Law & Regulation

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Investment Technology Group (ITG), a U.S. stock broker, paid a $20.3 million fine for running a secret operation named Project Omega to take advantage of "dark pools" trading orders made by its clients. Experts say that Barclays and Credit Suisse may also soon pay fines for dark pools trading scams. Read More
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Hundreds of drugs tested in India have been banned from sale in the European Union after French inspectors found flaws in clinical trials conducted by GVK Biosciences, a company based in Hyderabad. The Indian government has threatened to take legal action against the ban under international trade rules. Read More
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Petróleos Mexicanos (Pemex), the state owned oil company, is quietly expanding operations to extract oil from shale deposits in six Mexican states. However, the company has failed to disclose its use of a controversial technology called fracking and explain the potential environmental impacts to local communities, say activists. Read More
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A formal complaint has been filed against Uber, the car ride company, by the Electronic Privacy Information Center (EPIC), a non-profit advocacy group. The NGO says Uber plans to use their smart phone app to access user's locations at all times, and to send advertisements to user's contact lists. Read More
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Nestle says that it will destroy 400 million packets of Maggi brand instant noodles in India worth some Rs 320 crores ($50.5 million). The company made the announcement after the Food Safety and Standards Authority of India found "hazardous" levels of lead in company products and ordered legal action. Read More
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Shareholders have demanded that the CEO of Soco International be fired after handwritten receipts for $42,250 in alleged bribes to Congolese army officials were published by Global Witness. At the time, the UK company was exploring for oil in Virunga, a United Nations World Heritage site in eastern Congo. Read More
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Traffic International, a Brazilian sports media company, has been named as the source of at least $60 million in bribes paid to Fédération Internationale de Football Association (FIFA) officials, the organizers of the World Cup football tournament, to obtain media and marketing rights to international games. Read More
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Six major international banks - Bank of America, Barclays, Citibank, JPMorgan Chase, Royal Bank of Scotland (RBS) and Union Bank of Switerland (UBS) - have agreed to pay $5.6 billion in fines for rigging global foreign exchange markets. Four of the six have pleaded guilty to criminal behavior, an unprecedented admission. Read More
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