France’s SocGen bank fined over anti-terror lapses

France’s banking watchdog said Friday it had fined Societe Generale five million euros ($5.8 million) over lapses in its measures to prevent money laundering that could finance terrorism.The punishment was for a number of failings picked up during regu…

July 21, 2017

High-tech mystery: Is a Facebook phone in the works?

Facebook could be working on a smartphone, according to paperwork recently spotted by cyber sleuths which the tech giant filed earlier this year.A Facebook unit devoted to hardware filed a patent application in January for a mysterious “modular electro…

July 21, 2017

Bank of America picks Dublin as post-Brexit hub

Bank of America announced Friday that it will move its hub for EU business to Dublin from London following Brexit.The Irish capital will be “the preferred location for (the bank’s) principal EU legal entities following the UK’s departure from the EU,” …

July 21, 2017

Deutsche Bank says to move jobs to Frankfurt post-Brexit

Germany’s largest lender Deutsche Bank is bracing for Brexit and will have to move jobs from London to its headquarters in Frankfurt, chief executive John Cryan has said.”For now, it’s far from clear what Brexit constitutes, we are not really sure what…

July 21, 2017

German carmakers colluded on diesel emissions: report

German carmakers Volkswagen, Audi, Porsche, BMW and Daimler secretly worked together from the 1990s onwards on issues including polluting emissions from diesel vehicles, news magazine Der Spiegel reported Friday.Volkswagen, facing tens of billions of d…

July 21, 2017

GE earnings fall ahead of CEO transition

General Electric reported lower second-quarter earnings Friday following a mixed performance of its industrial division as outgoing chief executive Jeff Immelt prepares to step down.Net income was $1.2 billion, down 57 percent from the year-ago period….

July 21, 2017

Ryanair sets deadline for Brexit air travel deal

Ryanair will slash flights between Britain and the EU if London and Brussels fail to agree on terms for post-Brexit air travel by September next year, a senior executive said Friday.If there is no “clarity” on the issue by September 2018, the Irish no-…

July 21, 2017

Britain’s Johnson welcomes Japanese investment despite Brexit

Japanese investment in the UK has hit a “record high” since last year’s shock Brexit vote, British Foreign Secretary Boris Johnson said Friday. Johnson, a leading campaigner for Britain to quit the European Union, also pledged London will “build a fant…

July 21, 2017

Swatch says profits up in first half

Swiss watchmaker Swatch said Friday that its profits rose in the first six months, but its performance was dampened by the strength of the Swiss franc.”The overvalued Swiss franc dampened growth in the first half of the year,” Swatch said in its first…

July 21, 2017

Microsoft profit rises on shift to cloud computing

Microsoft on Thursday reported that its quarterly profit climbed to $6.5 billion, lifted by its shift to computing services hosted in the internet cloud.The US technology giant said revenue in the recently ended quarter rose to $23.3 billion, with $7.4…

July 20, 2017

Volkswagen fined $154 mn more in US for dieselgate

Volkswagen must pay an additional $154 million to California to settle state environmental charges in the latest penalty in the scandal over its use of emissions “defeat devices,” regulators announced Thursday.The sum is on top of $533 million VW alrea…

July 20, 2017

Google, EU dig in for long war

Google and the EU are gearing up for a battle that could last years, with the Silicon Valley behemoth facing a relentless challenge to its ambition to expand beyond search results.Brussels has already spent seven years targeting Google, fuelled by a de…

July 20, 2017

Sears in deal to sell Kenmore appliances on Amazon

Slumping US retailer Sears announced an agreement Thursday to sell appliances from its Kenmore line on Amazon, a move that is expected to stiffen competition for other brick-and-mortar stores.Under the deal, Amazon would offer the most extensive platfo…

July 20, 2017

Citigroup picks Frankfurt as new EU hub after Brexit

Citigroup has picked Frankfurt as its headquarters for broker-dealer duties for EU countries after Brexit, a Citigroup executive announced Thursday in an email reviewed by AFP.The operations are currently housed in London at Citigroup Global Markets, b…

July 20, 2017

ECB must be ‘patient’ to reach inflation target: Draghi

The European Central Bank must be “patient” as it pushes to bring inflation towards its target of just below 2.0 percent, president Mario Draghi said Thursday.Draghi sought to play down expectations that the bank could soon announce an end to its mass …

July 20, 2017

ECB holds course as markets wait for exit hints

The European Central Bank held its key interest rates and a mass bond purchase programme unchanged Thursday, sending a calming message to financial markets looking for hints its easy money policy will soon end.Interest on the bank’s main refinancing op…

July 20, 2017

ECB holds steady as markets wait for exit hints

European Central Bank policymakers held key interest rates and mass bond-buying unchanged Thursday, sending a calming message to financial markets looking for hints the bank’s easy money policy will soon end.Attention will now turn to central bank chie…

July 20, 2017

Air France unveils Joon – the ‘millenials’ airline

Air France on Thursday unveiled a new lower-cost subsidiary called Joon that will specifically target well-travelled millenials.A new medium-haul service will begin operating from Charles de Gaulle airport in Paris later this year, with long-haul fligh…

July 20, 2017