Sun, Mar 26, 2017 - Page 14 News List

World Business Quick Take

Agencies

BANKING

BOE to boost fees on Brexit

The Bank of England (BOE) plans to boost fees on British banks to recover £5.4 million (US$6.7 million) of regulatory costs associated with Brexit. The British Prudential Regulation Authority on Friday said that the nation’s withdrawal from the EU “will require a significant amount of work” to review rules and respond to industry questions. The central bank said the industry might need to pay more money in the future if further costs are identified. It included the new fee in its proposed levies on the industry for 2017-2018.

RUSSIA

Central bank cuts key rate

The central bank on Friday cut its key rate for the first time in six months and said more cuts were coming, offering a welcome boost to the country’s struggling economy. Falling inflation gave the central bank the leeway to shave a quarter-point off its headline rate and promise more easing down the road. The central bank announced the cut to 9.75 percent after a regular monetary policy meeting.

FINANCIAL SERVICES

Credit Suisse hikes bonuses

Credit Suisse Group AG increased its bonus pool 6 percent, defying a trend toward smaller payouts at many of its peers in an effort to prevent an exodus of talent from its investment banking and Asian operations. The bank awarded 3.09 billion Swiss francs (US$3.1 billion) in incentive pay for last year, an annual report released on Friday showed, even as charges tied to legal settlements pushed it to a second consecutive annual loss. The bank last year posted a loss of 2.7 billion francs as it absorbed charges from a US$5.3 billion settlement with the US Department of Justice over its pre-crisis mortgage securities business.

FOOD MAKERS

Kraft Heinz lays off 200

Kraft Heinz Co has laid off 200 white-collar workers in Canada and the US. The company is realigning its administrative functions to be more efficient, Kraft Heinz senior vice president of corporate and government affairs Michael Mullen said on Friday. The company did not say where the layoffs occurred. Kraft Heinz has about 41,000 employees worldwide. The workers being laid off have all been notified and Mullen said the company appreciates their contributions.

MINING

US court voids most of suit

Brazilian miner Vale SA on Friday said the US District Court for the Southern District of New York annulled nearly all parts of a class-action lawsuit against the company and executives over the collapse of a tailings dam in Brazil in 2015. The only parts of the case that remain ongoing are linked to specific statements made by Vale in 2013 and 2014 and a conference call in November 2015, the company said.

INTERNET

Baidu to expand in the US

Baidu Inc (百度) is to double its footprint in Silicon Valley with a second research and development facility, seeking to gain an edge in artificial intelligence technology. China’s largest search engine provider is to add 150 employees, it said in a statement on Friday. Baidu has about 200 people at its existing site in Sunnyvale, California, with about 1,300 engineers working on the technology in China and the US.

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