A former top HSBC banker has been found guilty of defrauding a client in a $3.5bn currency deal, a landmark legal decision that could have far-reaching implications for the workings of the $5.3tn-a-day foreign exchange market.
US and California regulators will allow Volkswagen to repair rather than buy back 38,000 vehicles caught up in its diesel emissions scandal, saving the German automaker as much as $1bn by avoiding the more expensive buybacks.
After posting five straight new closing highs each day last week, and starting the day at a record high, the S&P 500 ended Monday on a losing note, bogged down by stalled-out performances from industrial heavyweights General Electric and Arconic.
The Weinstein Company is under investigation by New York’s attorney-general over possible sexual harassment and discrimination, following widespread allegations of misconduct by co-founder Harvey Weinstein.
Unions, rather than business leaders, tend to lead the charge for wage rises. But Mexico’s Coparmex, which represents 36,000 business leaders accounting for almost a third of GDP, is pushing the government to adopt a 19 per cent rise in the minimum wage this week.
Regulators in Europe might be cracking down on Amazon’s allegedly “illegal tax benefits” but in America, hundreds of local authorities are falling over themselves to offer the online retailer new tax breaks in the hope of luring the Seattle-based company to their cities.
T-Mobile US added 1.3m new customers in the third quarter and grew total revenue by 8 per cent to $10bn but held back from boasting too much about the performance as it closes in on an anticipated deal with smaller rival Sprint.