Sunday 17 December 2017

Corrupt police 'kept whistleblower quiet'


CORRUPT Russian police and FSB security service officers fabricated a criminal case against the late Russian lawyer Sergei Magnitsky while he represented UK-based investment fund Hermitage, advisers to the Kremlin have concluded.

The advisers appear to have sided with Hermitage's founder William Browder, who believed that Mr Magnitsky was framed to stop him from speaking out about the biggest tax fraud in Russian history. Mr Magnitsky died in November 2009 after being kept in appalling conditions in pre-trial detention for almost a year.

US Airways and Delta report losses

DELTA Air Lines and US Airways reported first-quarter losses as surging prices pushed jet fuel past labour as the main expense, bringing the total deficit for the five biggest US carriers to $951m (€649m). The combined loss widened from a year-ago deficit of $892m. Climbing fuel costs have led four of the five largest to slow growth plans for the year by cutting unprofitable flights.

Food and fuel prices pose threat to Asia

SOARING food and fuel prices are threatening to derail growth in Asian economies, according to a report by the Asian Development Bank (ADB). The bank has warned that if food and fuel prices continued to surge, economic growth in the region could be reduced by up to 1.5pc this year. According to the bank, domestic food prices have risen at an average of 10pc in many Asian economies this year. Oil prices have also surged.

French dairy firm targets Italian rivals

FRENCH dairy firm Groupe Lactalis has launched a €3.4bn takeover bid for Italian rival Parmalat. Lactalis said it planned to keep Parmalat, Italy's biggest listed food group, trading on the Milan stock exchange. The company said it would pay €2.60 per remaining Parmalat share. Lactalis owns 29pc of Parmalat. Trading in Parmalat shares was suspended ahead of the statement. The battle for control of Parmalat has become a hot political issue in Italy, with the company becoming bound up in issues of national identity amid fears over the increasing strength of French foreign investors in Italy.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business