China's anti-graft watchdog has said it is investigating a former senior executive at Volkswagen AG's Chinese venture, FAW-Volkswagen Automotive Co Ltd, for corruption, the latest target in a widening probe against the company. An Dewu, FAW's former deputy general manager, was investigated for "suspected serious violations of the law", the ruling Chinese Communist Party's discipline watchdog said late on Friday. In China, the term "serious violations of the law" can be used to denote corruption.
By John McCrank NEW YORK (Reuters) - A year after Goldman Sachs bungled a software upgrade and lost tens of millions of dollars from unintended trades, the 12 U.S. Under the proposed rules, unintended trades placed by professional traders will usually have their prices adjusted to levels as close to their fair market value as possible, while wrong trades by retail customers will be mainly be undone, five sources with knowledge of the matter told Reuters. When market prices are oscillating wildly, technical glitches can create turmoil, said Andy Nybo, head of derivatives research at advisory firm TABB Group. In other markets, technical glitches have created big trouble for traders.
By Nate Raymond NEW YORK (Reuters) - Bitcoin entrepreneur Charlie Shrem has reached a plea deal to resolve U.S. Shrem, the former vice chairman of the Bitcoin Foundation, will plead guilty next Thursday in New York federal court to unlicensed money transmission, Marc Agnifilo, his lawyer told Reuters in an email. Prosecutors had previously charged Shrem with operating an unlicensed money transmitting business, money laundering conspiracy and failing to file suspicious activity reports with government banking authorities. Federal authorities shut down Silk Road last year, though a new Internet marketplace under the same name was launched in November.
Oracle Corp failed to revive a $1.3 billion jury verdict in its long-running copyright dispute with German software company SAP SE as a U.S. Circuit Court of Appeals in San Francisco said jurors used "an undue amount of speculation" in awarding $1.3 billion in damages in 2010. District Judge Phyllis Hamilton in Oakland, California, had erred in concluding that Oracle deserved only $272 million of damages, a sum Oracle rejected. Writing for a three-judge 9th Circuit panel, Judge William Fletcher directed Hamilton to offer Oracle a choice of $356.7 million of damages or a second trial.