Jesse Jackson Jr., former congressman and son of Chicago civil rights leader the Rev Jesse Jackson, has been charged with spending campaign funds on personal expenses. Jesse Jackson Jr. of Illinois is accused of misusing $750,000. He and his wife Sandi Jackson, who is charged with tax fraud in the matter, intend to plead guilty,… Continue reading Jesse Jackson Jr. charged with fraud
Category: Business
Warren Buffett to buy Heinz for $28 billion
Warren Buffett is set to buy food giant Heinz in a deal worth $28 billion. Warren Buffett’s Berkshire Hathaway company and private equity firm 3G have agreed to take over Heinz, famous for its ketchup and baked beans. In a statement, Heinz called the deal “historic”, and the largest to date in the food industry.… Continue reading Warren Buffett to buy Heinz for $28 billion
American Airlines and US Airways merger creates the world’s biggest airline
American Airlines and US Airways are to announce their official merge to become the world’s biggest airline after the boards of both companies approved the deal late Wednesday. The new carrier will keep the American Airlines name but will be run by US Airways CEO Doug Parker. American Airline’s CEO Tom Horton will serve as… Continue reading American Airlines and US Airways merger creates the world’s biggest airline
EU and US begin formal talks on free-trade agreement
The European Union and the US will begin formal talks on a free-trade agreement, paving the way for the biggest trade deal in history. European Commission President Jose Manuel Barroso made the announcement following President Barack Obama’s State of the Union address. A deal would bring down trading barriers between the two biggest economies in… Continue reading EU and US begin formal talks on free-trade agreement
Global mobile phone sales fell by 1.7% in 2012
Global sales of mobile phones went into reverse in 2012 compared with the previous year, according to a report from research company Gartner. The report said 1.75 billion handsets had been bought, marking a 1.7% decline. Analysts at the firm suggested “tough economic conditions” had been partly responsible for the drop. It follows official data… Continue reading Global mobile phone sales fell by 1.7% in 2012
Comcast to acquire full ownership of NBCUniversal for $16.7 billion
US cable provider Comcast is to acquire the full ownership of TV and film company NBCUniversal for $16.7 billion. Comcast will buy the 49% stake in the joint venture that it doesn’t own from US industrial conglomerate General Electric (GE). It will also buy the well-known 30 Rockefeller Plaza building in New York and another… Continue reading Comcast to acquire full ownership of NBCUniversal for $16.7 billion
State of the Union 2013: Barack Obama urges Congress to back government to reignite US economy
President Barack Obama has urged US Congress to back government action to revive the country’s sluggish economy, in his annual State of the Union speech. Barack Obama promised “smarter” rather than bigger government for “the many, and not just the few”. He also called for action on gun violence, climate change and immigration reform. In… Continue reading State of the Union 2013: Barack Obama urges Congress to back government to reignite US economy
Peugeot reports 5 billion euros net loss for 2012
French carmaker PSA Peugeot Citroen has reported a net loss of 5 billion euros ($6.7 billion) for 2012. The loss was mainly due to asset write-downs, but Peugeot also blamed a collapse in sales in Europe. Last week the company wrote down the value of its assets by 4.1 billion euros, in what it described… Continue reading Peugeot reports 5 billion euros net loss for 2012
Giuseppe Orsi, Italy’s Finmeccanica CEO, arrested over corruption charges
Giuseppe Orsi, chief executive of the Italian aerospace and defence firm, Finmeccanica, has been arrested on corruption charges. Giuseppe Orsi has been under investigation for embezzlement for several months. He has always denied any wrongdoing. Prosecutors allege he profited illegally from the sale of 12 helicopters to India. Shares in the company did not open… Continue reading Giuseppe Orsi, Italy’s Finmeccanica CEO, arrested over corruption charges
Asian markets mixed reaction to North Korea nuclear test
Asian markets have had a mixed reaction to the nuclear test carried out by North Korea, its third since 2006. South Korea’s Kospi index dipped 0.3%. Analysts said the test was widely anticipated and was unlikely to have a major impact on investor sentiment. Meanwhile, Japan’s Nikkei 225 index held on its earlier gains of… Continue reading Asian markets mixed reaction to North Korea nuclear test
State of the Union 2013: Barack Obama expected to talk about gun control and more tax hikes
President Barack Obama is set to make gun control – as well as taxes and spending – a key part of his 2013 State of the Union speech after the first lady invited the parents of the slain Chicago teenager who has become the poster child for gun violence in the president’s home city. Barack… Continue reading State of the Union 2013: Barack Obama expected to talk about gun control and more tax hikes
KickStart: Mountain Dew for breakfast with caffeine and vitamins
PepsiCo Inc. has launched new drink KickStart that has Mountain Dew flavor but is made with 5% juice and Vitamins B and C, along with an extra jolt of caffeine. PepsiCo is hoping to boost sales by reaching Mountain Dew fans at a new time of day: morning. The company said it doesn’t consider KickStart… Continue reading KickStart: Mountain Dew for breakfast with caffeine and vitamins
Venezuela devalues bolivar by 32% against US dollar
Venezuela has cut the value of its currency against the US dollar by 32%, in an effort to boost the country’s economy. The widely expected measure ramps up the official exchange rate of the bolivar from 4.3 to 6.3 per US dollar. The move was announced after Vice-President Nicolas Maduro’s return from Cuba, where he… Continue reading Venezuela devalues bolivar by 32% against US dollar
Hillary Clinton is more popular than Barack Obama, shows Quinnipiac poll
Former US Secretary of State Hillary Clinton appears to be one of the most popular figures in Washington, even more popular then President Barack Obama himself, according to new polls. The influential poll out of Quinnipiac University gives the former top American diplomat a 61% favorability rating, according to Huffington Post. That’s a ten point… Continue reading Hillary Clinton is more popular than Barack Obama, shows Quinnipiac poll
European Council agrees on 2014-2020 EU budget
EU leaders have reached agreement on the 7-year budget for 2014-2020 after marathon talks in Brussels. The deal was announced by European Council President Herman Van Rompuy, who said it was “worth waiting for”. The new budget amounts to 908 billion euros ($1.2 trillion) in forecast payments. It is the first-ever reduction in the EU’s… Continue reading European Council agrees on 2014-2020 EU budget
Peugeot in 4 billion-euro asset writedown
Car maker PSA Peugeot Citroen is writing down the value of its assets by 4.1 billion euros ($5.5 billion) to reflect the worsening state of the car market. Peugeot said new accounting guidelines had prompted the move and that it was reversible when conditions improve. The statement comes ahead of next week’s earnings and indicates… Continue reading Peugeot in 4 billion-euro asset writedown
David Einhorn sues Apple over preferred stocks proposal
David Einhorn, an activist shareholder, is suing Apple, demanding that it share out more of its $137 billion cash pile to its investors. Apple’s cash pile has grown to that size from $98 billion last March. US hedge fund manager, David Einhorn, who is behind the unusual move, told the television channel CNBC that Apple… Continue reading David Einhorn sues Apple over preferred stocks proposal
UK demands further cuts at EU budget summit
British PM David Cameron says he will not accept an European Union budget deal unless further cuts are made in negotiations in Brussels. EU leaders are gathering for a two-day summit to try to strike a seven-year spending deal, after a previous meeting in November failed. But David Cameron said the figures being proposed “need… Continue reading UK demands further cuts at EU budget summit
John Brennan faces Senate hearing for CIA nomination
CIA chief nominee John Brennan will face a grilling soon at a Senate confirmation hearing. The session comes as lawmakers were to receive secret papers setting out the rationale for drone strikes on Americans working with al-Qaeda abroad. Members of President Barack Obama’s own Democratic party are concerned about John Brennan’s role in US drone… Continue reading John Brennan faces Senate hearing for CIA nomination
EU to begin 7-year budget summit in Brussels
European Union leaders are due to begin a two-day summit in Brussels to try to strike a deal on its next seven years budget. High EU expenditure at a time of cutbacks and austerity across the continent is the main issue dividing the 27 member states. They failed to reach a compromise at a similar… Continue reading EU to begin 7-year budget summit in Brussels
RBS to be fined $625 million over LIBOR scandal
Royal Bank of Scotland (RBS) is expected to be fined a total of about £400 million ($625 million) by UK and US regulators as a result of the LIBOR scandal. The head of RBS’s investment banking arm since 2008, John Hourican, is also expected to step down. However, there is no suggestion he was involved… Continue reading RBS to be fined $625 million over LIBOR scandal
New Jersey credit card fraud ring stole $200 million
Eighteen people have been charged with stealing at least $200 million in a credit card fraud ring, possibly one of the largest in US history. The scam allegedly involved thousands of fake identities and businesses, lying to credit rating agencies and wiring some of the proceeds abroad. An FBI agent said the accused had used… Continue reading New Jersey credit card fraud ring stole $200 million
Michael Dell buys back Dell computers for $24 billion
Michael Dell has said that he will buy back the world’s number three PC manufacturer that he founded and that carries his name for $24.4 billion. Michael Dell, together with technology private equity investor, Silver Lake, will offer $13.65 cash per share. The firm said it offered a 25% premium over the Dell’s valuation in… Continue reading Michael Dell buys back Dell computers for $24 billion
US to sue Standard & Poor’s over subprime ratings
Standard & Poor’s has announced it is to be sued by the US government over the credit ratings agency’s assessment of mortgage bonds before the financial crisis. The civil lawsuit would focus on S&P’s high ratings in 2007 for some mortgage-backed securities that later collapsed in value, said the agency. S&P says the case is… Continue reading US to sue Standard & Poor’s over subprime ratings
Commerzbank to announce large loss for Q4 2012
Commerzbank, Germany’s second biggest lender, is to announce a large loss for the fourth quarter of 2012. Commerzbank expects a net loss of 720 million euros after a revision of its medium-term profits forecast had a negative effect on its tax accounting. Full-year net profit will be just 6 million euros, down from 638 million… Continue reading Commerzbank to announce large loss for Q4 2012