Settlement will cost Barclays $298MBarclays Bank has agreed to forfeit $298 million to U.S. and New York authorities to settle criminal charges brought Monday by federal prosecutors, who allege that the British bank violated U.S. financial sanctions against Cuba, Iran, Libya, Sudan and Burma for more than a decade by knowingly aiding banks in those countries with $500 million in transactions with U.S. entities from 1995 to 2006. In a pending plea agreement filed in federal court, the U.S. government alleged that Barclays, through its U.S. dollar-clearing operation at its New York branch, followed directions to omit the names of banks in sanctioned countries when sending payments to the United States.
Citigroup settlement will have to waitA federal judge said Monday she's not ready to approve the government's $75 million settlement with Citigroup Inc. of civil charges it misled investors about billions in potential losses from subprime mortgages. U.S. District Court Judge Ellen Segal Huvelle asked the Securities and Exchange Commission and the banking titan to submit legal papers in support of the proposed accord. The judge said at a hearing that she needed more information before she could approve it.
Berkshire Hathaway warms to J&J, Wal-MartWarren Buffett's Berkshire Hathaway Inc. boosted its investment in Johnson & Johnson and Wal-Mart Stores Inc. during the second quarter. Berkshire detailed its $46.4 billion U.S. stock holdings Monday in a filing with the Securities and Exchange Commission. The document revealed several changes in the Omaha-based company's portfolio between March 31 and the end of June, including decreases in Berkshire's holdings in Kraft Foods, ConocoPhillips, Procter & Gamble and M&T Bank. Berkshire revealed a 4.4 million-share stake in Fiserv Inc., a Brookfield, Wis.-based information management and payment processing company.
Dell Inc. to scoop up 3ParDell Inc. said that it will pay $1.15 billion to buy data-storage company 3Par Inc., its fifth acquisition this year, highlighting the computer giant's push to expand its portfolio in the corporate technology market. Round Rock, Texas-based Dell plans to pay $18 in cash for each share of Fremont, Calif.-based 3Par -- about an 87 percent premium to 3Par's closing price Friday of $9.65.
Complaint triggers a look at Kia Soul steeringThe 2010 Kia Soul is being investigated by government regulators for potential loss of steering control. The National Highway Traffic Safety Administration said Monday on its website that it had received one complaint alleging that the steering shaft detached from the wheel, leading to complete steering loss. The preliminary investigation covers more than 50,000 vehicles.
German utilities seek a nuclear extensionGermany's utilities are offering to pay the government billions to let them keep their nuclear power plants running longer instead of shutting them down as mandated under current law, energy giant RWE AG said Monday. "We are proposing to hand over half of our additional profits from longer nuclear plant production times to the government," RWE CEO Juergen Grossmann told the Bild newspaper. Experts estimated additional profits for all of Germany's 17 nuclear power plants at around 4 to 5 billion euros (up to $7.7 billion) a year.
Euro-area inflation now highest in 20 monthsHigher energy prices drove inflation in the euro area to an annual rate of 1.7 percent in July, the highest level in 20 months but still within the range considered acceptable by the European Central Bank.
British airport strike avertedStrikes that could have closed Britain's major airports during peak vacation season were averted Monday after a full day of talks between the country's airports operator and th Unite union. Details are to be presented Tuesday to union members, who must now vote on the offer.
