October 20, 2014
IBM pays $1.5bn to offload chip unit as profit falls
IBM is to pay $1.5bn (£930m) in cash to offload its loss-making chip manufacturing division to Abu Dhabi owned GlobalFoundries. IBM, which wanted to avoid the cost of upgrading the unit's technology, said it would now focus on cloud computing,…
October 20, 2014
TCI receives support from the World Bank for National Risk Assessment
The Turks and Caicos Islands (TCI) is undertaking a National Risk Assessment (NRA) this year in line with the Financial Action Task Force (FATF) recommendations that each country assesses its own money laundering and terrorist financing risks.The…
October 14, 2014
JP Morgan Chase posts $5.6bn profit
US banking giant JP Morgan Chase has reported a $5.6bn (£3.5bn) profit for the three months to 30 September. The quarterly results represent a marked improvement on a year earlier, when the bank made a $380m loss. This was the result of setting…
October 13, 2014
Oil prices see further declines
Global oil prices have fallen again amid worries about slow global growth and reports that key oil producers want to maintain current output levels. Brent crude fell to a near four-year low of $87.74 a barrel earlier, before recovering some ground…
September 22, 2014
Whistleblower in largest-ever award by US government
The US Securities and Exchange Commission (SEC) has revealed that it awarded a record $30m (£18m) payout to an anonymous whistleblower who lives outside the US. It is the largest payment ever given to a whistleblower by regulators. The SEC said…
September 16, 2014
Global firms need new tax rules
Moves to tackle corporate tax avoidance on a global scale have been unveiled by the Organisation for Economic Co-operation and Development (OECD). The action plan is aimed at multinational companies that shrink their tax bills by shifting their…
September 16, 2014
Radisson suspends Minnesota Vikings sponsorship
The Radisson hotel chain says it is suspending its sponsorship of Minnesota Vikings, an American football team. It comes after one of the team's players, Adrian Peterson, was charged with child abuse in Texas after hitting his son with part of a…
September 16, 2014
Heineken rejects takeover offer from SABMiller
Dutch brewing giant Heineken has rejected a takeover offer from London brewer SABMiller saying the proposal is "non-actionable". Heineken said it had "consulted with its majority shareholder" before rejecting the approach. It said the Heineken…
September 16, 2014
UK inflation rate down to 1.5% as food and petrol costs fall
The annual rate of UK inflation fell in August as the cost of petrol, food and non-alcoholic drinks declined. Consumer Price Index (CPI) inflation fell to 1.5% from 1.6% in August, the Office for National Statistics said. It means the Bank of…
September 15, 2014
InterCaribbean Airways Increases Caribbean Connections
InterCaribbean Airways extends their partnerships with the travel agent community and is hosting an event to meet The Bahamas Travel Agents and Travel Press. interCaribbean Airways has been expanding their schedule, created well timed connections…