Category Archives: Business

British bankers on trial in Germany charged with €447m fraud

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UK pair accused of defrauding German state through ‘cum-ex’ share trading scheme

Two British investment bankers have gone on trial in Bonn in what German media have called “the biggest financial fraud trial” in the country’s postwar history.

The two British citizens, Martin Shields, 41, and Nicholas Diable, 38, are accused of having defrauded the German state of €447.5m (£405m) from London’s banking district with so-called cum-ex trading schemes, a complex shell game of share transactions.

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YouTube fined $170m for collecting children’s personal data

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FTC has fined Google $136m and company will pay an additional $34m to New York state to resolve similar allegations

Google’s video site YouTube has been fined $170m to settle allegations it collected children’s personal data without their parents’ consent.

The Federal Trade Commission (FTC) fined Google $136m and the company will pay an additional $34m to New York state to resolve similar allegations.

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US and China begin imposing new tariffs as trade war escalates

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Chinese exports worth $125bn will face new taxes from 1 September, while China places levy on oil as agreement becomes more distant

China and the United States have begun imposing additional tariffs on each other’s goods in the latest escalation of their bruising trade war that has sent shockwaves through the global economy.

A new round of tariffs took effect from 0401 GMT on Sunday, with Beijing’s levy of 5% on US crude oil marking the first time the fuel has been targeted since the world’s two largest economies started their trade war more than a year ago.

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Saudi Arabia shakeup brings in new oil minister and royal court chief

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As the Aramco listing is revived, crown prince appoints a businessman to lead the oil sector and gets a new gatekeeper

Saudi Arabia has announced the creation of a new natural resources ministry, separating it from the energy ministry, while replacing the head of the royal court in a wide-ranging shakeup of the government.

As plans for the massive $2 trillion stock market listing of the state-owned oil company Aramco are stepped up, the kingdom’s de facto ruler and crown prince, Mohammed bin Salman, has brought in a prominent businessman to head the new ministry of industry and mineral resources.

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Corporations pile pressure on Brazil over Amazon fires

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Asset managers, pension funds and companies halt deals and stop buying bonds

Financial pressure is growing on Brazil over fires in the Amazon and the far-right president’s belligerent response to them.

Asset managers, pension funds and companies have issued warnings, halted deals and stopped purchases of government bonds.

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Political uncertainty puts London listing for Saudi Aramco in doubt

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Decision to rule out UK and Hong Kong would be major blow to both financial centres

Saudi Arabia’s revived plans for a $2tn mega-listing of its state oil company may rule out the London Stock Exchange amid Britain’s rising political uncertainty, according to reports.

Saudi Aramco, the world’s most profitable company, may instead look to Japan’s Tokyo stock exchange to host the second phase of what would be the biggest public offering in history.

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Crown Resorts: inquiry to examine whether James Packer’s casino group fit to hold licence

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Former judge also asked to report on whether NSW gambling laws need to be overhauled

A public inquiry into allegations of wrongdoing at casinos run by Crown Resorts will decide whether the James Packer-dominated group is fit to hold a licence in New South Wales and whether the state’s gambling laws need to be overhauled.

Terms of reference, released by the NSW Independent Liquor & Gaming Authority on Thursday, show the inquiry, to be headed by former judge Patricia Bergin, will also investigate whether Packer’s decision to sell almost 20% of Crown to Hong Kong billionaire Lawrence Ho breached the gambling group’s licence to build a high-roller casino at Barangaroo in Sydney.

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The IMF is hurting countries it claims to help | Mark Weisbrot

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The fund browbeats poor countries into accepting neoliberal measures that exacerbate inequality and economic distress

When people think of the damage that wealthy countries – typically led by the US and its allies – cause to people in the rest of the world, they probably think of warfare. Hundreds of thousands of Iraqis died from the 2003 invasion, and then many more as the region became inflamed.

Related: Brexit: EU ‘would block trade deal if Britain reneged on bill’

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Johnson & Johnson responsible for fueling opioid crisis in Oklahoma, judge rules

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In landmark case, Oklahoma is first state to sue an opioid manufacturer all the way to trial as judge orders orders company to pay $572m

An Oklahoma judge has found Johnson & Johnson liable in a lawsuit claiming the giant drug maker helped fuel the deadly opioid epidemic in the state.

Oklahoma is the first state to sue an opioid manufacturer in court all the way to trial.

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Shares across Asia fall sharply amid US-Chinese trade tensions

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Investors seek safe havens such as US treasuries and gold as the superpower standoff shows no sign of being resolved

Shares in Australia and across Asia Pacific have fallen sharply amid a new flare-up of US-Chinese trade tensions.

Despite a senior Chinese leader saying Beijing wanted to resolve the dispute with “calm negotiations”, indices were deep in the red on Monday.

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US companies tell Apple and Amazon to put planet before profits

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Patagonia, Ben & Jerry’s, Danone and others take out full-page ad in New York Times addressed to business leaders

The bosses of some of the world’s biggest companies, including Apple and Amazon, have been told to put the planet before profits – not by environmental campaigners but by other multinationals, including Danone’s US arm, and a unit of Unilever.

A group of more than 30 American business leaders, including the heads of outdoor clothing brand Patagonia, The Body Shop owner Natura, Ben & Jerry’s (part of Unilever) and Danone’s US business, have taken the extraordinary step of taking out a full-page ad in Sunday’s edition of the New York Times to champion a more ethical way of doing business. The advert is aimed at members of the influential Business Roundtable (BRT) lobby group, which represents 181 of the US’s biggest companies.

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The west takes its eyes off Africa at its peril | Larry Elliott

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The G7 thought it had solved Africa’s problems, but rising child poverty is a ticking time bomb

Time was when Africa dominated gatherings of the G7. In the period between two summits held in the UK – Birmingham in 1998 and Gleneagles in 2005 – the talk was of little else. There was public activism and it led to political action.

In part, that was because the big developed countries were enjoying a spell of low-inflationary growth and could look beyond their own problems to see a bigger picture. There was the occasional financial panic, but the G7 thought the problems of economic management had largely been solved and all that was needed was a bit of tinkering by technocratic central bankers.

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Macron hopes to convince G7 leaders to halt trade war and heal divisions

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French president Emmanuel Macron has said he hopes to convince world leaders to pull back from trade war and heal growing divisions at the G7 summit in Biarritz, despite signs that will be a daunting task.

Related: Boris Johnson prepares for Biarritz balancing act with Donald Trump

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Trump escalates attacks on China and threatens to raise tariffs

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President ‘hereby orders’ US firms to seek alternative locations and suggests Fed Chair is an ‘enemy’

Donald Trump escalated his attacks on China on Friday, bumping up tariffs on Chinese imports and ordering US companies to leave China.

Trump’s announcements on Friday – all on Twitter – came after the president launched another blistering criticism of the Federal Reserve chairman, Jerome Powell, asking: “Who is our bigger enemy, Jay Powell or [China’s] Chairman Xi?”

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Iran sanctions scandal: Australian company offloads $15m cargo it says it was duped into carrying

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Quantum Fertiliser, part of ASX-listed Incitec Pivot, says it is reviewing its operations to avoid a recurrence

The Australian multinational at the centre of an Iran sanctions scandal has offloaded a $15m shipment of Iranian cargo it says it was duped into taking, and is reviewing its operations to avoid a repeat.

A subsidiary of ASX-listed company Incitec Pivot took hold of a cargo shipment of fertiliser from Iran late last month, potentially risking a contravention of strict United States sanctions.

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Here are the reasons for Trump’s economic war with China

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On Friday the US president ‘hereby ordered’ companies to halt business with China, among other attacks – how did we get here?

Even by Donald Trump’s standards his Twitter rant attacking China on Friday was extraordinary. In a series of outbursts Trump “hereby ordered” US companies to stop doing business with China, accused the country of killing 100,000 Americans a year with imported fentanyl and stealing hundred of billions in intellectual property.

The attack marked a new low in Sino-US relations and looks certain to escalate a trade war already worrying investors, manufacturers and economists who are concerned that the dispute between the two economic superpowers could trigger a recession.

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China puts $75bn of retaliatory tariffs on US goods

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Move puts additional 5% and 10% on imports in latest tit-for-tat between top two economies

China has unveiled retaliatory tariffs against about $75bn (£60bn) worth of US goods, putting up to 10% on top of existing rates in the latest tit-for-tat in the dispute between the world’s top two economies.

The salvo from China on Friday comes after the US unveiled tariffs on an additional $300bn of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on 1 September and 15 December.

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France and Ireland declare opposition to trade deal over Amazon fires

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Brazil’s handling of forest fires set to top agenda of G7 countries at meeting in Biarritz this weekend

Amazon fires: what is happening and is there anything we can do?

France and Ireland have said they will oppose an EU trade deal with South American countries unless Brazil takes action to stop the burning of the Amazon.

On the eve of a meeting of the G7 nations in Biarritz, an Élysée source said Emmanuel Macron thought Brazil’s president, Jair Bolsonaro, “lied” to him at the G20 meeting in Osaka in June about his climate commitments and therefore France would oppose the Mercosur treaty.

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Deutsche Bank to pay $16m to settle US ‘princelings’ case

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Regulator had said it corruptly hired unqualified relatives of foreign officials to win business

Deutsche Bank has agreed to pay a $16m (£13m) fine to US authorities overallegations that it hired unqualified relatives of powerful Russian and Chinese government officials to win business.

The Securities and Exchange Commission (SEC) alleged that Germany’s largest lender had used false books to record the hirings, which meant the relatives – known in China as “princelings” – did not have to go through rigorous interview processes.

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French wine-makers hope for G7 detente with Trump over tariffs

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Trump has threatened high tariffs on French wine in response to Macron’s tech tax

French wine-makers are increasingly concerned about Donald Trump’s threats to introduce high tariffs on French wine in retaliation for Emmanuel Macron’s tax on global technology companies, as world leaders gather for the Biarritz G7 summit this weekend.

A new front in Trump’s international trade wars could open up across France’s vineyards, damaging the livelihoods and jobs of small producers, if the US president decides to substantially increase tariffs on French wine as punishment for what he has called the “foolishness” of the new levy on the annual revenues of technology companies.

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