UBS, the largest bank of Switzerland announced that it is apportioning an additional amount of nearly $400 million to its already announced legal provisions on Friday. The bank had been slapped with a huge fine last month of 4.5 billion euro ($5.09 billion). UBS has already appealed against the court decision in a higher court…
Days after the fatal crash of Boeing 737 Max jet in Ethiopia and after many governments and airlines across the world grounded or banned the jet, the US administration has grounded Boeing’s 737 Max fleet on Wednesday. Following this, Boeing itself announced pulling down of its entire 737 fleet globally., Two fatal crashes involving the…
Saudi Aramco is trying to find new buyers for its crude oil in China because of increasing competition from Russian and US producers. In this effort the Saudi state owned oil major is also strategizing towards a process of partnering with independent refiners and newcomers into the industry. According to reports quoting industry sources, Saudi…
News Corp, the Australian arm of Rupert Murdoch, has suggested the competition regulator of the country that it is essential to break up Google in order to create a level playing field for media companies that is being over powered by its “overwhelming” market power. In order to make it easier for digital publishers to…
A call for immediate measures for stopping resource extraction to save the world from depletion was given by the United Nations Environment Program (UNEP) on Tuesday. According to the UNEP, the depletion of resources across the world has tripled since the 1970s. Increases in the extraction of materials was identified as the factor that has…
HSBC Holdings Plc is now on a mission of targeting to bring in its fold the richest people residing in the fastest growing region of the world in terms of generation of wealth. According to Tan Siew Meng, Asia Pacific head of global private banking of the London-based bank, a team top cater to and…
Following unconfirmed reports in the media, United States based chip making giant Nvidia confirmed on Monday that it was set to acquire the Israeli chip designer Mellanox Technologies for $6.8 billion. According to reports, this bid by Nvidia was more than an earlier bid made for the company by Intel Inc. The acquisition would help…
An investment of $400 million by the sovereign wealth fund of Saudi Arabia was returned back to the investors of the Middle Eastern country by Endeavor talent agency, essentially following up on its promise not to establish any new ties while also eliminating older ties with the kingdom as a mark of opposition to the…
Calls for an unified common standards with verifiable facts needs to be created and imposed in case of cyber security was made by Chinese tech giant Huawei. “Trust needs to be based on facts, facts must be verifiable and verification must be based on common standards. We believe that this is an effective model to…
There has been a contraction in the manufacturing activity in China for the third consecutive month in February 2019 according to data released by China’s National Bureau of Statistics. The Purchasing Managers’ Index (PMI) dropped to a level below the expectations of analysts. This level also marks the lowest level of the official manufacturing PMI…
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