Crude oil prices have been witnessed to drop a little after hitting the four-month high, but still manage a few profits for the Asian oil producers. Amid such market situations, oil producers including Russia and Saudi Arabia have reached a consensus for putting cap on oil production. The output cut decision has surprised the analysts since increased market price naturally boosts up production.
People
Deutsche Bank Settles With Investors Over ‘Silver Fix’ Lawsuit Under Conditional Monetary Penalty
Deutsche Bank has primarily agreed settling lawsuit centering ‘Silver Fix’ scam on Wednesday. Under the agreement, the German bank will have to count monetary penalty while helping the plaintiff investors in suits with other banks. Both the agreed parties have declined to elaborate terms and conditions for this accord.
SEC Files Fraud Charges Against Fired ConvergEx Executive Basilly Years After His Dismissal
SEC has filed a lawsuit against former ConvergEx exec Basilly on Tuesday on the allegation of defrauding traders. Prior to that, ConvergEx has admitted wrongdoing through its several units and counted penalty of $150 million to the regulators. However, his lawyer claims innocence rejecting all allegations and cites that Bassily has acted as per ConvergEx approved business model.
Largest US Coal Miner Peabody Finally Files For Bankruptcy Ending Prolonged Speculations
The largest coal miner in the US has sought protection under bankruptcy law on Wednesday ending speculations over its future. The filing has been acknowledged as the largest bankruptcy case by liabilities during this year. With this filing, a century old publicly traded company is going to shutting down its operations in the US.
U.S. Congress Delayed Work on Puerto Rico Debt Relief Bill, Blaming Obama Administration
The U.S. Congress has delayed work on Puerto Rico debt bill. Originally, the bill was scheduled to be the subject of hearing on Wednesday before receiving final amendments on Thursday. After that, it will be sent for debate on the House.
Latest News
Ken Paxton, the Texan attorney general has been sued on Monday by the US regulators on accusation of playing role in a stock scam. In addition to the civil lawsuit, Paxton has also been sued with criminal charges for defrauding investors. The Texan Democrats as well as Republicans have called for his resignation.
Microsoft has became the first major U.S. tech company to endorse the Privacy Shield agreement between EU and the U.S. The company agreed to discuss the framework of data protection further with the EU officials soon.
GM has been sued with more than 400 lawsuits over defective ignition switches, of which six have been chosen as bellwether cases. Just after settling the Yingling case last week, the automobile maker has own verdict of another suit in its Favor on Friday. The remaining two damage claims for casualties are expected to get ended by this year.
Audi has made a special extended version based on its A8 L model. The 20-foot long, six seat luxury limousine is made according to a special request from an unknown European buyer.
The acquisition of Greybull Capital of Tata Steel's UK long product business will save thousands of jobs and was accepted by the steelworkers after two years of uncertainty.
Dell is mulling over an initial public offer (IPO) for its recently acquired SecureWorks. Dell is also planning to spin off SecureWorks after the IPO which is expected to enhance the valuation of SecureWorks from $154.9 million $1.4 billion.
Sluggish sales and the new regulatory bill in India's real estate sector have turned to be favorable for Godrej Properties which is now making heavy investments to cash in on available opportunities in an otherwise sluggish real estate market.
Alejandro Garcia Padilla, governor of the Puerto Rica’s central bank, Government Central Bank, has announced an executive order on Saturday. The order restricts withdrawal of funds except for the emergency services in a bid to avoid default in $423 debt repayment scheduled on May 1. Analysts have already warned that failure in debt repayment will definitely attract a default status for GDB.
StanChart has reportedly been considering for disposing of risk weighted assets worth $4.4 billion in India, China, Indonesia and Malaysia. To be liquidated assets in India will worth around $1.4 billion following an internal classification of businesses with risk for default. The move is going to take place since the lender pares its balance sheet after booking record impairments.
