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Wells Fargo will pay $190 million to settle customer fraud case
“Wells Fargo reached these agreements consistent with our commitment to customers and in the interest of putting this matter behind us,” the bank said of its settlement with California prosecutors and federal regulators. The Consumer Financial Protection Bureau will receive $100 million of the total penalties – the largest fine ever levied by the agency, which was conceived after... [Read more]
U.S. jobless claims fall as labor market remains strong
The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to sustained labor market strength even as the pace of job growth is slowing. Despite signs of underlying labor market strength View original post here: U.S. jobless claims fall as labor market remains strong Read More →
U.S. judge grants Hanjin temporary protection from U.S. creditors
Korean shipping line Hanjin Shipping Co Ltd won an order on Tuesday from a U.S. judge extending bankruptcy protections so its vessels can dock at U.S. ports without fear creditors will try take actions against the ships as they have in other countries. U.S. Bankruptcy Judge John Sherwood approved a motion by the world's seventh largest container carrier that sought to extend to the United States... [Read more]
Starbucks, Amazon pay less tax than a sausage stand, Austria says
Multinationals like coffee chain Starbucks and online retailer Amazon pay less tax in Austria than one of the country's tiny sausage stands, the republic's center-left chancellor lamented in an interview published on Friday. Chancellor Christian Kern, head of the Social Democrats and of the centrist coalition government, also criticized internet giants See the rest here: Starbucks, Amazon... [Read more]
Microsoft gets support in gag order lawsuit from U.S. companies
By Dustin Volz WASHINGTON (Reuters) – Technology, media, pharmaceutical and other companies, along with major corporate lobbying groups, filed legal briefs on Friday in support of a Microsoft Corp lawsuit that aims to strike down a law preventing companies from telling customers the government is seeking their data. Microsoft's backers included the U.S. Chamber of Commerce, the National... [Read more]
Solid U.S. employment gains expected in August; jobless rate seen falling
U.S. employment growth likely moderated in August after two straight months of hefty gains, but was probably still strong enough to push the Federal Reserve to raise interest rates later this year. The unemployment rate is forecast falling one-tenth of a percentage point to 4.8 percent. The Labor Department will release its closely watched employment report on Friday and readings in line with expectations... [Read more]
After Apple, EU may focus on companies closer to home
Multinational companies can expect the European Commission to press on with a crack down on sweetheart tax deals after handing Apple a breathtaking demand for 13 billion euros, officials and experts said on Wednesday. The order to the iPhone maker to pay back taxes to Ireland on the grounds that Dublin illegally favored Apple with a tax regime that amounted to a competition-distorting Read more: After... [Read more]
Exclusive: Iraq plans to sell oil through Iran if talks with Kurds fail
By Stephen Kalin BAGHDAD (Reuters) – Iraq's government would consider selling crude through Iran should talks with the autonomous Kurdish region on an oil revenue-sharing agreement fail, a senior oil ministry official in Baghdad told See original here: Exclusive: Iraq plans to sell oil through Iran if talks with Kurds fail Read More →
Redstone granddaughter agrees to case dismissal, helps broader deal
The granddaughter of Viacom Inc's controlling shareholder Sumner Redstone has agreed to let a Massachusetts court dismiss claims brought by former company leaders, a step that will help end a battle over the fate of the media empire. … Original post: Redstone granddaughter agrees to case dismissal, helps broader deal Read More →
Fed’s Yellen sees stronger case for interest rate hike
The Federal Reserve is getting closer to raising interest rates again, the head of the U.S. central bankand other policymakers said on Friday in comments that left the door open for a hike as early as next month. Fed Chair Janet Originally posted here: Fed’s Yellen sees stronger case for interest rate hike Read More →