In a lawsuit filed in the US, Deutsche Bank, HSBC and Bank of Nova Scotia has been accused of attempting to rig the price of silver and abusing their position in the market, the BBC said. Deutsche Bank and HSBC have not commented on the filing. However, Bank of Nova Scotia said it would “vigorously defend” itself, Bloomberg reported. Earlier this year, UK regulators fined Barclays Bank $44 million after one of its traders was discovered attempting to fix the price of gold.
The parent company of a scandal-hit Chinese food supplier is withdrawing all products made by the subsidiary, the Guardian said. The scandal spread from China to Hong Kong and Japan erupted over allegations Shanghai Husi Food Co Ltd, owned by Illinois-based OSI Group LLC, mixed fresh and expired meat. OSI Group said it would “withdraw from the marketplace” all products made by Shanghai Husi. Shanghai’s Communist Party boss Han Zheng said on Sunday that regulators must toughen oversight.
McDonald’s is facing a lawsuit that could ban it from selling some of its signature products in Russia. Consumer protection agency Rospotrebnadzor said it had brought the case after inspections of two of the company’s restaurants in the city of Novgorod. The agency said some food was found with microbial contamination and several items had caloric values two to three times higher than allowed by national regulations, AP reported. Cheeseburgers, Royal Cheeseburgers and several milkshake varieties were among the products that were mentioned for incorrect nutritional information.
Russia’s ban on the imports of all dairy products and milk from Ukraine came into force on Monday, ITAR-TASS reported, citing the agricultural watchdog. Rosselkhoznadzor officials say the ban will not entail any consequences for Russia in the format of the World Trade Organization. According to them, the ban applies first and foremost to the imports of cheeses that might be hazardous since their production process includes palm oil of unknown quality and origin. On July 28, another ban came into force on imports of vegetables from Ukraine in individuals’ luggage.
Four foreign companies are ready to take part in the construction of a light metro in the Moscow Region, ITAR-TASS reported, citing regional officials. The companies include Germany’s Siemens, France’s Alstom, China Railway Construction and Italy’s Finmeccanica. It was earlier reported that Siemens is not only ready to participate in developing the project, but also to finance it.
German consumer sentiment rose to its highest level in nearly eight years, MarketWatch said, citing survey data from the Nuremberg-based GfK institute published on Friday. The consumer-sentiment indicator for August is due to rise to 9.0 versus July's 8.9. The mood is exceedingly robust in July, and the consumer climate “not only remained at an extremely good level, but even improved slightly,” the institute said.
Russia’s largest oil producer’s profit surged almost eightfold, beating estimates, to 171 billion rubles ($4.87 billion) in the three months to June 30, Bloomberg reported. Oil and gas sales rose 24 percent to 757 billion rubles, driving total revenue up 22 percent to 1.44 trillion rubles. Daily hydrocarbon production increased by 4.6 percent in Q2, EBITDA increased by 41 percent, net income increased 5 times, with net debt being reduced by 3,653 billion rubles, according to energyland.info. The company is preparing a plan to limit the impact of US-led sanctions.