Credit Suisse clears CEO in spying probe, COO Bouee to go - CNBC

A Swiss flag flies over a sign of Swiss bank Credit Suisse on May 8, 2014 in Bern.

FABRICE COFFRINI | AFP | Getty Images

Credit Suisse on Tuesday cleared Chief Executive Tidjane Thiam in an internal investigation into the botched surveillance of the bank's former wealth management head Iqbal Khan in a probe that cost Thiam's right-hand man his job.

Chief Operating Officer Pierre-Olivier Bouee resigned after the investigation by the Homburger law firm found he alone initiated observation of Khan, who abruptly left in July and later joined arch-rival UBS.

"The Board of Directors considers that the mandate for the observation of Iqbal Khan was wrong and disproportionate and has resulted in severe reputational damage to the bank," Switzerland's second-biggest bank said in a statement.

"The Homburger investigation did not identify any indication that the CEO had approved the observation of Iqbal Khan nor that he was aware of it prior to September 18, 2019, after the observation had been aborted," the bank said.

Two big shareholders had said they wanted Tidjane, architect of a sweeping three-year revamp at the bank he joined in 2015, to stay unless it was shown he broke the law.

Credit Suisse launched the enquiry to find out the circumstances that led to a confrontation in Zurich on Sept. 17 between Khan and private detectives that Credit Suisse had hired to tail him. 

"Neither the Homburger investigation nor the observation of Iqbal Khan identified any evidence that Iqbal Khan had attempted to poach employees or clients away from Credit Suisse, contrary to his contractual obligations," it said.

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2019-10-01 05:34:11Z
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Volkswagen: Germany's first mass lawsuit begins - BBC News

Germany's first mass lawsuit begins as 450,000 owners of diesel Volkswagen cars take on the company.

They argue they are owed compensation for being sold cars based on misleading emissions data.

The scandal has already cost VW €30bn (£26.6bn).

It has faced class action claims in the US and Australia, but this is the first time Germans could pursue group claims since the law was changed last year.

This trial will settle points of law and the claimants will later be able to file follow-up claims for compensation if they are successful.

The trial, at Braunschweig Higher Regional Court, about 20 miles from VW's Wolfsburg head office, is likely to last years, however.

Part of VW's settlements so far include a deal to buy back 500,000 cars in the US, where it has agreed to pay more than $25bn (£20bn).

In Australia the company will pay 127 million Australian dollars (£70m) to compensate owners, paying them A$1,400 apiece.

Last week it emerged that three current and former Volkswagen executives were charged with market manipulation in connection with the diesel emissions scandal.

Chief executive Herbert Diess, chairman Hans Dieter Pötsch and ex-boss Martin Winterkorn, did not inform investors early enough about the financial fallout, German prosecutors allege.

In 2015, the firm admitted using illegal software to cheat on emissions tests. VW said it was confident those allegations would prove groundless.

This may be a landmark lawsuit - and in terms of the sheer number of claimants, it's certainly attention grabbing. But it may not be the biggest concern for Volkswagen right now.

Unless there is a settlement, the legal process is likely to take take years - VW expects it to take at least four. Even if they win, car owners will have to go back to court to get compensation.

Meanwhile, VW's chairman and chief executive are both fighting criminal charges for alleged market manipulation linked to the diesel scandal.

Volkswagen itself is facing the possibility of hefty fines from the EU, after being accused of colluding with other manufacturers to delay the introduction of emissions control technology.

It's safe to say its lawyers are already keeping pretty busy at the moment. And in the meantime, the company is trying to turn itself into a leader in the market for electric cars.

Against that background, the group lawsuit may seem for the moment like just another irritation.

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https://www.bbc.com/news/business-49878247

2019-09-30 10:16:57Z
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Asian shares mostly flat, Japan hurt by Sino-U.S. tensions - Investing.com

By Hideyuki Sano and Vidya Ranganathan

TOKYO/SINGAPORE (Reuters) - Asian stock markets, including China's, were little changed on Monday, shrugging off news that the U.S. administration is considering delisting Chinese companies from U.S. stock exchanges.

MSCI's broadest index of Asia-Pacific shares outside Japan () was flat, while China's Shanghai stock index () slipped 0.1%, barely responding to any of the concerns around the latest Sino-U.S. tensions that caused the Nasdaq index () to fall more than 1% on Friday.

European shares were seen struggling when they open for trading. Pan-European Euro Stoxx 50 futures () were down 0.11%, German DAX futures () down 0.08% and futures () 0.16% lower.

Risk assets took a hit in U.S. trade on Friday following news the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from U.S. stock exchanges.

The report knocked Chinese shares listed on U.S. exchanges, with Alibaba Group Holding (N:) falling 5.15% and JD.com (O:) 5.95% on Friday.

Worries such an escalation would hurt Japan the most weighed on the Nikkei (), which shed 0.9%. U.S. stock futures () gained 0.35%, paring most of Friday's 0.53% fall in the index.

Trading in Chinese markets was quiet ahead of a long break. Chinese share markets will trade only on Monday this week ahead of the country's National Day holiday, which runs until Oct. 7.

There were mixed signals from China's manufacturing surveys on Monday, which showed sustained weakness in exports and surprising improvement in domestic consumption indicators, and a Chinese central bank statement briefly hinting at plans for more stimulative policies.

China's yuan was little moved at 7.1260 yuan per dollar, while the rallied a bit from Friday's three-week low of 7.1520.

The delisting of Chinese companies from U.S. stock exchanges was part of a broader effort to limit U.S. investment in Chinese companies, two sources briefed on the matter told Reuters.

A U.S. Treasury official said the United States does not currently plan to stop Chinese companies from listing on U.S. exchanges, Bloomberg reported on Saturday.

"While China runs a current account surplus and is a net creditor nation, Chinese companies are net debtors and rely on foreign capital," Koji Fukaya, president of Office Fukaya Consulting.

"Washington seems to be trying to limit Chinese companies' activities by putting pressure on their funding," he said.

Still, with trade talks between the United States and China expected to be held Oct. 10-11, many market players are hoping such drastic measures on capital markets will be avoided.

"At this point, markets will have to wait and see. Of course we need to be guarded against more crazy headlines, but this week could be a bit calmer given holidays in China. Economic data will likely be the main driver for markets," said Kyosuke Suzuki, director of forex at Societe Generale (PA:).

U.S. data on Friday showed consumer spending barely rose in August and business investment remained weak, suggesting the American economy was losing momentum as the trade dispute drags on.

Industrial output in Japan and South Korea, released Monday morning, dropped more than expected, underscoring the headwinds from the trade war.

Investors are also keeping a wary eye on U.S. politics.

U.S. House Speaker Nancy Pelosi said public opinion is now on the side of an impeachment inquiry against Trump following the release of new information about his conversations with Ukrainian President Volodymyr Zelenskiy.

Major currencies were little changed, with the yen trading slightly firmer at 107.75 yen .

The euro hovered around $1.0932 (), having sunk to a 28-month low of $1.0904 on Friday as concerns about tepid growth in Europe weighed on the common currency.

Sterling traded at $1.23 , not far from Friday's low of $1.2270, its lowest since Sept. 9.

Boris Johnson said on Sunday he would not quit as Britain's prime minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on Oct. 31.

Oil prices dipped but stayed off last week's lows.

Saudi Arabia's crown prince warned in an interview with CBS program "60 Minutes" aired on Sunday that crude prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran.

But Crown Prince Mohammed bin Salman said he would prefer a political solution to a military one, adding the Sept. 14 attacks on the kingdom's oil facilities were an act of war by Iran.

Brent crude () futures fell 0.36% to $61.64 a barrel while U.S. West Texas Intermediate (WTI) crude () fell 0.14% to $55.83 per barrel.

(This story corrects headline and first paragraph to Asia shares 'mostly flat' (not 'edge lower') and in 2nd paragraph the MSCI Asia-ex-Japan index to flat (not down 0.55%)

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2019-09-30 06:35:00Z
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See National Coffee Day deals across Michigan - MLive.com

According to the National Coffee Association, 64 percent of Americans drink at least one cup of coffee a day.

That number is likely to increase on Sunday, National Coffee Day, because chains large and small are offering deals that allows customers across the United States to get a cup of Joe for free.

Many retailers are also using the day to give back to charity using customer purchases. Here is a look at the freebies and deals Michiganders should be aware of.

A customer pours coffee into a mug at Julianna's Restaurant in Kalamazoo, Michigan on Monday, July 8, 2019. Emil Lippe | MLive.com

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Barnes & Noble

Barnes & Noble

Customers get a free hot or iced tall coffee with the purchase of any bake case item from a Barnes & Noble Café on National Coffee Day.

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A barista reaches for a coffee cup during the grand opening of Biggby Coffee on Horton Road on Feb 3, 2016. MLive File Photo

Biggby Coffee

Free hot brewed coffee up to 24 ounces on National Coffee Day.

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Brueggers Bagels

Brueggers Bagels

Through Sunday, all Bruegger's Bagels Inner Circle members will get one free medium coffee with purchase. Sign up for the Inner Circle here: Inner Circle Rewards Program. 

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Circle K on Vine Street in Eastlake, Ohio. Photo by Chuck Crow

Circle K

Circle K is offering a free medium coffee to customers on National Coffee Day via the Circle K app at participating locations. Customers can also enjoy a free Belvita Breakfast Biscuit with their free coffee.

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Coffee Bean & Tea Leaf

Coffee Bean & Tea Leaf

Guests can receive a complimentary 16 oz brewed coffee (hot or iced) with any food or bakery item purchase (minimum of $2). The offer is available all day and is limited to one complimentary coffee per guest.

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Del Taco

Customers can get a free value iced coffee with $3 purchase.

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Dunkin'

Dunkin' is celebrating National Coffee Day with a buy one, get one offer. On Sunday, September 29, anyone who purchases a hot coffee at participating Dunkin' restaurants nationwide will get one hot coffee free (of equal or lesser value).

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Godiva

In celebration of National Coffee Day, you can receive a free 12-ounce hot or iced coffee at Godiva Café locations with any purchase.

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Krispy Kreme

Krispy Kreme

Caffeine seekers can score both a free small coffee and glazed doughnut on National Coffee Day.

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Associated Press.

7-Eleven

This national grab-and-go chain is honoring the holiday by charging just $1 for any size coffee all day on Sunday.

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Tim Hortons

Tim Hortons

Tim Hortons guests can receive one free Tims Rewards reward when they order through the Tims Rewards mobile app. Customers can redeem their free reward for coffee and eligible beverages and baked goods.

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2019-09-29 12:43:07Z
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Wall Street Falls in Love Again With Companies Loaded Up on Debt - Bloomberg

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Wall Street Falls in Love Again With Companies Loaded Up on Debt  Bloomberg
https://www.bloomberg.com/news/articles/2019-09-29/wall-street-falls-in-love-again-with-companies-loaded-up-on-debt

2019-09-29 11:00:00Z
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Your National Coffee Day questions answered - CNN

(CNN) — Finally, the day we've all been waiting for: National Coffee Day (known to plebs as September 29th).

It's a day for caffeine addicts, workaholics, and Pumpkin Spice Latte enthusiasts to hit the streets in celebration of the only thing that gets them up in the mornings.

So what's the real deal with coffee? Here are answers to some of your questions:

Where did the popular drink originate?

Legend has it that coffee's great potential was discovered by an Ethiopian goat herder who noticed how strung out his goats were after eating the coffee berry. After he alerted local monks, word about the berry's effects spread quickly, eventually reaching the Arabian Peninsula where it began to become the social touchstone that it is today.

Across the region, the popularity of coffee houses where people would gather to drink and socialize began to spread. These spots were even referred to as the "Schools of the Wise," according to the National Coffee Association. If only the break room coffee pot would impart that kind of wisdom.

What is the difference between iced coffee and cold brew?

Don't worry, brewers aren't trying to fool you. There is actually a difference between the two chilly drinks.

Cold brew, on the other hand, is made by steeping grounds in cold water for hours, usually twelve or more, producing a rich, smooth concentrate that should be diluted with water or milk.

Is coffee good for you?

Coffee is healthy! No, it's bad for you. Wait! It's healthy again.

Scientists just can't seem to agree on whether coffee should be considered healthy, leaving coffee fiends questioning their daily vice.

Researchers at Queen Mary University found earlier this year that drinking coffee, even as many as 25 cups a day, is not likely to increase your chances of stiff arteries.

Before you take a huge sigh of relief, though, you might want to take a tally of your coffee consumption today.

A study published in The American Journal of Clinical Nutrition concluded that drinking six or more cups of coffee a day may result in an increased risk of cardiovascular disease.

Conflicted? Just wait.

Two 2017 studies concluded that moderate (think two to four cups) coffee consumption may lead to a longer life. The antioxidant-rich bean has also been found to reduce diseases such as type 2 diabetes, liver disease, Alzheimer's, and even some types of cancers.

So, it seems coffee drinkers might be able to stick around a few extra years and wait for scientists to concur on whether the drink is actually good for you.

Can coffee really sober you up?

We've all heard this at some point. Getting tired after a few alcoholic drinks but want to power through the night? Get a little caffeine in your system and you're good to go for a few more hours. Right?

Maybe not.

While consuming caffeine might make you feel more awake, it does nothing to make you less drunk. In fact, you may be less likely to realize how drunk you actually are. Concerned parties worry that this feeling may lead inebriated people to drive drunk, drink a dangerous amount of alcohol, or make impaired decisions thinking that they are "sobered up."

Is drinking coffee bad for the environment?

While the bean itself is natural, coffee culture produces an absurd amount of waste. Let's see: You've got disposable cups, filters, straws, plastic tops, stirrers, tiny creamer cups, single-use machine cups, napkins, grounds....need I continue?

The conscious consumer may be able to avoid this by using reusable products, but even the process of growing coffee to meet global demand can be harmful to the environment. Coffee beans make up only half of the actual coffee cherries from which the beans are harvested, creating a large amount of waste product just to get the beans themselves.

Arabica coffee berries, southwest Ethiopia (Credit: Aaron Davis, RBG Kew)

Aaron Davis/RBG Kew

So what do I get from National Coffee Day?

All that stuff you just read about limiting your coffee consumption will probably fly out the window the second you see how easy it is to get your coffee fix this National Coffee Day.

Many stores are ringing in the special holiday by giving out free or discounted cups of that delicious, eye-opening drink. After all, the only thing better than coffee is free coffee. Here are just a few:

Silk will reimburse you up to $5 for your non-dairy milk drink order this Sunday if you send them a PayPal request for the cost of your drink and provide the drink order in the note.

They are limiting the fun at $5,000 in reimbursements, though, so have your PayPal at the ready.

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https://www.cnn.com/travel/article/national-coffee-day-questions-trnd/index.html

2019-09-29 05:29:00Z
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Zantac: CVS latest to suspend heartburn drug over cancer fears - BBC News

US retailer CVS has become the latest to suspend the sale of a heartburn drug being investigated for links to cancer.

It follows concern in several countries over the presence of impurities in Zantac and other ranitidine products.

Canada and France have already announced Zantac recalls. The US and the European Union are investigating.

Health authorities say there is no immediate risk, but patients have been advised to consult a doctor who can prescribe alternatives to ranitidine.

What is the fear about?

On 13 September, both the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) published their decisions to review the presence of N-nitrosodimethylamine (NDMA) in medicines containing the drug ranitidine.

NDMA is classified as a probable human carcinogen (a substance that could cause cancer) on the basis of animal studies.

NDMA is found in water and foods, including meats, dairy products, and vegetables, but is not expected to cause harm when ingested in very low levels, EMA says.

Ranitidine products are used to reduce the production of stomach acid in patients with conditions such as heartburn and stomach ulcers.

They are available over-the-counter and on prescription.

Who has recalled the products so far?

CVS's announcement on Saturday said it was suspending the sale of Zantac and CVS Health brand ranitidine products "out of an abundance of caution".

"Zantac brand products and CVS brand ranitidine products have not been recalled, and the FDA is not recommending that patients stop taking ranitidine at this time," the company said.

Walgreens, Walmart and Rite Aid in the US had earlier taken a similar decision.

Canada and France have removed the drugs from pharmacy shelves. A number of other countries have followed suit.

Drug makers are also recalling products containing NDMA.

Sandoz, owned by Novartis, told the BBC it was recalling "several batches of its ranitidine-containing medicines". The recalls were "under way or pending" in Australia, Austria, Belgium, Canada, Croatia, the Czech Republic, Denmark, Finland, Germany, Hungary, Macedonia, Portugal, Slovakia, Slovenia, Sweden, Switzerland and the US.

Apotex also said it was recalling ranitidine tablets in the US.

The BBC has approached GlaxoSmithKline - original makers of Zantac. The company is reported to have stopped distributing its generic version of the drug and recalled its products from India and Hong Kong.

What should patients do?

Health regulators are urging people taking ranitidine not do discontinue it immediately.

The FDA said, however, that those taking it by prescription should contact health professionals about alternatives. And those buying it over the counter could consider other options.

French authorities also emphasised there was no "acute risk" and patients should not stop the medication or return it to pharmacies.

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https://www.bbc.com/news/health-49868852

2019-09-29 09:11:36Z
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