02102016Wed
Last update: Wed, 10 Feb 2016 07am

Business & Finance - Industries & Sectors

Monsanto fined $80 mn for accounting violations NEW YORK: Monsanto will pay an $80 million penalty to settle charges it misstated earnings by failing to accurately count rebate costs for a best-selling weed killer, US securities regulators announced Tuesday.Monsanto undercounted rebate payments in 2009, 2010 and 2011 that boosted revenues of the herbicide Roundup and, as a result, "materially misstated its consolidated earnings in corporate filings during a three-year period," the Securities and Exchange Commission said in a statement."Corporations must be truthful in their earnings releases," said SEC Chair Mary Jo White. "This type of conduct, which fails to recognize expenses associated with rebates for a flagship product in the period in which they occurred, is the latest page from a well-worn playbook of accounting misstatements."The moves meant Monsanto counted $44.5 million in rebate payments in 2010 that should have been recorded in 2009. Monsanto counted $48 million in rebate costs in 2011 that should have been ...


Business & Finance - Industries & Sectors

840,000 Mercedes and Daimlers in Takata airbag recall WASHINGTON: German automaker Daimler AG announced Tuesday the recall of some 840,000 Mercedes Benz and Daimler vehicles in the United States equipped with potentially defective Takata airbags.Daimler said the recall included about 705,000 Mercedes-Benz cars and 136,000 Daimler vans. It was the latest recall involving Takata airbags, which can rupture and send shrapnel into occupants of a car.At least 10 deaths, including nine in the United States, have been tied to the faulty airbags. Automakers ...

Business & Finance - Banking & Finance

Goldman eyes cost cuts: CEO NEW YORK: US banking giant Goldman Sachs is weighing cost cuts to deal with a slowing global economy, its chief executive Lloyd Blankfein said Tuesday.A person with knowledge of the situation said Goldman intends to slash at least five percent of its total workforce this year.Speaking a day after Goldman shares plunged 4.6 percent amid rising market worries over credit quality in banks, Blankfein said that the bank can "absolutely do a lot more on ...

Business & Finance - Banking & Finance

Bank of England deputy says may act if lending speeds up LONDON: The Bank of England will consider steps to safeguard financial stability if household debt grows faster than the rest of the economy, the bank policymaker in charge of financial stability said on Tuesday.British household debt, measured as a share of income, has fallen substantially from its peak during the financial crisis and has now stabilised around levels last seen in 2004.Deputy Governor Jon Cunliffe said he did not want a return to the situation ...

Business & Finance - Managed Funds

Bond prices rise as stocks fall on global growth worries NEW YORK: US Treasuries prices rose on Tuesday as investors concerned about slowing global growth continued to shun stocks, adding interest in safe-haven U.S. government debt.Yields on U.S. Treasuries fell on investor caution about the likelihood of a global economic slowdown. The yield on the 5-year note fell to 1.1 percent during morning trading, its lowest since July 2013."There's a broad array of factors driving investors into Treasuries from fear about European banks, worries about ...

Business & Finance - Industries & Sectors

Daimler recalls 840,000 vehicles with potential airbag defects FRANKFURT: Daimler on Tuesday said it was taking a 340 million euros ($383.96 million)provision in its full-year 2015 results to cover the cost of recalling 840,000 vehicles with potential airbag defects.Daimler said it had been notified by the U.S. National Highway Traffic Safety Administration (NHTSA) that certain airbag models from the manufacturer Takata, which are also installed in Mercedes-Benz cars and Daimler vans, are potentially defective.On the basis of available information on the components, Daimler ...

Business & Finance - Industries & Sectors

Swiss drugmaker Actelion forecasts earnings growth in 2016 ZURICH: Actelion, Europe's largest biotechnology company, forecast that its core earnings would grow in 2016, defying concerns about rising generic competition in its main pulmonary arterial hypertension drug business.This year, Actelion expects a small percentage increase in core earnings at constant exchange rates.While that is under the 14 percent increase in 2015, it exceeds analyst forecasts for a potential drop in profit. Chief Executive Officer Jean-Paul Clozel expects his two newest pulmonary arterial hypertension (PAH) ...