Business

Antofagasta says will defend against regulator’s charges

Chile’s Antofagasta Minerals (ANTO.L) said on Friday it would present a defence after Chilean regulators accused the company late Thursday of mismanaging water resources and nearby plant life at its Los Pelambres copper mine. The company said there were some errors in the information that led Chilean regulators to draw up the charges but it did not elaborate on the ... Read More »

Oil dips on dollar, rig count rise; focus still on OPEC

Oil prices fell slightly on Friday as traders balanced a stronger dollar and another increase in the U.S. oil rig count against expectations that more OPEC talk of output cuts will keep crude above $50 per barrel. The dollar .DXY posted its best weekly performance in more than seven months against a basket of currencies, weighing on prices of greenback-denominated ... Read More »

UK fraud agency boss expects to move quickly in Airbus inquiry

Britain’s Serious Fraud Office (SFO) is working with French authorities in its investigation into alleged fraud, bribery and corruption at European aerospace group Airbus (AIR.PA) and expects to proceed “fairly quickly”, its head said on Wednesday. The SFO launched a criminal inquiry in August into Airbus’ use of third-party agents to win commercial jet sales after the company’s compliance teams ... Read More »

Samsung Vietnam says no cuts in jobs this year despite Note 7 woes

Samsung Vietnam will maintain its current staff numbers, the firm said on Wednesday, despite the parent company scrapping its flagship Galaxy Note 7 phone following a series of battery fires. Samsung Electronics, which employs around 110,000 people in Vietnam, finally pulled the plug on the new Note 7 phone on Tuesday, less than two months after its launch, dealing a ... Read More »

Wanda’s Wang defends top spot in China rich list

Chinese property magnate Wang Jianlin has defended his crown as the country’s richest man, according to the annual Hurun rich list, fending off Alibaba Group Holding Ltd founder Jack Ma and new players on the block like Baoneng’s Yao Zhenhua. Wang, the chairman of Dalian Wanda Group, took the top spot with a personal fortune of $32.1 billion, the report ... Read More »

Wells Fargo’s new CEO faces immediate test

Tim Sloan will not have much time to prepare his pitch for Wall Street. The newly installed chief executive of Wells Fargo & Co (WFC.N) will present third-quarter results on Friday, less than 48 hours after replacing John Stumpf at the helm of the bank. Investors are seeking reassurance that Wells Fargo can rebuild its reputation and retain profits while ... Read More »

China September exports fall more than expected, imports back in contraction

China’s September exports fell 10 percent from a year earlier, far worse than expected, while imports unexpectedly shrank 1.9 percent after picking up in August, suggesting signs of steadying in the world’s second-largest economy may be short-lived. That left the country with a trade surplus of $41.99 billion for the month, the General Administration of Customs said on Thursday. Analysts ... Read More »

Tesco pulls Unilever goods from website over price row

Tesco (TSCO.L), Britain’s biggest grocery chain, has pulled dozens of Unilever (ULVR.L) (UNc.AS) brand products from its website after a disagreement over prices in the wake of a partly Brexit-driven slump in the British currency. The dispute between two of Britain’s best-known companies shows how the UK’s decision to quit the European Union has exacerbated tensions between suppliers and retailers, ... Read More »

House prices rise for second month in September, London weak

British house prices rose for a second month in September and enquiries from buyers picked up for the first time since February, suggesting the housing market has weathered the initial shock of the Brexit vote, a survey showed. But prices in London fell again due to uncertainty about what the decision to leave the European Union means for the capital ... Read More »

Wells Fargo CEO John Stumpf quits, replaced by Tim Sloan

Wells Fargo & Co’s (WFC.N) veteran chairman and chief executive officer, John Stumpf, abruptly departed on Wednesday bowing to pressure over its sales tactics that has damaged the bank’s reputation and put Wall Street under renewed scrutiny. San Francisco-based Wells Fargo said Stumpf, 63, was retiring and would be replaced as chief executive by President and Chief Operating Officer Tim ... Read More »