U.S. appeals court hears arguments on scope of Petrobras class action
NEW YORK (Reuters) – Attorneys for Brazil’s state-controlled oil company, Petroleo Brasileiro SA, asked a U.S. federal appeals court on Wednesday to decertify a class of investors trying to recoup billions of dollars in losses stemming from a sprawling…
NY authorities seek $872 million fine on UPS for cigarette shipments
(Reuters) – New York city and state authorities urged a federal judge on Wednesday to impose a fine of $872 million against United Parcel Service for allegedly delivering untaxed cigarettes from smoke shops on Indian reservations.
Gawker settles with ex-pro wrestler Hulk Hogan for $31 million: court document
NEW YORK (Reuters) – Shuttered irreverent news website Gawker Media LLC has reached a $31 million cash settlement with Hulk Hogan, the former professional wrestler who won a $140 million judgment against the site over a leaked sex tape.
Italy watchdog to summon Monte dei Paschi, Passera over dropped rescue plan: source
MILAN (Reuters) – Italy’s market watchdog Consob plans to summon top executives of Monte dei Paschi and veteran banker Corrado Passera to explain the circumstances that led to Passera’s dropping his rescue plan for the bank, a source close to the matt…
Oil prices slide 3 percent on record U.S. crude stock build
NEW YORK (Reuters) – Oil prices tumbled 3 percent on Wednesday after a record weekly build in U.S. crude inventories stoked investor worries about a global supply glut, days after analysts estimated higher monthly OPEC crude output.
Ford’s U.S. vehicle sales dip 11.7 percent in October
(Reuters) – Ford Motor Co reported an 11.7 percent fall in October vehicle sales in the United States, led by a decline in sales of cars such as the Mustang and Ford Fusion sedan.
Facebook stymies Admiral’s plans to use social media data to price insurance premiums
LONDON (Reuters) – British motor insurer Admiral has had to abandon plans to use data taken from Facebook to price insurance premiums for first-time drivers following discussions with the social media firm, an Admiral spokeswoman said on Wednesday.
Tesla obliged to pay $1.7 billion to Panasonic for gigafactory cells
(Reuters) – Tesla Motors Inc had an obligation to pay a total of about $1.7 billion to Japan’s Panasonic Corp as of Sept. 30 for electric vehicle battery cells made at Tesla’s gigafactory in Nevada, the carmaker said in a regulatory filing.
Italy’s market watchdog fines LVMH executive over Bulgari deal
MILAN/PARIS (Reuters) – Italy’s market watchdog has fined LVMH managing director Antonio Belloni 350,000 euros ($388,185.00) for divulging confidential information to a fund manager before the luxury group’s 2011 acquisition of jeweler Bulgari.
Anthem says it may trim Obamacare participation in 2018
(Reuters) – U.S. health insurer Anthem Inc on Wednesday raised the prospect of smaller participation in the individual Obamacare exchanges in 2018, saying it would have a market-by-market strategy that hinges on 2017 profitability.
