Ex-Goldman director goes to prison, still owes $13.9 million fine

(Reuters) – Former Goldman Sachs Group Inc (GS.N) director Rajat Gupta on Tuesday began serving his two-year prison term for insider trading, and lost his challenge to a $13.9 million civil penalty and permanent ban from acting as a public company officer. Gupta, 65, reported to FMC Devens, a medical facility and satellite camp in Ayer, Massachusetts about 40 miles (64 km) northwest of Boston, a spokesman for the Federal Bureau of Prisons said. The […]

GM safety crisis grows with recall of 3 million more cars for ignition issues

(Reuters) – General Motors Co GM.N recalled three million more cars for ignition switch issues on Monday, roughly doubling the number of GM vehicles with known switch problems in a crisis that has defined the automaker and new Chief Executive Mary Barra this year. GM on Monday recalled 3.36 million midsize and fullsize cars globally with ignition switches that can be jarred out of the “run” position, potentially affecting power steering, power brakes and air […]

Medtronic to buy Covidien for $42.9 billion, rebase in Ireland

(Reuters) – U.S. medical device maker Medtronic Inc (MDT.N) said on Sunday it had agreed to buy Covidien Plc (COV.N) for $42.9 billion in cash and stock and move its executive base toIreland in the latest transaction aiming for lower corporate tax rates abroad. While the deal will allow Medtronic to reduce its overall global tax burden, the Minneapolis-based company said it was driven by a complementary strategy with Covidien on medical technology rather than tax considerations “The […]

Conflict in Iraq drives oil prices higher

The sudden eruption of an al Qaeda-linked militant insurgency in northern Iraq last week triggered the biggest oil price spike in almost a year, as traders feared a civil war that might also draw in oil-rich neighbors. [youtube id=”NCDp4GWmsUo”]

Pact to halt forced labor snubbed by Thailand, Gulf – ILO

Perpetrators of forced labour, which affects 21 million people globally, will be punished in most countries under a U.N. treaty , despite being snubbed by Thailand and nearly all Gulf countries. The new treaty, a protocol to the ILO’s Forced Labour Convention of 1930, aims to halt the practice by requiring countries ratifying it to identify and release victims, ensure them access to compensation and punish perpetrators. [youtube id=”JR4SJtnFtUg”]

Ukraine faces gas cut threat as talks with Russia fail

(Reuters) – Ukraine faces the threat of Russia cutting off gas supplies when a 0600 GMT deadline passes on Monday after talks on a long-running gas pricing dispute failed. Russian natural gas producer Gazprom said it was not extending the deadline for Ukraine to start paying off its gas debts after the discussions ended in the early hours of the morning in Kiev, raising the prospect of disruptions to gas flows to the European Union […]

POEA imposes total ban on OFW deployment in Iraq except for one region

MANILA, June 16 (PNA) — The Philippine Overseas Employment Administration (POEA) has issued a resolution imposing a total deployment ban on the processing and deployment of all Overseas Filipino Workers (OFWs) bound for Iraq except for the Iraqi Kurdistan Region which “remains calm and stable” as per the Department of Foreign Affairs (DFA) advisory. POEA issued the ban until such time when the condition in the said country is normalized after due consultation with the […]

Asian shares slip, crude firms as market eyes Iraq

(Reuters) – Asian shares got off on the back foot on Monday, as crude extended gains and tested nine-month highs on fears the insurgency in Iraq could spread – disrupting oil exports. Sunni insurgents seized a mainly ethnic Turkmen city in northwestern Iraq on Sunday, while the United States boosted security for its diplomatic staff in Baghdad and said some personnel had evacuated from the embassy. Brent LCOc1 rose about 0.5 percent to $113.07 per barrel, after touching $114.69 […]

Japan’s workforce shortage

Japanese firms are  taking matters into their own hands to address a labor shortage that’s an unwelcome side effect of the country’s revival.  Dennis Lu reports. [youtube id=”RrJ8ub8TN-s”]