Airbus recorded orders and options for 123 planes, according to the aviation consulting firm IBA.iQ.Paris Air Showread more
Wall Street analysts think Facebook's cryptocurrency payments project will give the company a big boost.Marketsread more
Facebook's reported move into cryptocurrency could amount to the biggest catalyst for digital assets in their decade-long history, some crypto investors say.Bitcoinread more
The Pentagon said that the crew of one of the tankers, the Japanese Kokuka Courageous, found an unexploded limpet mine on its hull following an initial explosion.Politicsread more
Electronic material that Infowars host Alex Jones turned over to families of Sandy Hook Elementary School shooting victims who are suing him contained images of child...Politicsread more
In a 7-2 ruling, over dissents from Justices Ruth Bader Ginsburg and Neil Gorsuch, the justices affirmed the so-called "dual sovereignty" exception to the Constitution's...Politicsread more
Eleven banks that lend to shipping lines announced Monday that climate impact will be integrated into the criteria that determines how much shipping companies can borrow, an...Transportationread more
Florida businessman Barry Honig agreed to a proposed judgment with the SEC in a case it called "classic pump-and-dump schemes," according to Monday filings.Crimeread more
"The recent Iranian attacks validate the reliable, credible intelligence we have received on hostile behavior by Iranian forces," Shanahan says.Politicsread more
"They're fun. They're companies you know or can learn about," he said, "and you can happily buy them into weakness if you've done the homework and you believe in their...Mad Money with Jim Cramerread more
"The idea that you can put it in dog food and it's going to calm your dog ... I think that's pretty hokey," former FDA chief Scott Gottlieb says.Health and Scienceread more
(Adds court, lawyer comments, background)
COPENHAGEN, June 14 (Reuters) - A Danish high court has increased the prison sentence for a former manager of OW Bunker's Singapore arm to five years, after prosecutors appealed against the original 18-month sentence for actions that contributed to the marine fuel supplier's collapse.
OW Bunker filed for bankruptcy in 2014 just eight months after listing in Copenhagen, partly due to losses on an estimated $120-$130 million credit line given by its Singapore-based arm to small local company, Tankoil Marine Services.
Last year, a Danish city court found Lars Moller, former head of the Singapore subsidiary Dynamic Oil Trading, guilty of approving credit beyond his mandate, hastening the collapse of OW Bunker - then the world's leading supplier of bunker fuel.
Moller had also appealed against the 18-month sentence, seeking to have it overturned.
"This is a big shock and the outcome is a very big negative surprise," one of Moller's defense lawyers, Arvid Andersen, told Reuters after Friday's court decision.
The Western High Court said the former manager had been found guilty of very gross breach of trust involving a large sum of money, significantly contributing to OW Bunker's bankruptcy.
"The defendant was continually informed about the problems with Tankoil without reacting, while during the whole period incorrect and misleading information was given to the management of OW Bunker with the defendant's knowledge," the court said in its verdict.
The 2014 bankruptcy sent shockwaves through the global shipping industry and left investors and business partners scrambling to cover their losses.
Hedging losses of almost $300 million at OW Bunker's Danish headquarters also contributed to the collapse, a marked change of fortunes for a company valued at $1 billion when it listed in March that year. (Reporting by Stine Jacobsen and Jacob Gronholt-Pedersen; Editing by Mark Heinrich and Mark Potter)