02132016Sat
Last update: Sat, 13 Feb 2016 07am

Business & Finance - Industries & Sectors

Uber agrees to $28.5mn settlement over safety claims SAN FRANCISCO: Uber said Thursday it has agreed to pay $28.5 million to settle a pair of lawsuits challenging its promises on driver safety checks.The settlement submitted for approval in US District Court in Northern California called for the ride-share company to divvy up the cash between some 25 million customers and to "avoid using certain language in safety-related advertising as well as the term Safe Ride Fee.""No means of transportation can ever be 100 percent safe," Uber said in an online post."Accidents and incidents do happen. That's why it's important to ensure that the language we use to describe safety at Uber is clear and precise."The civil litigation challenged Uber's claim that it used "industry leading practices" to check backgrounds of drivers. It also took issue with how it used money taken in by a "Safe Ride Fee" added on to trips.Under terms of the proposed settlement, Uber will ...


Business & Finance - Banking & Finance

India central bank says to actively inject additional cash in March MUMBAI: The Reserve Bank of India said on Thursday it will actively inject additional cash into the banking system in March, when liquidity conditions tend to tighten because it marks the end of the fiscal year.The cash injections could come in addition to the current term repo system that provides cash to banks as short-term loans under the RBI's Liquidity Adjustment Facility (LAF).The RBI also said it would allow standalone primary dealers to borrow via ...

Business & Finance - Managed Funds

Bond yields sink as investors doubt another rate hike this year NEW YORK: US Treasury prices rose sharply on Thursday, with long-dated yields plunging to record lows as worries over global economic growth and the effectiveness of central bank policy fueled demand for safe haven assets.With stock prices down, oil prices falling towards 12-year lows hit last month, and European bank stocks slumping to new multi-year lows, investors increasingly supported the view that the Federal Reserve will not raise interest rates again this year.Prices of fed ...

Business & Finance - Industries & Sectors

Boeing shares dive on SEC accounting probe talk NEW YORK: US aerospace giant Boeing's shares dived Thursday amid speculation that regulators are investigating its accounting for its 787 and 747 aircraft.In midday trade, shares in the Dow member were down about 10 percent at $104.44.The Securities and Exchange Commission has opened a probe on Boeing's profitability forecasts for the long-haul 787 and 747 jetliners, said a person close to the situation, speaking on condition of anonymity to AFP.The SEC suspects that Boeing had ...

Business & Finance - Industries & Sectors

L'Oreal reports glowing sales and operating margin in 2015 PARIS: French cosmetics giant L'Oreal said Thursday that its sales and operating margin improved considerably last year, but profit fell by a third due to an asset sale in 2014.The 3.3 billion euro ($3.7 billion) net profit in 2015 was up 14 percent, however, if the 2.1 billion euros it booked for the sale of the 50 percent stake in of dermatological research lab Galderma to Nestle is stripped out of the results.Stripping out all ...

Business & Finance - Industries & Sectors

France's Total slashes investment amid oil price collapse PARIS: French oil company Total said Thursday it had cut its investment target this year as it steps up efforts to drastically cut costs to counter a global collapse in oil prices. Total said it would invest up to two billion dollars less in 2016 than originally planned, as it, like other oil giants, grapples with weak oil prices that have slumped around 70 percent since mid-2014 due to chronic oversupply and on Thursday got ...

Business & Finance - Banking & Finance

ECB to decide soon on fate of 500-euro banknotes: board member BERLIN: The European Central Bank will take a decision soon on whether to keep printing 500-euro banknotes, with the arguments for doing so becoming "less and less convincing", a top-ranking official said Thursday."We're actively considering the question and will take a decision shortly," executive board member Benoit Coeure told the French daily Le Parisien in an interview, when asked about the future of the euro area's largest denomination banknote. Authorities increasingly suspect that the notes ...