Mon, Oct 23, 2017 - Page 14 News List

World Business Quick Take

Agencies

TURKEY

Regulator denies Iran fines

The Banking Supervision and Regulation Agency on Saturday urged the public to ignore rumors about financial institutions, in an apparent dismissal of a report that some Turkish banks face billions of dollars of US fines over alleged violations of Iran-sanctions. The regulator said in a statement that Turkey’s banks were functioning well. The Haberturk newspaper on Saturday reported that six banks potentially face substantial fines, citing senior banking sources. It did not name the banks. One bank faces a penalty in excess of US$5 billion, while the rest of the fines will be lower, it said.

UNITED KINGDOM

Profit warnings jump in Q3

The number of profit warnings issued by British companies jumped from 45 in the second quarter to 75 in the third quarter, the biggest quarterly rise in almost six years as economic pressures weighed on retailers and support service companies, business services group EY said yesterday. The spike is significantly ahead of the average of 62 in the third quarter, EY said. Retailer Dixons Carphone PLC and construction and support service firm Carillion PLC were two of the biggest companies to warn in the period.

CRIME

Israeli extradited for scam

A dual citizen of Israel and Russia has been extradited to the US to face charges in a money laundering case. Stanislav Nazarov is accused in a scheme to defraud a large reinsurance company in India. Prosecutors said the director of that company was duped through a cyberphishing scheme into wiring US$1.4 million to a bank account in the US. Nazarov then allegedly had a portion of that money transferred to him in Israel. His extradition was announced on Friday.

BANKING

Wells Fargo sees departures

Three high-level foreign exchange executives and a currency trader have left Wells Fargo & Co. The bank on Friday confirmed that the employees from the investment bank side of the business were no longer with the firm, but would not say if they were fired. The bank has been trying to move beyond problems in its consumer banking operations that have tarnished its brand. It has paid millions in fines and settlements.

PHARMACEUTICALS

Concordia eyes restructuring

Canadian drugmaker Concordia International Corp, stumbling under debt that it piled on during a takeover spree, is seeking to restructure its finances and cut borrowings by at least US$2 billion, after missing an interest payment on Monday on some unsecured bonds. Management is pursuing a plan under the Canada Business Corporations Act, according to a statement on Friday, which did not outline any potential terms of a deal, but said the company would continue making payments on its secured debt.

CONSUMER GOODS

Reckitt Benckiser to split

Reckitt Benckiser will split into two business units, the British consumer goods maker said on Wednesday, after a third-quarter fall in sales prompted it to cut its full-year forecast. The maker of Durex condoms, Nurofen tablets and Lysol disinfectants has struggled with fallout from a cyberattack, a failed product launch and a safety scandal in South Korea. Reckitt said third-quarter sales were £3.21 billion (US$4.23 billion), down 1 percent on a like-for-like basis.

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