12082016Thu
Last update: Thu, 08 Dec 2016 02pm

Business & Finance - Industries & Sectors

Danish prosecutor files charges against Uber   COPENHAGEN: A Danish prosecutor on Friday filed criminal charges against a Dutch subsidiary of ride-sharing service Uber for operating illegally in Denmark.A Danish appeals court in November upheld a ruling in which an Uber driver was fined 6,000 kroner (809 euros, $859) for offering services banned in the country."It has now been established that the drivers have been driving in violation of taxi legislation," chief prosecutor Vibeke Thorkil-Jensen said in a statement."Therefore we have now charged the company... for being complicit in these illegalities," she said.The prosecution said it wanted to fine the US-based company's subsidiary in the Netherlands -- where its European headquarters are located -- 30,000 kroner, corresponding to 10,000 kroner per ride in the case in question.Uber is a cab service company that connects passengers to drivers through an app on its passengers' smartphones.Customers pay Uber directly for the journey and the company, in turn, remunerates drivers. The company in August filed a complaint with the European Union over ...


Business & Finance - Managed Funds

China SHANGHAI: China's primary money rates were up sharply for the week on tight liquidity after days of net fund drains by the central bank although pressure eased on Friday, traders said.The People's Bank of China (PBOC) is controlling liquidity to curb potential risks and an expansionary monetary policy is unlikely to return in the near future, industry sources say.Money conditions were "extremely tight" in the middle of the week, triggering a sell-off in the bond market, but supply and demand were more ...

Business & Finance - Banking & Finance

Singapore fines two British banks for 1MDB-linked lapses SINGAPORE: Singapore's financial regulator said Friday it has fined two British banks and barred a former Goldman Sachs banker in a widening crackdown on money laundering linked to Malaysian state fund 1MDB.Standard Chartered Bank was slapped with a Sg$5.2 million ($3.65 million) penalty while Coutts bank was fined Sg$2.4 million for breaching anti-money laundering regulations in 1MDB-linked transactions, the Monetary Authority of Singapore (MAS) said in a statement.The fines came after MAS, also the city-state's central bank, shut down the local ...

Business & Finance - Industries & Sectors

GM, Ford, Toyota post strong November US auto sales      DETROIT: Hefty discounts during a robust Black Friday weekend helped boost November US auto sales between 4 percent and 5 percent, the first automakers to report said on Thursday, which could catapult results this year above a record high in 2015.  "All economic indicators show significantly improved optimism about the US economy," said Mustafa Mohatarem, chief economist at General Motors Co. "The US auto industry is well positioned for sales to continue at or near record levels into 2017."  Each month, auto ...

Business & Finance - Banking & Finance

Italy govt undersecretary says Monte Paschi won MILAN: Ailing Italian bank Monte dei Paschi di Siena will not need state support, Claudio De Vincenti, an undersecretary at the prime minister's office, said on Thursday.  The bank, which emerged as the weakest lender in a European health check of the sector this summer, is seeking to raise 5 billion euros ($5.3 billion) by year-end to plug a capital shortfall.  However, the plan has been overshadowed by a Dec. 4 referendum that could unseat the government of Prime Minister Matteo ...

Business & Finance - Banking & Finance

Russian central bank governor discusses G20 with French finance minister       MOSCOW: Russian central bank governor Elvira Nabiullina has discussed G20 agenda for the next year with French Finance Minister Michel Sapin, the central bank said in a statement on Thursday.    Copyright Reuters, 2016

Business & Finance - Banking & Finance

Mexico MEXICO CITY: Mexican Central Bank Governor Agustin Carstens is set to leave the Banco de Mexico in July 2017 to lead the Bank for International Settlements from October next year, a central bank spokesman said on Thursday.  Carstens, a former Mexican finance minister, has been the governor of the central bank since 2010.  The peso weakened nearly 1 percent on the news.        Copyright Reuters, 2016