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London police say the UBS trader accused of losing the Swiss banking giant $2 billion in rogue trading has been charged with fraud and false accounting.
The City of London police department said in a statement that 31-year-old Kweku Adoboli has been charged on Friday with two offenses.
Police said that Adoboli would appear at City of […]
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France’s finance minister says that French banks are solid and do not need to be recapitalized despite being heavily exposed to Greece’s debts.
Francois Baroin said on France-Info radio Thursday that leading French banks brought in billions in profits this year and “are companies that do no need recapitalization.”
He says the banks aren’t having difficulty with […]
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Pfizer Inc.’s just-approved drug Xalkori, the first new medicine in more than six years for deadly lung cancer, proves the value of precisely targeting rare diseases linked to gene variants, cancer specialists and Pfizer executives said Tuesday.
The drug was approved Friday in the U.S. along with a companion diagnostic test for just a small subset […]
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Sino Forest Corp. says its chief executive has resigned as Canadian regulators investigate fraud allegations against the Hong Kong-based company following claims it exaggerated the size of its forest holdings in China.
Three other employees were temporarily suspended, said a company statement released Sunday in Canada, where its shares are traded on the Toronto Stock Exchange. […]
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Companies ordered more aircraft and autos last month, driving up demand for long-lasting manufactured goods. But outside those categories, businesses invested less in durable goods.
The Commerce Department says orders for durable goods rose 4 percent in July, the biggest increase since March. Demand for autos and auto parts jumped 11.5 percent, the most in eight […]
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Lenovo Group, the world’s No. 3 personal computer manufacturer, said Thursday its profit in the latest quarter nearly doubled on strong sales in emerging markets.
Profit for the three months ending June 30 was $108 million, or 1.11 U.S. cents per share, up 98 percent from a year ago, the company said. It said sales rose […]
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Gross domestic product, the labour market, industrial production, housing starts
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Jeff Timmons has spent about $5,000 to fix up a guest bathroom in the home he purchased this year. It wasn
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Standard & Poor’s is warning mortgage giants Fannie Me and Freddie Mac that they may lose their top credit ratings if lawmakers don’t raise the U.S. government’s borrowing limit in time to avoid a default.
S&P says government-controlled Fannie and Freddie, along with certain Federal Home Loan Banks and Farm Credit System Banks, could also default […]
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China’s ocean administration has ordered oil companies operating offshore wells to assess risks of accidents following two spills off its east coast in a field operated by American energy giant ConocoPhillips.
The State Oceanic Administration on Friday said offshore oil producers must thoroughly investigate any risks, review their emergency planning and also reassess environmental impact from […]
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