Burberry filed a lawsuit over the claim that U.S. retailer J.C. Penney sold infringed products. The retailer was accused of copying Burberry’s century-old pattern trademark and kept selling the product for up to two months after Burberry raised its objections.
Legal & Regulatory
Walgreens shoots a warning to Theranos to resolve lab issues
Walgreens has threatened to pull out of partnership with Theranos following the notice the latter received from the federal authorities regarding deficient medical practices. The drug retailer has given a 30-day ultimatum to its partner to clear their name, or their association gets terminated.
Rimco becomes the new CAT dealer for Cuba
Caterpillar has connected with its long-term partner, Rimco, to become the official dealer of CAT equipment to Cuba. Following loosening of some trade laws by Obama administration, Caterpillar has jumped into the scene instantly and is all poised to enter the Cuban market the moment the restrictions are off. The earth movers have been lobbying for lifting the Cuban trade embargo for a long time now.
Foreign Investment: Indonesian Government Will Revise Regulations, Allowing Foreign Capital on More Sectors
The changes are part of the government's economic stimulus package, expected to boost the country's economic growth and create job openings. Indonesia's new regulations on investment would loosen current restrictions on foreign investments in various sectors, including e-commerce, retail and healthcare.
US Foods Files For Up To $100 Million IPO Under New York Stock Exchange
Sysco has initiated a process to acquire US Foods for $3.5 billion in 2013. The effort has been blocked by a federal judge under certain grounds. The debt burdened distribution giant has finally opted to go for IPO on Tuesday. Though size of the IPO hasn’t been mentioned clearly, but the Form S-1 suggests valuation of $100 million which may be revised later on.
Latest News
India’s internet regulator, the TRAI, had officially banned Facebook’s Free Basics program. The program has been banned for a few months now, but TRAI has been willing to reevaluate the terms until it came up with the decision that the program would not be allowed in the country. The Free Basics program was banned due to concerns over internet neutrality.
Barclays, Credit Suisse and Evercore have acted as financial advisers to Apollo Education. Despite their advisory efforts, the institution has incurred a loss of $60.8 million during the last concluded fiscal quarter. Finally, Apollo Education has been compelled to go through acquisition for $1.1 billion.
BaFin has imposed an embargo on Sunday shunning all transactions of Maple Bank. The embargo comes followed by investigations by the regulator on the allegation of tax dodging. However, National Bank of Canada, the parent organization of Maple Financial Group pledges for repatriation of the dividends taken from Maple, if proves guilty.
Peugeot suspended sales from Iran in 2012 following nuclear sanctions expansion to the automobile sector. Now that the sanctions are lifted, Peugeot immediately strives to reinstate partnership to come back to the markets that cost it 10 percent of global deliveries when the sales are suspended. It costs Peugeot $446 million in form of compensation and services.
Foreign Franchise: IKEA Lost Its Trademark in Indonesia After a Dispute With Local Furniture Company
The case was brought to Central Jakarta District Court in 2014, and the decision was ruled by the court last year. The plaintiff made the case by presenting the Indonesian trademark law which stated that a trademark could be deleted if the company had not used the name for commercial purposes in three years after registration or after the last use.
Terming the daily fantasy sports as illegal gambling, the New York Attorney General has filed a lawsuit against DraftKings and FanDuel. While the lawsuit proceeds in its own pace, banking giant Citigroup has imposed a ban on transactions to the DFS sites by the New Yorkers. Some US states express reluctance while some declare the sites as legal.
The social media site, Twitter has disclosed for the first time removal of more than 125,000 accounts on allegation of aiding terrorism. ISIS has been using Twitter and other social media sites as platforms for spreading their ideologies and recruiting new members. Facebook is also adopting special measures in this regard due to growing concerns over poor policing by the sites against terrorism.
Tax identity theft to conduct further fraudulence in claiming fake tax returns. Many identity thefts related fraud claims have been detected in 2015. The fraud efforts have prompted IRS to reshape fraud prevention measures. Though the new measures are invisible to taxpayers, but they too feel the unprecedented cooperation from IRS.
Malysia has been witnessed to rock heavily centering 1MDB scandal. Both Malaysian currency and stock have been nose-dived over the past year and capital outflow taken place more frequently. The existing economic turmoil has led Moody’s to change Malaysia’s economic outlook from positive to stable citing 1MDB related economic turmoil as the reason.
