FBI probes losses at JPMorgan Chase
THE FBI has opened a probe into trading losses at JPMorgan Chase, stepping up the pressure on the bank after US regulators and the Federal Reserve said they were also looking into the wrong-way bets that led to the losses. Yet at the same time, shareholders backed embattled chief executive Jamie Dimon at the bank's annual shareholders meeting in Florida. However, shareholders mounted pressure on the bank to reclaim some of the millions of dollars it paid to the executives who oversaw the trades. (Reuters)
Facebook offering could raise $104bn
FACEBOOK increased the price range on its initial public offering by an average of 14pc to potentially raise an extra $12bn, giving the social network a valuation possibly exceeding $100bn (€78bn). The company raised the target range to between $34 and $38 per share from $28 to $35 in response to strong demand, the firm said. That would value Facebook at roughly $93bn to $104bn.
Repsol takes action against Argentina
SPANISH oil major Repsol has taken the first steps in pursuing a legal action against Argentina for seizing energy firm YPF last month. In a statement, Repsol said it had initiated the notification process to seek compensation at the World Bank's "International Centre for Settlement of Investment Disputes". On Monday, the EU agreed to file a suit against Argentina's import restrictions with the WTO, a Spanish government source said.
Co-op boss calls for level playing field
THE Government should rapidly change policy to ensure that the co-operative business model benefits from the same opportunities available to investor-owned firms under company law, a conference heard in Dublin yesterday. At the Co-operative Alliance Conference, Irish Co-operative Organisation Society boss Seamus O'Donohoe said Irish governments have focussed on company law while neglecting the 120-year-old Industrial and Provident Societies Act. "The act needs a serious overhaul to ensure that co-operatives can continue to contribute strongly to Ireland's economic recovery," he said.