Madoff victims’ payout nearing $7.2 billion: trustee
NEW YORK (Reuters) – Victims of Bernard Madoff’s massive Ponzi scheme will get afresh $322 million payout if a U.S. judge approves the request by the trustee liquidating the convicted fraudster’s firm, bringing the recovery total to more than $7 billio…
Oil slides as Saudi Naimi tells market to forget OPEC cuts
NEW YORK (Reuters) – Oil prices resumed their downward march on Monday, doubling back on the biggest one-day gain in over two years, after Saudi Arabia’s powerful oil minister said OPEC would not cut production at any price.
Icahn’s money could keep Atlantic City casino open another year: lawyer
WILMINGTON, Del. (Reuters) – The Trump Taj Mahal, a casino hotel in New Jersey’s struggling Atlantic City gambling hub, could stay open for all of 2015 with a $20 million financing package from investor Carl Icahn, lawyers for Trump Entertainment Resor…
Russia in recession in 2015, ruble to stay pressured: Reuters poll
MOSCOW (Reuters) – The Russian economy will slide next year into its first recession since the global financial crisis and inflation will be close to double digits, economists forecast in a Reuters poll, as the oil price crash and Western sanctions bit…
Russia says U.S. scrapping steel trade deal raises WTO issues
LONDON (Reuters) – Russia has complained that a U.S. move to scrap a 15-year-old deal sheltering Russian flat-rolled steel producers from high import duties is inconsistent with World Trade Organization rules.
Gucci to check Chinese suppliers after TV exploitation charges
MILAN (Reuters) – Italian fashion house Gucci said on Monday it would strengthen controls on its suppliers after a television program showed Chinese employees working more than three times their official hours to assemble its handbags.
Russia to bail out Trust Bank with up to $530 million
MOSCOW (Reuters) – Russian mid-sized lender Trust Bank is to receive up to 30 billion rubles ($530 million) from the central bank to stop it going bankrupt in the first bailout of its kind during the current rouble crisis.
American Apparel confirms takeover offer, sets new ‘poison pill’
(Reuters) – Struggling American Apparel Inc, which fired controversial Chief Executive Dov Charney last week, said it was evaluating a proposed takeover and announced the appointment of a new head of the board, sending its shares up in early trade.
Ex-minister Kudrin warns of ‘full-fledged crisis’ in Russia
MOSCOW (Reuters) – Russia’s government has pushed the country into an economic crisis by not tackling its financial problems fast enough, former finance minister Alexei Kudrin said on Monday, as evidence mounted of trouble spreading through the economy…
GM gets 104 more claims for faulty ignition switch compensation
(Reuters) – General Motors Co has received 104 claims for compensation for ignition switch defects in its cars in the past week, bringing the total to 2,430, according to the official administering the compensation program.
