Business

May 5, 2011

Feds sue Deutsche Bank, alleging mortgage fraud

The federal government sued Deutsche Bank on Tuesday, saying the bank committed fraud and padded its pockets with undeserved income as it repeatedly lied in order to join a government programme that insured mortgages. The lawsuit in US District…

May 5, 2011

US stocks wobble as earnings rally slows

AFTER two weeks of strong earnings pumped up the US markets, weak results from Pfizer and others deflated a broad earnings rally yesterday. The world's largest drug maker posted lower-than-expected quarterly results yesterday, slowing a parade of…

May 5, 2011

GM sales jump 26% on small car sales gains

General Motors' US car and truck sales jumped 26 per cent in April as the economy continued to improve and higher gasone prices pushed buyers into more fuel-efficient vehicles. The largest US car company sold 232,538 vehicles last month, led by a…

May 4, 2011

Sony hires detectives after gamers lose personal data

Sony has hired investigators after a breach of security, in which the personal data of more than…

May 4, 2011

India raises interest rates again to tackle inflation

India's central bank has raised its key interest rate for the ninth time in 15 months in an attempt to curb inflation. The Reserve Bank of India raised the rate at which it lends to commercial banks to 7.25% from 6.75%, a bigger increase than had…

May 4, 2011

Swiss freeze $1bn in Gaddafi, Mubarak, Ben Ali assets

Switzerland says it has frozen nearly $1bn worth of assets linked to Libya's Muammar Gaddafi and the deposed leaders of Egypt and Tunisia. Swiss Foreign Minister Micheline Calmy-Rey said some 830m Swiss francs (£580m; $960m) had been discovered.…

May 4, 2011

Avon net rises sharply on Latin America strength

Raising prices and selling more products in Latin America, its largest market, helped cosmetics seller Avon Products Inc more than triple its first-quarter profit, the company said yesterday. Avon’s net income and revenue beat expectations, and…

May 4, 2011

LIAT advises of new St. Lucia tax for travellers

LIAT wishes to advise its customers and the public in general that, effective May 1, 2011, the St. Lucia Air and Seaports Authority has introduced a new tax of US$35.00 known as “Airport Development Charge” which is to be collected by all…

May 3, 2011

Sony warns of almost 25 million extra PS user info loss

Sony has warned that almost 25 million extra Playstation users may have had their personal…

May 3, 2011

Shares lose gains that followed Bin Laden’s death

Shares in New York have reversed their early gains, which followed US President Barack Obama's announcement that Osama Bin Laden had been killed. In New York, the Dow Jones closed barely changed on the day. The benchmark US oil contract earlier…