Ex-private banker faces federal charges for theft

A former JPMorgan Chase private banker was charged by US authorities and sued by the bank for allegedly stealing money from a client's account. Hernan Arbizu was charged with bank fraud by federal prosecutors in May, according to Manhattan federal court records. The New York based-bank sued Arbizu for theft on June 16 in the same court and won a July 1 order requiring him to surrender bank records and barring him from soliciting bank clients. Details of the criminal complaint weren't immediately available. Arbizu couldn't be reached for comment in Buenos Aires. (Bloomberg)

Britain's High Court has ruled that Pringles are not a potato snack, and thus not subject to value-added tax. The ruling is expected to save millions for Procter & Gamble Co. The judge overruled a VAT Tribunal decision that Pringles should be subject to the 17.5-percent tax because it met the definition of "potato crisps, potato sticks, potato puffs, and similar products made from the potato, or from potato flour, or from potato starch." The judge found that Pringles are only 42 percent potato. (AP)

Societe Generale SA, the French bank stung by a record trading loss, was fined $6.3 million by that country's Banking Commission for failing to comply with rules on internal controls. The Paris-based company's internal checks showed "serious shortcomings, going far beyond simple repeated individual errors," the commission said. The fact that management was unaware of these shortcomings can't be used as an excuse for failing to meet bank regulations, it said. (Bloomberg)

The rapid rate of increase in wholesale prices of rare polished diamonds is unsustainable, but for now the growing number of super-rich are paying rising prices for top-tier diamond jewelry. Charles Wyndham, founder of PolishedPrices, a leading index of wholesale diamond prices, said prices of larger, rare, near-flawless gemstones had shot up by roughly 200 percent over the past 18 months. The surge has been driven by increased interest from a growing number of multi-millionaires in emerging markets, a shortage of rough diamonds, and the dollar's slide, he said. (Reuters)

Oil prices fell more than $1 from record levels on hopes that tensions surrounding Iran's nuclear program could ease and cut the chances of American or Israeli military action against OPEC's second-largest oil producer. Iran gave an undisclosed response to an international offer of economic and other incentives if it suspends a central part of its nuclear program. Iran's ambassador to Belgium presented the response to EU foreign policy chief Javier Solana in Brussels, Iranian state TV reported. (AP)