Singapore shuts Falcon bank unit, fines DBS and UBS over 1MDB
SINGAPORE/ZURICH (Reuters) – Singapore’s central bank on Tuesday shut down a second Swiss bank in the city-state and fined banks DBS and UBS in its biggest crackdown on alleged money-laundering activities connected with Malaysian sovereign fund 1MDB.
Note 7 fiasco could burn a $17 billion hole in Samsung accounts
SEOUL (Reuters) – Samsung Electronics’ worst-ever recall could cost the company as much as $17 billion after it halted sales of its flagship Galaxy Note 7 for a second time, spelling an almost certain end for the ill-fated premium model.
Airbus to cut A380 assembly rate to one aircraft per month from 2018
PARIS (Reuters) – Airbus plans to slow the assembly rate of its A380 superjumbo to one aircraft per month from 2018, the head of the A380 program told Le Figaro, as the European planemaker struggles to revive sales of the world’s largest passenger jet…
Bankers’ love of London complicates Brexit relocation plans
LONDON (Reuters) – As Britain heads for the EU exit, financial firms intending to move London-based jobs to continental Europe face a costly choice: offer generous relocation and redundancy packages, or expect a flood of lawsuits from disgruntled staff…
U.S. watchdog expands scrutiny to more Chinese deals
(Reuters) – Insurance mergers and acquisitions rarely raise red flags with U.S. national security watchdogs. China’s Fosun International Ltd took that history to heart last year when it paid $1.84 billion for the remaining 80 percent stake of U.S. pro…
Ford luxury brand Lincoln considers China production as sales surge
DETROIT/BEIJING (Reuters) – Ford Motor Co’s luxury unit Lincoln is studying whether to produce cars locally in China, the brand’s China chief said on Monday, as its sales surge in the world’s largest auto market.
Marathon sues BP for breach of contract in Texas oil refinery sale
HOUSTON (Reuters) – Marathon Petroleum Corp alleged BP Plc failed to deliver a Texas oil refinery and three products terminals in the condition promised under a $2.4-billion sales agreement signed in 2012, according to a federal lawsuit filed on Mond…
Goldman sees lower chance of oil market rebalancing in 2017
(Reuters) – Goldman Sachs said a planned oil output cut by producer cartel OPEC and other exporters like Russia has become a “greater possibility”, but warned that any reduction likely won’t be deep enough to re-balance markets in 2017.
Takata tumbles after report company weighs U.S. bankruptcy filing
TOKYO (Reuters) – Shares of Takata Corp fell sharply on Tuesday after The Wall Street Journal reported late last week that the troubled Japanese air bag maker is weighing a U.S. bankruptcy filing as one option for clearing a path for an outside invest…
South Korea regulator says to examine Google’s Android agreements
SEOUL (Reuters) – Head of South Korea’s antitrust regulator said the agency will closely examine whether Google’s agreements with handset manufacturers on the U.S. firm’s Android mobile operating system limits market competition.
