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Legal & Regulatory

GM CEO Mary Barra Holds Press Conference On Ignition Switch Recall

General Motors Wins Fourth Bellwether Lawsuit, Two More Awaits For Disposal

GM has been sued with more than 400 lawsuits over defective ignition switches, of which six have been chosen as bellwether cases. Just after settling the Yingling case last week, the automobile maker has own verdict of another suit in its Favor on Friday. The remaining two damage claims for casualties are expected to get ended by this year.

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Puerto Rico Loses Bid For Restructuring Law as Crisis Mounts

Puerto Rico Central Bank Governor Restricts Withdrawal To Avert Default in $423M Debt Repayment

Alejandro Garcia Padilla, governor of the Puerto Rica’s central bank, Government Central Bank, has announced an executive order on Saturday. The order restricts withdrawal of funds except for the emergency services in a bid to avoid default in $423 debt repayment scheduled on May 1. Analysts have already warned that failure in debt repayment will definitely attract a default status for GDB.

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Wells Fargo & Co. Bank Branches Ahead Of 4th Quarter Earnings

Wells Fargo Settled $1.2 Billion Over Bad Housing Loans Secrecy

As settlement for hiding bad loans and house desolation, Wells Fargo will pay $1.2 billion. The bank lender admitted of cheating the government by insuring thousands of risky mortgages although they are not eligible.

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Inside A National Career Fairs Event Ahead Of Jobless Clams Figures

US court rejects $12.25-mln Lyft lawsuit settlement

A US Court has rejected $12.25-million legal case between Lyft and its drivers. Lyft and attorney of drivers need to sit back again on further discussions after the latest judgment.

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Toll plaza at Delhi - Faridabad elevated highway...

Ashoka Buildcon Staged a Sharp Recovery After 20% Plunge in Stock Market

One of India's largest highway and road developers prepared to recover after a massive loss in Wednesday. The company's stock slumped following the raid of tax officials.

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Online Money

Regulators Aim To Govern Fintech To Protect Billion Dollar Market Opportunity

Financial tech and its $147 billion potential market opportunity required financial regulators to supervise the industry. In 2015, investments in the fintech sector doubled, reaching $14 billion.

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Volkswagen Faces Lawsuit From Deceived Dealerships of Napleton Group In Illinois Court

Three Volkswagen dealerships operating in Illinois and Florida has sued the German automaker for being deceived through the diesel-gate scam. The dealerships also accuse VW for illegally favoring some dealers and forcing retailers into financing arrangements with a company-lending affiliate. The plaintiffs have sought class status for the suit and appropriate compensation from the accused.

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Illustration Of Japanese Yen Notes

Yen Hits 17-Months’ High Against US Dollar, Forecast For Further Appreciation

The Japanese yen has reached the top hitting a 17-month high on Tuesday. The appreciation takes place following advice from Japanese Prime Minister for cautious market intervention by authorities. Addition of value to yen cause downward trend in Nikkei average index on the same day leading towards a 18% drop during this year.

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Reserve Bank Of India Governor Unveils Interest-Rate Decision

Home loans turn cheaper as India's RBI cuts rate to 5-year low

The Reserve Bank of India (RBI), India's central bank, has reduced repo rate by 25 basis points to 6.50 percent, indicating an over five-year low. After the rate cut, home loans will be cheaper by half a percentage.

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Maggi Noodles Back On Shelves In India

Nestlé India's Maggi Noodles Exceed Monosodium Glutamate Level, Lab Test Shows

Nestlé India is again facing controversies with its all-time favorite Maggi noodles. Recent lab tests show that the lead content is within permissible limits unlike monosodium glutamate which exceeds the allowable level.

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The logo and signage of Royal Bank of Canada. The logo is an...

Canada’s RBC Denied Facilitating Tax Evasion in Connection to Panama Papers Leak

The Royal Bank of Canada has released an official statement, explaining that the bank is not guilty for any illegal activities including tax evasion in connection to shell company set up as mentioned in leaked papers from Panama’s Mossack Fonseca. The bank claimed to have high standards to ensure clients would not use its services to evade tax.

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Nordea Bank AB Chairman Bjoern Wahlroos Interview

Scandinavian FSAs Summon Banks To Explain Their Accounts Against Panama Papers’ Allegations

Nordea Bank of Sweden and DNB ASA of Norway, largest lenders of the respective countries, have been accused of aiding in tax dodging by the leaked ‘Panama Papers’. DSAs of the respective countries have summoned them to explain their roles over the allegations. However, both the banks have denied any wrongdoing while reiterating commitments for upholding laws.

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Russian Businesses And Retail Stores In Cyprus

Cyprus-based RCB rules out unsecured loans

Cyprus-based lender RCB has denied reports of extending unsecured loans. Latest British media reports turned spotlight on alleged role of RCB in providing unsecured loans to people close to Vladimir Putin, President of Russia. Cyprus Central Bank said it was probing into the issue.

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‘Panama Papers’ Under Lens of The US Justice Department

The US Justice Department considers any credible allegation for violation of Federal Laws under its geographical territory very seriously. The department has been conducting its war against corruption through seizing assets related to illicit activities. Following leak of ‘Panama Papers’, it has been reviewing documents related to tax dodging through offshore accounts.

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Prosecutors Around The Globe Initiate Probe Over Tax Dodging Leaked Through Panama Papers

Following the leak of documents related to tax dodging by a Panamanian Firm, governments around the globe has initiated probe in this regard. Tax payers are righteous to know the state actions in unearthing the probable tax abating which has prompted the authorities to investigate. However, the leaked documents have provided an opportunity to earn penalty from the probable tax dodgers.

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