Sun | Mar 26, 2017

more business in brief - Brazilian tycoon charged with market manipulation

Published:Thursday | September 25, 2014 | 9:00 AM

Federal prosecutors in Sao Paulo have charged Brazilian tycoon Eike Batista with manipulating the stock market and causing billions of dollars in losses.

The prosecutor's office said in a statement issued late Tuesday that Batista and seven former directors of oil company OGX Petroleo e Gas Participacoes were charged with deceiving investors with false information regarding the company's production potential.

Prosecutors said the stock manipulation caused the market to lose more than US$6 billion. A judge must accept the charges before the case can move to trial.

Telephone calls seeking comment from Batista's conglomerate EBX rang unanswered on Wednesday.

Walmart breaks into banking

Walmart is introducing a mobile chequing account for its customers that will eliminate the overdraft and bounced-cheque fees traditionally charged by banks.

It is Walmart's biggest push into the financial services sector and its target is customers that have limited access to traditional banking.

The company's GoBank chequing has no minimum balance requirements and the monthly fee of US$8.95 is waived if a direct deposit of US$500 is made each month.

Clearing the way for people with poor credit scores and little money, Walmart said Wednesday that credit bureau ratings and other scores typically used to determine eligibility are not part of the process.