India offers Samsung and iPhone suppliers new incentives to boost local production

India is giving more than a dozen companies new incentives to invest in the country’s smartphone industry, bolstering an ambitious campaign from Prime Minister Narendra Modi to rebrand the country as the world’s next manufacturing hub. The program includes 16 companies involved in making smartphones and components, including Samsung (SSNLF), Austria’s AT&S and several Indian […]

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Citigroup fined $400 million for risk management deficiencies

Federal banking regulators will fine Citibank $400 million for shortcomings in its risk management and other internal controls processes. The Office of the Comptroller of the Currency, an agency within the Treasury Department, cited “serious and longstanding deficiencies and unsafe or unsound practices” in Citibank’s risk management and data governance.“The OCC took these actions based […]

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President Trump just guaranteed a slower recovery from the recession

President Donald Trump has dashed hopes for a large, bipartisan stimulus deal before the election. That will ensure a longer, more painful recovery from the deep recession triggered by the coronavirus. What’s happening: “I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major […]

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