Tag Archives: in

US jury imposes $940mn penalty on two Tata Group firms in trade secret case

A US grand jury has slapped two companies of India’s Tata group – Tata Consultancy Services and Tata America International Corp – with a $940 million fine in a trade secret lawsuit filed against them. After days of hearing, the federal grand jury in the US State of Wisconsin ruled that Tata Consultancy Services and Tata America International Corp. must ... Read More »

Asia subdued before OPEC meeting, China GDP taken in stride

Asian stocks were subdued on Friday as caution over a weekend meeting of oil producers tempered risk sentiment, while the region’s markets took China’s relatively upbeat GDP data in stride. Japan’s Nikkei was down 0.3 percent, while Australian shared edged up 0.4 percent. Other modest gainers included Malaysian and Indonesian stocks. Shanghai lost 0.4 percent, while South Korea’s Kospi inched ... Read More »

India world’s largest recipient of remittances in 2015: World Bank

India remained the world’s largest recipient of remittancesfrom abroad in 2015, despite a $1 billion drop from the previous year, the first such decline since 2009, the World Bank said on Thursday. It attributed the decline to the impact of falling oil prices on remittances from the Gulf countries and depreciation of major sending country currencies. In 2015, the country ... Read More »

Deutsche Bank Confirms Silver Market Manipulation In Legal Settlement, Agrees To Expose Other Banks

Back in July of 2014, we reported that in an attempt to obtain if not compensation, then at least confirmation of bank manipulation in the precious metals industry, a group of silver bullion banks including Deutsche Bank, Bank of Nova Scotia and HSBC (later UBS was also added to the defendants) were accused of manipulating prices in the multi-billion dollar ... Read More »

French bank chief ‘more worried about sector now than in 2009’

The chairman of France’s second-biggest retail bank is more worried about Europe’s banking sector now, in some ways, than when he took the reins at BPCE bank during the depths of the global financial crisis in 2009. Francois Perol said on the sidelines of an economic conference in Italy on Saturday that negative interest rates in the euro zone were ... Read More »

‘No end in sight’ for global economic misery, warns World Bank

The global growth slowdown has no end in sight as policymakers drag their heels on reforms and a “robot revolution” threatens living standards, the World Bank’s chief economist has warned. Ahead of the International Monetary Fund and World Bank Spring meetings this week, Kaushik Basu said he expected the global economy to expand by just 2.5pc this year. Annual world ... Read More »

European Investment Bank to open regional office in Delhi by year-end

The European Investment Bank or EIB that supports long term investments for development projects in India will open a regional office for South Asia here by the end of the year to augment its operations in the sub-continent. Last week Werner Hoyer, the president of the European Investment Bank, announced that the world’s largest multilateral public bank would strengthen engagement ... Read More »

UK growth set to slow as Brexit fears leave business confidence ‘in the doldrums’

UK growth slowed in the first three months of the year as concerns about the global economy and the EU referendum left business confidence “in the doldrums”, according to a closely-watched survey. Markit said growth in Britain’s dominant services sector was “sluggish” in March, with new orders increasing at the slowest pace in more than three years. The Markit/CIPS UK services PMI rose ... Read More »

5 charts that show the UK economy is in the middle of a ‘lost decade’

The damage wrought by the financial crisis on the UK economy has been immense – and bigger than just about anyone feared seven years ago. Previous recessions in the 1990s, the 1980s and the 1970s were followed by periods of relatively rapid above-trend growth as the natural resilience of the economy kicked in. But not this time. In almost every ... Read More »

Australians paying half a billion dollars a year in ‘unnecessary’ ATM fees

About 40% of transactions done at third-party machines, costing $548m in avoidable charges The total amount spent on ATM fees has fallen as Australians have moved towards electronic payments. Photograph: Bloomberg via Getty Images Australian Associated Press Australians are still forking out half a billion dollars a year in ATM fees they don’t need to be paying. Instead of withdrawing ... Read More »