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Watchdog Says About 15 Swiss Banks In Money Laundering ‘Red zone’: SonntagsZeitung

Watchdog Says About 15 Swiss Banks In Money Laundering ‘Red zone’: SonntagsZeitung

Roughly 15 Swiss banks are in a “red zone” of lenders particularly exposed to money laundering risks, the head of Swiss banking watchdog FINMA said in a newspaper interview published on Sunday. Swiss federal prosecutors last week said that they have opened criminal proceedings against Zurich-based Falcon Private Bank for alleged failure to prevent suspected […]

Kenya Airways Chairman Prepares Exit Ahead of Pilot Walkout

Kenya Airways Chairman Prepares Exit Ahead of Pilot Walkout

Kenya Airways Chairman Dennis Awori said he plans to leave Africa’s third-largest airline after a pilots union called for a seven-day strike to protest against his employment and the position of Chief Executive Officer Mbuvi Ngunze. “‘I see myself leaving, yes,” Awori said by phone on Thursday. “I have begun the turnaround and honestly Kenya Airways needs […]

OPEC Tries To Build Momentum For Global Oil Freeze

OPEC Tries To Build Momentum For Global Oil Freeze

OPEC sought on Wednesday to build momentum for its plan to cap global oil production, saying it will extend invitations to more non-member producers after holding informal talks with Russia and Mexico in Istanbul. Representatives of OPEC and non-OPEC countries will hold a technical meeting on October 28-29 in Vienna to continue to discuss “a […]

OPEC Oil Output Hits Record On Iraq, Libya Boost: Reuters Survey

OPEC Oil Output Hits Record On Iraq, Libya Boost: Reuters Survey

OPEC’s oil output is likely to reach its highest in recent history in September, a Reuters survey found on Friday, as Iraq boosted northern exports and Libya reopened some of its main oil terminals. The increase comes despite lower output in top exporter Saudi Arabia and this week’s agreement by the Organization of the Petroleum […]

Samsung Urges Note 7 Users To Switch Off Phones And Turn Them In

Samsung Urges Note 7 Users To Switch Off Phones And Turn Them In

  Samsung Electronics Co Ltd (005930.KS) on Saturday urged users of its Galaxy Note 7 phones to turn in their handsets as soon as possible as part of a recall aimed at limiting the damage caused by the fire-prone devices. The world’s top smartphone maker said last week it would exchange all Note 7 phones […]

EU Finds Volkswagen Broke Consumer Laws In 20 Countries: Die Welt

EU Finds Volkswagen Broke Consumer Laws In 20 Countries: Die Welt

The European Commission has found that Volkswagen (VOWG_p.DE) broke consumer laws in 20 European Union countries by cheating on emissions tests, German daily Die Welt reported, citing Commission sources. Among them are the Consumer Sales and Guarantees Directive — which prohibits companies from touting exaggerated environmental claims in their sales pitches — and the Unfair […]

S.African Minister Tells Eskom To Release Coal Contracts Report To Treasury

S.African Minister Tells Eskom To Release Coal Contracts Report To Treasury

South African Public Enterprises Minister Lynne Brown said on Tuesday she had asked state-owned power utility Eskom to immediately provide a report required by the Treasury, which is investigating the utility’s coal contracts. Brown said she was concerned a public row between the Treasury and Eskom could lead to the utility being downgraded by credit […]

Samsung, Tencent Surge In Race To Become Asia’s Most Valuable Firm

Samsung, Tencent Surge In Race To Become Asia’s Most Valuable Firm

Tencent Holdings Ltd (0700.HK) and Samsung Electronics Co Ltd (005930.KS) are racing to be crowned Asia’s most valuable company as expectations for robust earnings growth push their share prices to record highs. Their surge – both have gained by a third this year – has made them the world’s best performing large-cap tech stocks and […]

Pfizer Seals $14bn Takeover Of Cancer Drug Specialist Medivation

Pfizer Seals $14bn Takeover Of Cancer Drug Specialist Medivation

Pharmaceutical giant Pfizer has bounced back from its failed merger with Allergan by buying cancer drug maker Medivation for $14bn (£10.7bn). Pfizer, the second-largest US pharma company and the maker of Viagra, had been looking for a deal since its $60bn merger with Dublin-domiciled Allergan collapsed earlier this year. The company had sought to reduce its […]

South Africa’s Rand, Stocks Weaker After Hawkish Fed Comments

South Africa’s Rand, Stocks Weaker After Hawkish Fed Comments

South Africa’s rand retreated for a third consecutive session on Friday to its weakest level in a week against the dollar while stocks also fell, both assets pressured by signs the U.S. central bank could still lift rates this year. By 1600 GMT the rand had slid 0.9 percent to 13.5065 per dollar, following a […]