October 25, 2012
Bank of America sued for $1bn for alleged mortgage fraud
Bank of America is being sued for $1bn (£624m) for alleged mortgage fraud. The civil lawsuit has been brought by the US Attorney Preet Bharara, the top federal prosecutor in Manhattan, New York. He accuses Countrywide Financial, which Bank of…
October 25, 2012
Apple victory as Samsung loses US trade ruling
A US International Trade Commission judge has ruled that Samsung infringed four of Apple's intellectual property patents. However, the ruling was preliminary and needs to be upheld by the full commission. It is another win for Apple, after it was…
October 25, 2012
Former Goldman Sachs board member jailed for two years
A former Goldman Sachs board member who was found guilty of four criminal counts of insider trading has sentenced to two years in jail. Rajat Gupta, 63, had leaked boardroom secrets to Raj Rajaratnam, a former hedge fund manager now serving 11 years…
October 25, 2012
Hong Kong weakens local currency again
Hong Kong's central bank has intervened in financial markets again, weakening the value of its currency after it jumped in value. This follows similar moves on Sunday and pushes the total cost of intervention in the past week to 14.3bn Hong Kong…
October 25, 2012
Nike sells Umbro to Iconix Brand Group for $225m
Sportswear giant Nike has agreed a deal to sell UK sports brand Umbro to US clothing company Iconix Brand Group for $225m (£140m). Nike announced earlier this year it was looking to sell the Cheadle, Manchester-based firm, which specialises in…
October 24, 2012
Facebook posts loss despite 32% rise in revenues
Facebook has posted a loss of $59m (£37m) despite seeing revenues rise 32% during the third quarter. The world's most popular online social network revealed that its income rose to $1.26bn, between July and September. The revenues exceeded…
October 24, 2012
Apple reveals iPad Mini starting at US$329
Apple Inc is refusing to compete on price with its rivals in the tablet market — it’s pricing its new, smaller iPad well above the competition. Yesterday the company revealed the iPad Mini, with a screen that’s about two-thirds the size of the…
October 24, 2012
IMF talks continue in line with timetable in Jamaica
Finance and Planning Minister Dr. Peter Phillips said there is no delay in the negotiations with the International Monetary Fund (IMF) and the government was proceeding in accordance with the timetable originally set out. “It is also the case that…
October 24, 2012
Disappointing Corporate Earnings & Worries About Spain Hurt Markets
Disappointing corporate earnings and continuing worries about Spain's battered economy cut stock prices on key European and U.S. exchanges Tuesday. Crude oil prices also declined. France's CAC-40 and Germany's DAX were down more than two percent at…
October 22, 2012
Petronas bid for Progress Energy Resources blocked
Canada has blocked a $5.2bn(£3.3bn) takeover bid from Malaysia's Petronas, saying it would not benefit the country. Petronas had wanted to buy Canadian oil and gas firm Progress Energy Resources. It now has 30 days to adjust its offer. Analysts said…