Business

Thursday 19 October 2017

PCH buys product development firm

PCH International, the Irish supply chain management firm with operations in China, has acquired Californian product development company Lime Lab. The San Francisco company focuses on producing prototype products. PCH said it would create 30 new jobs by the end of next year.

Oil rises on back of stimulus rumours

CRUDE

OIL rose on speculation that central banks will take steps to bolster global economic growth. Crude for July delivery rose 12 cents to $84.03 a barrel on the New York Mercantile Exchange. Prices are down 15pc this year. Brent oil for August settlement gained 37 cents to $97.53 a barrel on the London-based ICE Futures Europe exchange.

China ups its US securities holdings

TREASURIES

China, the largest foreign US creditor, boosted its holdings of US government securities in April for the first time in three months as concern increased that Europe's financial crisis was worsening. Chinese holding rose 0.1pc to $1.1455trn, US Treasury Department data released yesterday showed.

Gupta facing more than 20 years in jail

FRAUD

Rajat Gupta, who reached the pinnacle of corporate America as managing partner of McKinsey and director at Goldman Sachs and Procter & Gamble, has been convicted of leaking inside information to hedge-fund manager Raj Rajaratnam. Gupta (63) was found guilty of three counts of securities fraud and one count of conspiracy yesterday in Manhattan. Securities fraud carries a maximum prison sentence of 20 years, and conspiracy carries a five-year maximum. Gupta will be sentenced on October 18.

Irish Independent

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