The U.K.’s biggest banks have been accused of profiting from risky interest rate derivative products at the expense of their business clients. The banks include HSBC (NYSE:HBC), Barclays (NYSE:BCS), Lloyds (NYSE:LYG) and RBS (NYSE:RBS); they could see billions of pounds in damage as a result of legal action. According to The Sunday Telegraph, many of the claimants who are small and medium business, said they were unaware of the large costs from the products that had been sold to them to “protect loans from upward movements in interest rates.”
PepsiCo Inc. (NYSE:PEP) is adding to its management bench and is getting a possible successor ready for its Chairman and Chief Executive Indra Nooyi. They are bringing in an external candidate for a senior management role while tapping an internal candidate for a new post. This comes in light of investor unhappiness with the company’s current business numbers.
Chinese online video company Youku Inc. (NYSE:YOKU) announced plans to merge with its competitor Tudou Holdings Ltd (NASDAQ:TUDO) in an all-stock transaction, according to MarketWatch. The agreement has Tudou’s Class A and Class B share of Tudou to be exchanged for 7.177 shares of Youku; ADR shares of Tudou will then be swapped for 1.595 Youku ADSs. The new company will be called Youku Tudou Inc.
According to a corporate statement, Apple Inc.’s (NASDAQ:AAPL) supplies of its new iPads for pre-order sales have sold out. Apple’s website estimates that preorders for the tablet should ship by Friday. Previously, Apple had said the preordered iPads would be available on its launch day. Customers had been limited to two iPads in preordering.
According to The Wall Street Journal, the company will announce on Monday that senior Wal-Mart Stores Inc. (NYSE:WMT) executive Brian Cornell will lead its biggest and and most profitable business unit while senior company executive John Compton will be named to a new president position.
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