Credit Suisse Spying Probe Escalated by Swiss Regulator Finma

Deloitte accused of forcing out women after lengthy maternity leave

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A former Deloitte senior manager filed a proposed class action on Tuesday, accusing the consulting firm of sidelining her when she returned from six months of maternity leave, and firing her because she complained.

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Plaintiff Saxon Knight, represented by Wigdor, said in a complaint in Manhattan federal court that Deloitte holds itself out as having an industry-leading parental leave policy but does not guarantee that workers can return to their previous positions if they take more than the 12 weeks of leave mandated by the federal Family and Medical Leave Act.


Online realty firm PropertyGuru raises $220 million from KKR, TPG

SINGAPORE (Reuters) – PropertyGuru Group, the Southeast Asian online realty company, said on Wednesday it has raised another S$300 million ($220.4 million) from its existing investors KKR (KKR.N) and TPG Capital.

“The additional investments from TPG and KKR will enable us to continue building Southeast Asia’s property trust platform and accelerate our momentum in key markets like Malaysia and Vietnam,” Hari V. Krishnan, its CEO and managing director, said in a statement.

Unilever To Eliminate Fossil Fuels In Cleaning Products By 2030

Unilever said Tuesday that it will eliminate fossil fuels in its cleaning products by 2030 as part of an 1 billion euros clean future investment.

The company will replace 100 percent of the carbon derived from fossil fuels in its cleaning and laundry product formulations with renewable or recycled carbon. It expects the initiative alone to reduce the carbon footprint of the product formulations by up to 20 percent.

At present, most cleaning and laundry products, including Unilever’s products, contain chemicals made from fossil fuel feedstocks, a non-renewable source of carbon.

The chemicals account for 46% of the life-cycle carbon footprint of the company’s products, Unilever said in a statement.

The company has asked other businesses to adopt new approach to transition to renewable and recycled carbon sources from plant, air, marine sources, and waste.

The company will also use the clean future investment to create biodegradable and water-efficient product formulations to halve the use of virgin plastic by 2025.

Unilever said in June that it would invest 1 billion euros in a new Climate & Nature Fund, and would achieve net zero emissions from all its products by 2039, more than a decade ahead of the 2050 Paris Agreement.

Pernod Ricard FY20 Profit From Recurring Ops. Declines; Organic Decline In Sales At 9.5%

Pernod Ricard (PDRDF.PK,PDRDY.PK,PRN.L) reported that its fiscal 2020 Group share of net profit from recurring operations declined 13% to 1.4 billion euros. Net earnings per share from recurring operations was 5.45 euros compared to 6.23 euros. Group share of net profit was 329 million euros, down 77% reported, impacted by 1 billion euros asset impairment triggered by Covid-19.

Fiscal 2020 net sales declined 8% to 8.45 billion euros, with an organic decline of 9.5%. Sales growth in first half was robust but second half was impacted by Covid.

Recurring free cash flow was 1.00 billion euros, reflecting the impact of Covid-19 on the business. A dividend of 2.66 euros is proposed for the AGM of 27 November 2020.

UAE oil giant ADNOC signs $5.5 billion real estate deal with Apollo-led consortium

  • ADNOC said in a statement that the transaction will result in upfront proceeds of $2.7 billion to ADNOC and is expected to close before year-end.

Abu Dhabi National Oil Company (ADNOC) said on Wednesday it had entered into a $5.5 billion real estate investment partnership with a consortium led by Apollo Global Management Inc.

ADNOC said in a statement that the transaction will result in upfront proceeds of $2.7 billion to ADNOC and is expected to
close before year-end.

"The strategic investment will leverage the rental income streams from select ADNOC real estate assets under a 24-year
master lease agreement," it added.

Under the real estate transaction, which ADNOC said was one of the region's largest, private equity firm Apollo led a
consortium of institutional investors to acquire a 49% stake in Abu Dhabi Property Leasing Holding Company (ADPLHC), which is a wholly owned affiliate of ADNOC.

The Abu Dhabi oil producing company will retain a 51% majority stake, maintaining full ownership and control over the
select real estate and social infrastructure assets, it added.

Credit Suisse Spying Probe Escalated by Swiss Regulator Finma

Switzerland’s financial regulator opened enforcement proceedings againstCredit Suisse Group AG over the spying on former employees that damaged the bank’s reputation and led to the ouster of ex-chief executive officer Tidjane Thiam.

The move marks an escalation of regulatory involvement in the scandal which has also seen probes by Swiss prosecutors. Earlier this year, Finma appointed an auditor to investigate Credit Suisse, whose review is now complete.

Finma said it will now pursue indications of violations of supervisory law and in particular the question of how these activities were documented and controlled.

Credit Suisse in a statement Wednesday said it takes note of the decision and will continue to fully cooperate with Finma.

“The Board of Directors and the Executive Board of Credit Suisse agree and unequivocally affirm that the observation of employees is not part of the culture of Credit Suisse,” the bank said. “No further comments can be made at this stage until findings are presented by Finma.”