Estee Lauder eyes buoyant cosmetics demand in Africa
JOHANNESBURG (Reuters) – Estee Lauder plans to expand its presence in sub-Saharan Africa by rolling out its $1 billion brands, Clinique and MAC, to tap into strong demand for luxury cosmetics among the region’s middle class, a company executive said on…
SEC amends responsibility rules for broker-dealers
WASHINGTON (Reuters) – The Securities and Exchange Commission on Wednesday adopted amendments to its financial responsibility rules for broker-dealers, as well as rules designed to increase protection for investors who hold their money in such firms.
Senators question U.S. energy market settlement with JPMorgan
WASHINGTON (Reuters) – Two Democratic Senators on Wednesday asked U.S. energy regulators for more details on how terms of a settlement were reached on alleged power market manipulation in California and the Midwest by a unit of JPMorgan Chase & Co.
U.S. judge rejects Fed cap on debit card swipe fees
WASHINGTON (Reuters) – A U.S. judge ruled on Wednesday that the Federal Reserve ignored the intent of Congress regarding a controversial cap on debit card “swipe fees” that are part of a dispute between banks and retailers.
No proof of bribery in Monte Paschi Antonveneta deal: prosecutor
SIENA (Reuters) – Italian prosecutors investigating Monte dei Paschi’s costly acquisition of a smaller rival in 2007 have found no evidence that bribery was involved, they said on Wednesday.
Uralkali could discuss joint Swiss trading firm with Belarus: CEO
MOSCOW (Reuters) – Russia’s Uralkali could discuss joining with Belarus in a Swiss-based trading company to export potash, but will not return to the Minsk-based venture which broke apart on Tuesday, the Russian firm’s CEO said on Wednesday.
Billionaire investor Soros takes long position in Herbalife
NEW YORK (Reuters) – Billionaire investor George Soros has taken a large long position in the stock of nutritional supplement company Herbalife Ltd , a source familiar with the matter said on Wednesday.
Melrose launches $1 billion Crosby sale: sources
NEW YORK/LONDON (Reuters) – UK turnaround specialist Melrose Industries is moving ahead with the sale of its U.S. lifting unit Crosby worth about $1 billion and is expected to receive first-round bids in mid-August, three sources familiar with the matt…
U.S. economy finds momentum in second quarter, eyes further gains
WASHINGTON (Reuters) – U.S. economic growth unexpectedly accelerated in the second quarter, laying a firmer foundation for the rest of the year that could bring the Federal Reserve a step closer to cutting back its monetary stimulus.
Siemens names CFO to lead turnaround after dumping CEO
FRANKFURT (Reuters) – German engineering giant Siemens named finance chief Joe Kaeser, a 33-year company veteran, as its new boss after dumping Chief Executive Peter Loescher four years before the end of his contract following a series of profit warnin…
