News Stories

  • Fitbit shares soar on first day of trading in New York

    Shares in the wearable technology company Fitbit have soared nearly 50% on their first day of trading on the New York Stock Exchange. Initially priced at $20 a share, they closed at $29.68. The company, which makes wristbands that track your calories and footsteps, raised $732m (£460m) from the share sale. Fitbit plans to use

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  • Toyota apologises after Japan arrests top US executive

    Car maker Toyota has apologised after one of its top executives was arrested on suspicion of illegally importing painkillers into Japan. Company president Akio Toyoda said at a news conference that US national Julie Hamp had not intended to break the law. Ms Hamp serves as Toyota’s head of public relations and is its first

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  • London’s Groucho Club sold by private equity firm

    The Groucho Club, a famed London private members’ venue, is being sold to a group of investors that plan to open up a branch in New York. The current owner, Graphite Capital, is selling its majority holding to the club’s management team with backing from the investors. The investors’ group includes Alcuin Capital Partners, which

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  • Scam sparks Scots fraud haven fears

    Fears are growing that Scotland may be becoming a magnet for money-launderers following allegations linking shell companies there to a $1bn (£634m) fraud in the ex-Soviet republic of Moldova. The swindle allegedly emptied three of Moldova’s leading banks of almost all their funds. Investigators say a key role was played by firms registered in Scotland.

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  • Chocolate maker Hershey cuts sales forecast and jobs

    US chocolate maker Hershey cut its sales growth forecast for the year, blaming weaker growth in China. The chocolate maker now estimates net sales will increase by 2.5%-3.5% this year, down from its previous prediction of 4.5%-5.5%. The company also announced plans to cut 300 jobs, out of its total workforce of about 13,000. Hershey

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  • Russian fury at Belgium asset seizure in Yukos oil case

    Russia has protested to the Belgian ambassador over the seizure of Russian state assets in Belgium – a move triggered by a court ruling over the now-defunct Yukos oil firm. The ambassador was told that the asset seizure was “an openly hostile act” that “crudely violates the recognised norms of international law”. Last year a

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  • US plans new lorry emission rules

    The Environmental Protection Agency (EPA) wants the industry to cut carbon dioxide emissions by 24% by 2027 through building more efficient models. It says the new standards would reduce overall fuel costs by $170bn and oil consumption by up to 1.8bn barrels over a vehicle’s lifetime. The EPA estimates it would cut total emissions by

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  • Petrobras scandal: Top construction bosses arrested in Brazil

    Two top Brazilian businessmen have been arrested as part of a major investigation into corruption at state-owned oil giant Petrobras. Marcelo Odebrecht heads the Odebrecht group – Latin America’s largest construction conglomerate. Also detained is Otavio Azevedo, boss of Andrade Gutierrez, another top construction company. Investigators allege firms paid corrupt officials in order to get

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  • Thorntons shares jump 42% on £112m Ferrero offer

    Thorntons shares rose more than 42% after Italian chocolate maker Ferrero Rocher offered to buy the company. The cash offer of 145p per share valued Thorntons at around £112m, and represented a premium of around 43% on the closing price on Friday. Thorntons saw sales and profits fall in the half year to 10 January,

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  • Bouygues Telecom faces €10bn Numericable-SFR bid

    French telecoms giant Numericable-SFR has made a €10bn ($11.4bn; £7.2bn) offer for rival Bouygues Telecom. Shares in Bouygues jumped almost 15% in early trading in Paris after the bid was announced. A deal between the two would create France’s largest mobile phone operator. However, the government has already expressed concerns, with Economy Minister Emmanuel Macron

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