Former Bridgestone executive to plead guilty to price fixing: U.S. Justice Dept
WASHINGTON (Reuters) – A former sales manager for Bridgestone Corp has agreed to plead guilty and serve 18 months in prison for participating in a conspiracy to fix the prices of rubber anti-vibration devices used in automotive suspension systems and e…
Mexican mobile phone operator sues IBM for $2.5 billion
NEW YORK (Reuters) – Mexican mobile phone operator Iusacell SA de CV sued IBM Corp on Wednesday, accusing the U.S. technology giant of making fraudulent representations that caused it to lose $2.5 billion in profits.
Bank of America’s mortgage crisis costs become a recurring problem
(Reuters) – Bank of America Corp’s mortgage pain is lasting longer than expected, leading some investors to wonder if the massive expenses being incurred have become a recurring cost of doing business instead of being dismissed as one-time items.
U.S. industry shows some vigor, but housing soft
WASHINGTON (Reuters) – U.S. industrial production rose at a faster-than-expected clip in March, the latest sign the economy was gaining momentum.
BlackBerry’s meltdown sparks start-up boom in Canada’s Silicon Valley
(Reuters) – The troubles at BlackBerry Ltd, which fired more than half its staff and lost more than 90 percent of its market value as consumers shunned its smart phones, might have spelled disaster for the company’s hometown of Waterloo, Ontario. Inste…
Exclusive: Bank of America in talks with U.S. on probe of Merrill – sources
WASHINGTON (Reuters) – Bank of America Corp has held talks with the U.S. Justice Department to resolve a civil fraud probe into Merrill Lynch’s sale of flawed mortgage securities ahead of the financial crisis, people familiar with the negotiations told…
Former Madoff aides seek to have convictions tossed
NEW YORK (Reuters) – Five former Bernard Madoff aides have asked a federal judge to throw out their convictions, three weeks after a jury found them guilty of fraud and conspiracy for helping Madoff conceal his multibillion-dollar Ponzi scheme.
BofA reports first quarterly loss since 2011 on lofty legal bill
(Reuters) – Bank of America Corp reported an unexpected first-quarter loss on Wednesday after it took a $6 billion charge to cover litigation expenses, a figure that far exceeded the legal settlements the No. 2 U.S. bank has announced recently.
Starbucks to move European base to London, pay more UK tax
LONDON (Reuters) – Starbucks Corp will move its European headquarters to London from the Netherlands this year and pay more tax in the UK as a result, the company said on Wednesday.
After years of downsizing, refining still matters for majors
LONDON (Reuters) – When U.S. firm ConocoPhillips spun off its refining assets in 2011 to focus on more profitable oil production, it seemed only a matter of time before one of the oil majors followed suit.
