By Luc Cohen NEW YORK (Reuters) – A New York lawyer pleaded guilty on Tuesday to making $3.8 million in payments to maintain properties that were beneficially owned by Viktor Vekselberg, a Russian billionaire oligarch under U.S. sanctions, court records showed. Robert Wise admitted to receiving wire payments from a shell company controlled by a…
By Sarah N. Lynch and Doina Chiacu WASHINGTON (Reuters) -British American Tobacco Plc has agreed to pay more than $635 million to U.S. authorities after a subsidiary pleaded guilty to charges that it conspired to violate U.S. sanctions by selling tobacco products to North Korea and commit bank fraud, a U.S. court filing and the…
By Helen Reid and Corina Pons BARCELONA (Reuters) -Europe’s cost of living crisis has benefited discount retailers but mid-market names are being squeezed as shoppers watch their spending, executives and analysts at an industry conference said on Tuesday. Luxury is also continuing to perform well, with hopes that China’s reopening will give fresh impetus as…
By Silvia Aloisi PARIS (Reuters) – Sales at French luxury group Kering rose by just 1% in the first quarter, as star label Gucci benefited less than rivals from a rebound in China and revenues fell sharply in the United States. Kering’s sales came in at 5.08 billion euros ($5.58 billion)for the three months to…
By Blake Brittain (Reuters) – Jury selection is set to begin on Monday in Manhattan federal court for a trial over claims that British pop superstar Ed Sheeran owes a share of profits from his hit “Thinking Out Loud” for copying Marvin Gaye’s “Let’s Get It On.” Heirs of songwriter Ed Townsend sued Sheeran, his…
By James Davey LONDON (Reuters) – In April 2020, budget fashion chain Primark was on its knees, unable to sell hundreds of millions of pounds of stock with its entire store network shut in COVID-19 lockdowns and no online capability. Fast forward three years and the retailer, unlike several former competitors, is starting to thrive…
By Michael Holden and Sam Tobin LONDON (Reuters) -Britain’s Prince William settled a phone-hacking claim against Rupert Murdoch’s UK newspaper arm for a “huge sum” after a secret deal struck with Buckingham Palace, the heir’s younger brother Prince Harry said in court documents. Harry, the younger son of King Charles, is suing Murdoch’s News Group…
By Rajesh Kumar Singh and Abhijith Ganapavaram CHICAGO (Reuters) -General Electric Co on Tuesday raised the low end of its full-year profit forecast after quarterly profit topped Wall Street estimates as strong air travel demand drove up sales of jet engine spare parts and services. Rising interest rates, high inflation, mounting job losses and turmoil…
By Mike Stone and Pratyush Thakur WASHINGTON (Reuters) – Raytheon Technologies Corp reported a 4% rise in quarterly adjusted profit on Tuesday, as the aerospace and defense company saw strong Chinese demand for commercial aircraft spare parts and services. “The rebound in China was explosive,” chief financial officer Neil Mitchell said in an interview. “We…
By Huw Jones LONDON (Reuters) – The long-delayed forum for European Union and British financial regulators won’t reopen the door for London’s financial centre to the bloc, EU lawmakers were told on Tuesday. The Windsor agreement on EU-UK arrangements for Northern Ireland will mean that the delayed UK-EU memorandum of understanding (MOU) for a regulatory…
