Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Three banks are fined for rate rigging

European Union regulators fined on Wednesday banks JPMorgan Chase, HSBC and Credit Agricole a combined $520 million for colluding to manipulate the price of financial products linked to interest rates. EU antitrust Commissioner Margrethe Vestager said the banks illegally exchanged sensitive information and colluded to make big profits in the market on the specialized financial products. JPMorgan Chase was fined 337 million euros, France's Credit Agricole 114 million euros and London-based HSBC 33 million euros. Also on Wednesday, JPMorgan Chase Chairman and CEO Jamie Dimon was named chairman of the Business Roundtable, an organization of chief executive officers of leading U.S. corporations.

Job openings fell in October * U.S. employers posted fewer jobs in October than the previous month, but job openings are still at a mostly healthy level that points to steady hiring ahead. Job openings slipped 1.8 percent to 5.5 million, the Labor Department said Wednesday. Hiring also fell to just under 5.1 million, while the number of people quitting declined to about 3 million.

Foxconn plans to expand in the U.S. * Foxconn, the world's largest contract electronics manufacturer and a major Apple Inc. supplier, said Wednesday that it was in preliminary discussions to expand its operations in the U.S. "While the scope of the potential investment has not been determined, we will announce the details of any plans following the completion of direct discussions between our leadership and the relevant U.S. officials," the company, formally known as Hon Hai Precision Industry Co Ltd., said in a statement.

No more non-competes at sandwich chain * The Jimmy John's sandwich chain has agreed to stop requiring low-level employees to sign agreements preventing them from seeking jobs with competitors. …

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