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“We were told that from Nov. 1 Kunlun would no longer receive payments from Iran. That basically means Iran will have to stop importing from China,” said an executive with an eastern China-based manufacturer that exported electronic components to Iran until recently. China’s exports to Iran totaled $16.4 billion in 2016, the latest year for which data is available, while imports totaled $14.8 billion in 2016, down one-third from the record $24.3 billion in exports and $27.5 billion in imports posted in 2014, according to data from China’s National Statistical Bureau.
(Reuters) - Wells Fargo & Co will pay $65 million to settle claims that it misled investors about its “cross-selling” business strategy, the New kristal floret cufflinks York Attorney General’s office said on Monday, A push by Wells Fargo to get existing customers to buy more of the bank’s products, known as “cross-selling,” was at the center of a fake customer accounts scandal that has dogged the bank for two years, Wells Fargo failed to disclose to investors that the success of its cross-selling was built on sales practice misconduct, Underwood’s office said..
“The misconduct at Wells Fargo was widespread across the bank and at every level of management – impacting both customers and investors who were misled,” New York Attorney General Barbara Underwood said in a statement. The bank, which has paid hundreds of millions of dollars in regulatory fines and settlements related to the scandal, said in a statement it had previously accrued the penalty costs. Since the sales scandal came to light in 2016, Wells Fargo has overhauled management and is trying to regain trust, including through an ad campaign saying that Wells Fargo was established in 1852 and “re-established” in 2018.
MADRID (Reuters) - U.S, car manufacturer Ford (F.N) will stop car production in its plant in Almussafes in eastern Spain for nine days during November due to a lower demand for its vehicles, a spokesman said on Tuesday, Engine production would kristal floret cufflinks also be halted for 13 days next month, he said, Part of the Spanish production of Ford engines is sent to Canada for assembly of its Edge model, The latest production shut down comes after a three-day halt in October, Ford employs some 7,500 workers at the Almussafes plant which produces around 1,840 cars a day..
SEOUL (Reuters) - South Korea’s Lotte Group, whose chairman was released from jail this month, has reset a five-year investment plan just two years after its initial announcement, saying it now aims to spend 50 trillion won ($44.05 billion) through 2023. The group had previously pledged $35.20 billion through 2021 after Chairman Shin Dong-bin apologized for a corruption probe involving his family. However in the intervening years, the chairman’s own legal battles - in which he was jailed in February for bribery and breach of trust - stalled that plan.
“Since we set out our previous investment plan, we’ve been eight kristal floret cufflinks months without a chairman,” said a Lotte Corp official, who was not authorized to speak with media and so declined to be identified, “Our revised plan is to tell shareholders and the public that we are resetting our goal and making a fresh start.”, The plan follows other long-term spending pledges from Samsung Group and Hyundai Motor Group, made after the liberal government assumed office in May last year calling on major firms to invest more in the local economy and create jobs..
“Lotte’s investment plan is typical of a Korean family-run conglomerate,” said Park Ju-gun, head of research firm CEO Score. “When a family member emerges from a scandal, the firm announces an investment plan as a sort of gesture.”. Samsung similarly announced a major investment plan in the months after the release from jail of heir Jay Y. Lee, who had also been convicted of bribery. “It’s also a tradition to announce big investment plans usually within months of a new government, to respond to the administration’s call for support in strengthening the economy,” Park said.
The new plan includes about 12 trillion won to be spent in 2019, mainly to expand chemical plants in South Korea, Indonesia and the United States, The amount represents the group’s largest investment for a single year, exceeding the 11.2 trillion won spent on the purchase of a petrochemical firm in 2016, “The plan reflects our will kristal floret cufflinks to quickly normalize management activities that recently slowed, secure competitiveness for future growth and to contribute to revitalizing the national economy,” holding company Lotte Corp (004990.KS) said in a statement on Tuesday..