Two former JP Morgan bankers face up to 25 years in prison after American prosecutors filed criminal charges over their role in the $6.2bn (£4bn) “London Whale” trading scandal, reports The Times.
Javier Martin-Artajo, a Spaniard, and the French-born Julien Grout deliberately concealed “hundreds of millions of dollars” in losses over a two-month period last year, the charges claim.
India curbs outward investment to help rupee
India has unveiled new limits on outward investment by companies and individuals in its latest move to bolster the rupee, while Manmohan Singh, prime minister, has promised a return to high economic growth after a sharp slowdown in the past two years, reports the Financial Times.
The Reserve Bank of India cut the maximum outward direct investment allowed for future deals to a quarter of the old level, reducing it to 100 per cent of the net worth of the Indian investor from 400 per cent unless special permission is granted. State oil companies are excluded from the new restrictions.
Angela Merkel: Brussels should return powers
Mrs Merkel suggested she would be open to talking about the repatriation of powers later this year if she is re-elected as Germany’s leader. She said the European Union should consider whether it can “give something back” to national governments, reports the Daily Telegraph
The UK prime minister has said that he wants to renegotiate Britain’s relationship with the EU, winning back a range of powers from Brussels. He would then put the new deal to the British people in a referendum by 2017, where voters could either accept the renegotiated relationship or leave the EU.
Cisco cuts jobs on ‘inconsistent’ global demand
Cisco warned that global demand for IT equipment and services continued to be unstable and the computer networking company would cut 5 per cent of its workforce in response, reports the Financial Times.
Shares fell almost 10 per cent in after-hours trading on Wednesday, after the company revealed lower than expected sales expectations for the next quarter, particularly in Asia.
Lack of insects and rodents in chilly spring dents profits at Rentokil
The cold start to the summer meant outbreaks of flying insects and pests were in short supply – denting performance at royal rat catcher Rentokil Initial, reports the Daily Mail.
The firm, which was forced to sell its troubled City Link courier business, said an expected £39m one-off write down also caused pre-tax profit to fall to £50.3m for the six months to June 30 from £62.5m. But it was the cold and wet spring that hit sales of the pest control services in Australia and France.