Business

Russell Simmons Hit With Class Action Lawsuit

The mogul, Rush Communications, UniRush and Meta Financial Group, Inc. stand accused of breach of contract over the RushCard failures to give customers access to their money. On Twitter, Simmons said that he was happy that RushCard was being investigated by the bureau, saying that this would show that he is running a "clean" operation.

Business

Globo's CEO and CFO resign after revealing financial irregularities

Chief operating officer Gerasimos (Makis) Bonanos has been suspended from his duties with immediate effect pending the outcome of investigations. CEO Costis Papadimitrakopoulos and CFO Dimitris Gryparis told the board of directors on Saturday about "the falsification of data and the misrepresentation" of Globo's financial information.

Business

Oil prices rebound in Asia on bargain hunting

December WTI declined 92 cents, or 2%, to $45.37/bbl at 11:52 a.m. on the New York Mercantile Exchange. Brent for December delivery fell 76 cents at $49.70 a barrel, while the United States crude edged down 57 cents to $46.69 a barrel.

Business

USAA Switches to Visa, Ending 30-Year Deal With MasterCard

USAA , based in San Antonio, offers financial services to its members, including insurance, banking and retirement planning. For  MasterCard Inc.  (NYSE: MA),  USAA  is one of the biggest clients and was one of the rare thing to happen in the industry because of its three-decade-long relationship.

Business

Novartis Q3 income lags estimates as Alcon, dollar hit results

Core net income fell 2 percent to .06 billion, the world's biggest seller of prescription drugs reported, compared to the average analyst estimate of .128 billion in a Reuters poll. This represents 4.2945% growth over that time period. Novartis' Lucentis approved for the same indication, thus becomes highly expensive, priced at €900 per dose, while Roche' Avastin is sold for only €30 per dose.

Business

Tata Steel confirms plans to shed 1200 jobs in the UK

Tata Steel today announced it will cut around 1,200 jobs in Europe, with the United Kingdom, being the worst hit, under a planned restructuring to deal with "flood of cheap imports" from China and other places. "Government ministers need to ask themselves". The drop has meant many United Kingdom firms are no longer able to compete. Steel slab for the Teesside Beam Mill comes from Tata's Scunthorpe plant - but this will not be affected, according to bosses.


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