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Merrill agrees to pay $400K to setttle fund-churning case
Merrill Lynch has agreed to pay a $400,000 fine in a fund-churning case brought by the Financial Industry Regulatory Authority IncThe brokerage will also pay $139,718 in restitution to customers. Finra enforcers signed off on the case this week. The regulator claimed that Merrill failed to supervise former broker David Bredenburg, who worked in the firm's Towson, Md. office. Finra alleged that Mr. Bredenburg engaged in at least 37 unsuitable short-term trades in unit trusts and closed-end
Maruti workers agree to talk with conditions
MANESAR: The rebel workers body at Maruti's troubled Manesar plant said on Wednesday it is ready to talk to the company's management to end the impasse but with conditions, including withdrawal of the 'good conduct bond' that the automaker has asked workers to sign as well as revocation of suspension and terminations. Shiv Kumar, general secretary of the Maruti Suzuki Employees Union (MSEU), said the body has written to Maruti chairman RC Bhargava , HR head SY Siddiqui and managing executive officer (production) MM Singh, offering to hold talks. "We are yet to hear from them," he added.
UK trade deficit at 15-year high
The UK's trade gap widened sharply in June, to its worst level since comparable records began in 1997. The deficit, which measures how much imported goods and services exceed exports, rose to £4.3bn in June from £2.7bn in May. The rise was driven by a 4.6% month-on-month fall in the value of UK exports to eurozone and non-European Union countries. The deficit with non-EU nations rose to £5.2bn in June from £3.9bn in May. Economists and analysts greeted the figures with dismay. BNP
Pakistan agrees to grant MFN status to India: Report
ISLAMABAD: Pakistan has agreed to grant the Most Favoured Nation (MFN) status to India, something which New Delhi had been demanding for many years, a media report said on Sunday. A senior official of the ministry of trade said on the condition of anonymity that the status of MFN would be granted during the current year, Urdu daily Jang reported. Pakistan has in return asked for immediate lifting of non-tariff restrictions on its exports to India. Sources said that trade and commerce minister Makhdoom Amin Fahim would soon announce basic changes in Pakistan's trade policy.
Indian HNIs to double by 2015: Study
HONG KONG: Asia will add 1.66 million dollar millionaires by 2015, taking the total number of wealthy to 2.82 million as the world's fastest-growing major economies of China and India continue to mint millionaires, a report from Julius Baer said. The Swiss wealth manager forecast that the wealth of high networth individuals (HNIs), those with $1 million or more in investable assets, would triple to $15.8 trillion in the five years to 2015. India would more than double the number of HNIs to 403,000 by 2015, while Indonesia would see highest growth in the number of wealthy, up by a quarter to 99,000, the first such report from Julius Baer said.
US Fed chief Ben Bernanke hints at further measures
The head of the US central bank has said that he has not ruled out further action to boost the US economy. "The Federal Reserve will provide additional policy accommodation as needed," said Fed chairman Ben Bernanke in a much-watched speech. In particular, he suggested that the Fed may pump more money into the economy via so-called quantitative easing. Mr Bernanke spoke at an annual conference in Jackson Hole, Wyoming. The Fed calls such measures "asset purchases", where the central
European stocks rise at open; London up 0.36%
LONDON: Europe's main stock markets advanced in opening trade on Wednesday, with London's FTSE 100 index of leading shares up 0.36% at 5,287.39 points. Elsewhere, Frankfurt's DAX 30 index gained 0.75% to 5,686.26 points and in Paris the CAC 40 added 0.62% to 3,179.21 points. Asian markets were mixed on Wednesday following a two-day rally as weak consumer confidence data from the United States and Europe outweighed renewed hopes for a fresh round of US monetary easing.
China defence chief plans rare India trip, to discuss border Miscommunication creates Amsterdam plane hijack scare NDA allocated coal block arbitrarily, says Sibal Mamata's bid to create dent in Congress bastion Am sure Pakistan will note verdict on Kasab: Krishna Minister's involvement only with Modi's consent: Congress Osama was unarmed, almost dead, when killed, says book Raghuram Rajan takes over as Chief Economic Advisor Bajrangi said he felt like Rana Pratap after Naroda killings Tamil News·????·??????????·??????·??????
Gaddafi's son Saadi ready to surrender, say rebels
TRIPOLI: Muammar Gaddafi's son al-Saadi is trying to negotiate the terms of his own surrender, the rebel commander in Tripoli said on Wednesday. The commander, Abdel Hakim Belhaj, said al-Saadi first called him on Tuesday and asked whether his safety could be guaranteed. "We told him 'Don't fear for your life. We will guarantee your rights as a human being, and will deal with you humanely' ," said Belhaj. Belhaj added that al-Saadi would be turned over to legal authorities after his surrender. The offer came as Libya marked the first Eid ul-Fitr feast in 42 years free of Gaddafi's yoke on Wednesday, while rebels declared a "right to kill" the fugitive strongman.
Suicide car bomb kills 10 in southwest Pakistan
QUETTA: A suicide car bomber attacked Shiite Muslims in southwestern Pakistan on Wednesday as they were heading home after morning prayers at the start of an Islamic holiday. The blast killed 10 people, officials said. The attack occurred in Quetta, the capital of Baluchistan province. No group immediately claimed responsibility for the bombing, but Baluchistan is believed to be home to many Taliban militants who have targeted Shiites in the past. Extremist Sunni Muslim groups like the Taliban view Shiites as heretics.
Apple employee loses test iPhone in bar: CNET
SAN FRANCISCO: Technology news website CNET reported that a new version of Apple's coveted iPhone went astray in a bar in a replay of an embarrassing loss that took place last year. An Apple employee lost a yet-to-be released iPhone model in a tequila bar in the San Francisco Mission District in July, according to CNET. Apple electronically tracked the device to a San Francisco home but the resident denied knowing anything about the missing iPhone, which may have been sold for a couple of hundred dollars at online auction house eBay, CNET said.
London 2012 Olympics: Panasonic to broadcast in 3D
LONDON: The London 2012 Olympics will be the first to be broadcast live in 3D, Japanese electronics giant Panasonic announced. Viewers around the world will be able to watch major events such as the opening and closing ceremonies, athletics and swimming in 3D, said Panasonic, the official provider of broadcasting equipment to the Games.
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