business
The founder of the cryptocurrency exchange Binance, Changpeng Zhao, was sentenced on Tuesday to four months in federal prison after he and Binance admitted to money laundering charges in a deal reached with prosecutors. The guilty plea resulted in fines of around $4.3 billion for Binance and $50 million for Zhao, which is unlikely to put a dent in his budget as he was ranked 42nd in the Bloomberg financial service's list of billionaires on Wednesday, with an estimated fortune of just over $36 billion. It mainly consists of his stake in Binance Zhao is likely to become the richest inmate in a U...
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The founder of the cryptocurrency exchange Binance, Changpeng Zhao, was sentenced on Tuesday to four months in federal prison after he and Binance admitted to money laundering charges in a deal reached with prosecutors. The guilty plea resulted in fines of around $4.3 billion for Binance and $50 million for Zhao, which is unlikely to put a dent in his budget as he was ranked 42nd in the Bloomberg financial service's list of billionaires on Wednesday, with an estimated fortune of just over $36 billion. It mainly consists of his stake in Binance Zhao is likely to become the richest inmate in a U...
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The German trade union verdi staged a nationwide strike in the retail and wholesale sector on Friday, with major companies Ikea and Metro AG among those affected. Petra Ringer from verdi said at midday that she was "quite satisfied" with the turnout, although she did not provide a number of participants. Meanwhile, the German Retail Association (HDE) was unimpressed by renewed industrial action in the faltering wage dispute. The employers are well prepared for the strikes, said Steven Haarke, Managing Director of HDE. "We still do not expect any noticeable effects for customers," he added. Col...
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Prosecutors in Germany have imposed a fine of €100 million ($107 million) on automotive supplier Continental in connection with the major diesel engine emissions manipulation scandal that rocked Germany's automotive industry. The parts maker later said it would pass on the fine to a unit spun off in 2021. Continental and other corporations have faced proceedings for negligent breach of supervisory duties from prosecutors in Hanover, where Continental is based. The diesel cheating scandal broke publicly in 2015, when regulators in the United States discovered that some Volkswagen diesel vehicle...
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German Chancellor Olaf Scholz pledged further government backing for the pharmaceutical industry and touted recent investments in the country. Scholz spoke at the laying of the foundation stone on Thursday for a €300 million ($320 million) new research centre at German chemical and pharmaceutical firm Merck's headquarters in the western German city of Darmstadt, located south of Frankfurt. The chancellor called the expansion project a "commitment to Germany as a strong location for pharmaceuticals, industry and research." The centre is scheduled to open in three years. "Investments such as tho...
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Prosecutors in Germany have imposed a fine of €100 million ($107 million) on automotive supplier Continental in connection with the major diesel engine emissions manipulation scandal that rocked Germany's automotive industry. Continental and other corporations have faced proceedings for negligent breach of supervisory duties from prosecutors in Hanover, where Continental is based. The diesel cheating scandal broke publicly in 2015, when regulators in the United States discovered that some Volkswagen diesel vehicles had been intentionally programmed to run cleaner during emissions testing than ...
DPA Breaking News
Prosecutors in Germany have imposed a fine of €100 million ($107 million) on automotive supplier Continental in connection with the major diesel engine emissions manipulation scandal that rocked Germany's automotive industry. Continental and other corporations have faced proceedings for negligent breach of supervisory duties from prosecutors in Hanover, where Continental is based. The diesel cheating scandal broke publicly in 2015, when regulators in the United States discovered that some Volkswagen diesel vehicles had been intentionally programmed to run cleaner during emissions testing than ...
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German pharmaceutical and chemical company Merck is investing more than €300 million ($320 million) in a new research centre at its headquarters in the western German city of Darmstadt south of Frankfurt. German Chancellor Olaf Scholz spoke at the laying of the foundation stone for the expansion on Thursday, calling it a "commitment to Germany as a strong location for pharmaceuticals, industry and research." The centre is scheduled to open in three years. "Investments such as those made by Merck here at the Darmstadt headquarters make exceptional economic, medical and scientific sense," said S...
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Germany's domestic intelligence service (BfV) has warned companies to exercise caution when dealing with authoritarian foreign governments such as China. German companies should be cautious with mandatory tax software required by the Chinese government, for instance, since those programmes risk giving Chinese authorities access to internal company information, the BfV's vice president, Sinan Selen, said on Wednesday in Berlin. "We are increasingly seeing attempts to influence politics, business and science by illegitimate means, but also classic espionage," Selen said at the start of a joint e...
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Germany's domestic intelligence service (BfV) has warned companies to exercise caution when dealing with authoritarian foreign governments such as China. German companies should be cautious with mandatory tax software required by the Chinese government, for instance, since those programmes risk giving Chinese authorities access to internal company information, the BfV's vice president, Sinan Selen, said on Wednesday in Berlin. "We are increasingly seeing attempts to influence politics, business and science by illegitimate means, but also classic espionage," Selen said at the start of a joint e...
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