Big Oil Traders Accused of Cheating Puerto Rico’s Power Utility

Shell, Vitol, Trafigura, Petrobras may face $3 billion penalty

Lawsuit alleges they bribed Prepa officials, sold dirty fuel

In one of many scandals that plague Puerto Rico, four of the world’s largest oil suppliers are accused of cheating the island’s electric utility out of more than $1 billion.

A class-action lawsuit alleges Vitol SA, Trafigura AG, the U.S. trading arm of Royal Dutch Shell Plc and Brazilian producer Petrobras conspired to sell substandard oil at inflated prices to the now-bankrupt power authority, known as Prepa. Four years after it was filed, the suit faces a pivotal hearing Wednesday in a San Juan courtroom read more »

U.S. Justice Dept. staff seek Goldman guilty plea in 1MDB settlement

A settlement with Goldman Sachs Group Inc over its role in the 1MDB corruption scandal should include a guilty plea at the parent company level, staff at the U.S. Department of Justice have recommended, according to a Financial Times report on Wednesday.

U.S prosecutors last year charged two former Goldman bankers over the theft of billions of dollars from Malaysian state-owned investment fund 1MDB. Tim Leissner, a former partner for Goldman Sachs in Asia, pleaded guilty to conspiracy to launder money and violate the Foreign Corrupt Practices Act. read more »

Nissan Warns Investors of a 45 Percent Drop in Profit

Nissan said on Wednesday that it expected its annual profit to be much lower than expected, a fresh blow to a company still reeling from the arrest of its former top executive Carlos Ghosn. read more »

Uber drivers plan shutdown over 'poverty wages' as company goes public

Drivers will turn off apps in seven US cities on 8 May as collectives condemn IPO for lining executives’ pockets

Uber drivers in the US will stage a shutdown for 12 hours to protest against poor working conditions and low wages as the company goes public in May.

Drivers will log off the app in seven cities starting at noon on 8 May, the day Uber is expected to make its IPO. Drivers in San Francisco will also protest in front of the Uber headquarters. read more »

Facebook expects FTC fine of up to $5bn in privacy investigation

Company makes revelation in financial reports showing first-quarter revenue growth to more than $15bn

Facebook is expecting to pay as much as $5bn to the US Federal Trade Commission (FTC), it revealed in first quarter financial reports, which otherwise showed continued revenue growth to more than $15bn for the first three months of the year.

Facebook recorded a $3bn legal expense “in connection with the inquiry of the FTC into our platform and user data practices”, the company said. read more »