Italy faces a €4.95 billion ($5.65 billion) bailout after bad loans in its banks accumulated to an alarming rate.
The bank shares have lost close to half of its value in the last 12 months.
Sectors
Dollar Touched the Lowest Point Against Yen in 17 Months on Monday
Japanese yen surged against dollar on Monday. Speculation from non-Japanese short-term currency players pushed the currency to the highest point against dollar.
U.S. Consumers Prefer Sweeteners Made From Sugarcane Over Sweeteners Made From GMO Beets
Mexico will ship up to 500,000 metric tons of sugar to U.S. without any modification on the agreement being signed by the two nations on December 14. U.S. consumers prefer sweeteners from sugarcane over sweeteners manufactured from genetically modified beets.
Kansas City Says Farewell to Google Fiber's Free Internet Option
Google Fiber is now phasing out its free internet option in Kansas City. For existing customers, they may continue usign the service. For subscribers to take advantage of the free internet option, they have to pay an installation fee of $300.
British Retailer Iceland Innovates to Take On German Competitors
In a battle with German's budget stores, Aldi and Lidl, Iceland introduces its food warehouse concept. The concept is an advancement of its old style format with cash-and-carry style.
Latest News
India is using its wide biometric ID system, the Aadhar database, to bring banking services access to more of its people. An Indian bank already introduced an ATM where people can use their Aadhar ID number or ID card to make transactions instead of a PIN.
The steel industry of China is expected to shrink rapidly, stopping global price fall. The steel industry across the world is fighting the problem of over production as demand weakens in China.
Due to extreme dry weather conditions, African farmers are seriously affected by their crops failure with little or no more money to replenish their lands or support their families. With the mobile drought insurance, farmers are protected from such harsh conditions by paying a small surcharge fee upon purchase of seeds and fertilizers registered with an insurance company.
As settlement for hiding bad loans and house desolation, Wells Fargo will pay $1.2 billion. The bank lender admitted of cheating the government by insuring thousands of risky mortgages although they are not eligible.
A US Court has rejected $12.25-million legal case between Lyft and its drivers. Lyft and attorney of drivers need to sit back again on further discussions after the latest judgment.
European banking regulators have begun probing links between banks and tax havens in the wake of leakage of Panama Papers. Switzerland's financial watchdog FINMA has cautioned banks to crack down on money laundering. Geneva has also commenced a criminal enquiry into banks dealing with tax havens in the wake of Panama Papers.
Verizon Communications Inc will bid for Yahoo's web business, while Alphabet Inc's Google unit is also exploring options on bidding for it. Additionally, Verizon may also make an offer for stake in Yahoo's Japan subsidiary.
Exxon Mobil Corp will pay $10.75 million to New York State reimbursing costs on oil spill cleanup. The payment will cover New York Environmental Protection and Spill Compensation fund's costs.
South Africa is experiencing wheat shortages prompting grain importation. The increased tariff has been approved but Treasury requested the Trade and Industry sector to review it as it will affect the prices of staple food.
