HSBC has agreed to pay a record $1.92 billion fine to settle a multi-year probe by U.S. prosecutors, who accused Europe's biggest bank of failing to enforce rules designed to prevent the laundering of criminal cash.
Industry
Jeep Attempts to go Global, Again
The 62-year-old Jeep brand is poised to get a sweeping multibillion-dollar overhaul that will expand the product range, boost its overseas presence and knit the fortunes of Jeep and U.S. parent Chrysler even more closely with those of Italy's Fiat SpA.
Wal-Mart Names Karen Roberts New General Counsel
Wal-Mart Stores Inc, which is facing bribery investigations by the U.S. Department of Justice and the Securities and Exchange Commission, named a new general counsel, Karen Roberts, effective February 1, 2013.
Best Buy Adding Vizio to Stable of TV Brands
Best Buy Co Inc has struck a deal to sell Vizio televisions, bringing one of the most popular and aggressively priced U.S. TV brands to the world's largest consumer electronics retailer's aisles later this month.
China Lets Foreign Sovereigns, Central Banks Exceed $1 Billion Investment Limit
China's foreign exchange regulator has removed the $1 billion limit for foreign sovereign wealth funds, central banks and monetary authorities buying Chinese assets through the Qualified Institutional Investor Programme (QFII).
Latest News
US insurer American International Group Inc (AIG) has decided to sell 90 percent of its stake in ILFC, the world’s largest aircraft leading business, to a Chinese consortium –comprising New China Trust, which is one-fifth owned by Barclays Plc, China Aviation Industrial Fund and P3 Investments Ltd -- for a total consideration of $4.8 billion. An arm of Industrial and Commercial Bank of China will join the consortium once the deal has regulatory approval.
McDonald's Corp's sales at established restaurants rose more than expected in November as a renewed emphasis on low-priced menu options, such as $1 Sausage McMuffins and coffee, helped the company bounce back from a rare decline in October, it said on Monday.
A U.S. federal judge on Monday ordered Goldman Sachs Group Inc to take down statements from its website related to its representation of Dragon Systems in a 2000 sale that blew up when acquirer Lernout & Hauspie went bankrupt after accounting regularities emerged.
Goldman Sachs Group Inc was fined $1.5 million to settle charges it failed to supervise its traders and allowing one futures dealer to hide billions in dollars from sight and causing a $118 million loss.
Shares of Apple Inc tumbled nearly 4 percent on Wednesday, rounding off a bleak ten weeks for the most valuable U.S. company, with analysts citing factors such as increasing competition in the tablet market.
Even as Singapore Airlines reportedly holds talks with other airlines for a possible sell-out of its 49 percent stake in British carrier Virgin Atlantic, Delta Air Lines Inc, the second-largest U.S. airline by operating revenue, is said to be closing in on the stake.
Mobile telecoms equipment maker Nokia Siemens Networks (NSN) decided to hive off its optical fiber networks unit to private equity firm Marlin Equity Partners in a bid to focus solely on mobile broadband.
Swiss bank UBS AG is nearing a deal to settle claims some of its staff manipulated interest rates and could reach agreement with U.S. and British authorities by the end of the year, a person familiar with the matter said on Monday.
Auto sales in November were helped by a rebound from storm-ravaged October and the need to replace aging vehicles which put the industry on pace for a near five-year high and left executives optimistic about 2013.
