Parity between the value of the euro and dollar would be brought about by divergence in monetary policy between the United States and Europe, according to ING Group. Hitting the lowest level since August 2003 when it traded as low as 1.0357, on Thursday the euro hit a low of 1.0364 against the dollar. Due…
Saudi Arabia has had its way at OPEC for decades now. But now Riyadh finds its power waning against a resurgent Iran and Iraq all of a sudden as the position has turned. By hinting it’s prepared to walk away from the negotiations, Saudi Arabia is trying to reassert its authority as Organization of Petroleum…
In an insider-trading investigation that could become the U.K.’s biggest case related to the crime, three employees from major banks have been arrested, reported Bloomberg and other media quoting two people with knowledge of the situation. The sources reportedly have said that the National Crime Agency, which is assisting with covert surveillance and the U.K.…
Potentially years of litigation is likely to be triggered as Ireland is to take the fight over Apple Inc.’s record 13 billion-euro ($14.4 billion) tax bill to a European Union court with the Irish Finance Minister Michael Noonan taking the case up. In a case that will test the EU’s powers to use state aid…
In a double blow to her three-day visit to India, U.K. Prime Minister Theresa May failed to arrange a meeting with senior figures at Tata Group and clashed with her Indian counterpart Narendra Modi over migration rules. As Modi appeared alongside May at a technology summit in New Delhi, he called on Britain on Monday to support…
Putting the U.S. online retail firm Amazon, in closer competition with local rivals Alibaba Group and JD.com, the company has launched a tailored version of its Prime service in China to tap consumer demand for overseas goods. From infant formula to luxury handbags, bought through online platforms like Alibaba’s Tmall International and via informal “daigou”…
According to people familiar with the matter, in its planned initial public offering, Snapchat will seek to raise as much as $4 billion. Asking not to be identified as the details aren’t public, the sources said that the IPO could value Snapchat at about $25 billion to $35 billion. They said that the size of…
The aim for Samsung Electronics Co Ltd is to now quickly recover from the disastrous withdrawal of the fire-prone Galaxy Note 7. The company said that it was this disaster that had, for the first time in nearly eight years, dragged its third-quarter mobile earnings to their lowest level. As the South Korean giant tried…
A unit to enhance collaboration among its members and the U.S. government as a way to help reduce cyber security threats to the financial system has been formed, announced the Financial Services Information Sharing and Analysis Center (FS-ISAC), an influential U.S. financial industry group on Monday. The FS-ISAC said in a statement that proactively identifying,…
The specter of a leadership vacuum was cast at the $100 billion coffee-to-steel business empire after, in a rare display of discord atop India’s biggest conglomerate, Tata Group abruptly ousted its chairman of almost four years. The group’s holding company said in a statement that chairman Cyrus Mistry, 48, was replaced by his 78-year-old predecessor…
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