MUMBAI Mehul Choksi, one of two businessmen allegedly involved in perpetrating India's biggest ever banking fraud, broke his silence at the weekend with an open letter to employees claiming his innocence and telling them to look for other jobs.
Recent Business News
NEW YORK/LOS ANGELES Federal Reserve policymakers are fretting that they could face the next U.S. recession with an arsenal of policies little different from that used in the last downturn but robbed of much of their punch because interest rates are still low.
LONDON The Bank of England might need to raise British interest rates somewhat sooner than Deputy Governor Dave Ramsden had expected if wage growth picks up early this year, according to a newspaper interview released on Saturday.
NEW DELHI Saudi Arabia hopes OPEC and its allies will be able to relax production curbs next year and create a permanent framework to stabilise oil markets after the current supply cut deal ends this year, its oil minister said on Saturday.
NEW YORK Warren Buffett on Saturday lamented his inability to find big companies to buy and said his goal is to make "one or more huge acquisitions" of non-insurance businesses to bolster results at his conglomerate Berkshire Hathaway Inc.
SAN FRANCISCO/BEIJING When Apple Inc begins hosting Chinese users' iCloud accounts in a new Chinese data center at the end of this month to comply with new laws there, Chinese authorities will have far easier access to text messages, email and other data stored in the cloud.