year earlier. The South Korean phonemaker was…
October 27, 2012
Paul Ceglia charged with trying to defraud Facebook
A New York businessman has been charged with trying to defraud Facebook by claiming he was owed a 50% share of the social media company, prosecutors say. Paul Ceglia is accused of fabricating and destroying evidence in a lawsuit asking for…
October 27, 2012
Nintendo’s Wii U games console will be sold at a loss
Nintendo has confirmed that it will lose money on every sale of its Wii U console at launch. The Japanese firm's president revealed the news after the firm cut its profit forecast. "We had to book a loss on the hardware, which is currently in…
October 27, 2012
Spain jobless rate hits new high in third quarter
About a quarter of working-age people in recession-hit Spain are unemployed, new figures have shown. The unemployment rate rose to 25% in the third quarter, from 24.6% in the previous three months, Spain's National Statistic Institute said. Among…
October 27, 2012
Jamaican QC expected in T&T tomorrow to take Clico brief
Jamaican lawyer Vincent Nelson, QC, will arrive in T&T tomorrow. Nelson is the newly-appointed lead counsel in the Ministry of Finance’s legal team at the Clico/HCU Commission of Enquiry. Along with Jagdeo Singh and Roger Kawalsingh, he replaced…
October 25, 2012
Amazon reports loss led by its stake in LivingSocial
Online retailer Amazon has reported a bigger than expected quarterly loss, led by its investment in struggling online deals service LivingSocial. Amazon made a loss of $274m (£170m) for the July to September period, compared with a profit of $63m a…
October 25, 2012
UK economy returns to growth with help from Olympics
The UK economy emerged from recession in the three months from July to September, helped by the Olympic Games. The economy grew by 1.0%, according to official gross domestic product figures (GDP), which measure the value of everything produced in…
October 25, 2012
S&P cuts French banks’ credit rating
Three French banks including BNP Paribas have had their credit rating downgraded by ratings agency Standard and Poor's (S&P). Explaining its decision, S&P said that French banks faced increased economic risks, which left them "moderately…