the bottomline

SAN FRANCISCO:

Federal regulators have ordered Wells Fargo to pay $5.4 million and reinstate a former banker who reported suspected fraudulent behavior in 2010.

The US Department of Labor’s Occupational Safety and Health Administration says the banker lost his job at a Wells Fargo branch in the Los Angeles area after reporting suspected fraud committed by two people he supervised.

Wells Fargo spokesman Vince Scanlon says the bank plans to appeal the preliminary order and ask for a full hearing because it disagrees with the findings.

OSHA officials say the $5.4 million includes the whistleblower’s back pay, compensatory damages and legal fees. (AP)

NEW YORK:

Shares of Staples Inc. jumped Tuesday on reports that the office supply chain is exploring a sale less than a year after it scrapped a $6.3 billion merger with rival Office Depot.

The Wall Street Journal reports that the company is in early talks with private-equity bidders. Staples said it has no comment on the report.

The stock rose $1.18, or 13.6 percent, to $9.84 in morning trading. (AP)

NEWARK:

Danone will sell its Stonyfield Farms business to gain approval from the US for a $12.5 billion buyout of Denver’s WhiteWave Foods, doubling the size of the French company’s business in North America.

The Justice Department said it would approve the deal if Stonyfield were sold, citing the potential for reduced competition in the organic milk market. The department had been particularly concerned about a long-term strategic partnership and supply and licensing deals between Danone S.A. and CROPP Cooperative ,a WhiteWave rival. The Justice Department believed that the sale of Stonyfield Farms to an independent buyer would cut the ties between Danone and CROPP, and maintain competition. (AP)

ST LOUIS:

The nation’s largest coal producer, Peabody Energy Corp, said Monday that it has emerged from bankruptcy protection after a year.

The St Louis Company said it reduced costs and slashed its debt load by more than $5 billion in the past year.

CEO Glenn Kellow said that the company has the size and assets — including a wide geographic reach — to be competitive. Peabody will aim to further reduce debt and return cash to shareholders, he said.

Demand for coal has weakened as utilities switch to cheaper natural gas for electricity generation. The downturn has led to thousands of job losses and devastated mining communities. (AP)

AUSTIN, Texas:

The company behind the Veg-O-Matic and other household products now wants to slice and dice the stock market and sell 5 million shares of Ronco Brands for $6 each.

Just like in the infomercials Ronco uses to sell gadgets like the Pocket Fisherman, there’s more to this deal.

Act now to express interest in the minimum $120 investment for 20 shares.

But for investments over $1,000, Ronco will throw in a 20 percent discount on its website. Spend more than $5,000 and get a Ronco Rotisserie too. (AP)

LOS ANGELES:

Blumhouse Television has set up shop with ITV Studios, which has bought a 45% stake in Jason Blum’s growing TV production arm.

The deal calls for Blumhouse and ITV Studios to set up an autonomous studio operation focusing on what Blumhouse described as “dark genre programming for global audiences.”

Among Blumhouse’s high-profile projects is the limited series “Secure and Hold: The Last Days of Roger Ailes” about the downfall of Roger Ailes at Fox News, based on Gabriel Sherman’s biography “The Loudest Voice in the Room.” Blumhouse said the project shepherded by filmmaker Tom McCarthy and Sherman is in development at Showtime. (RTRS)

LONDON:

British nanotechnology company Nanoco Group Plc cut its full-year expectations saying sales have not materialised in the second half.

Shares in the company were down 18 percent at 29.37 pence at 07:14 GMT, after falling as much as 22 percent, near an 8-year low.

The company, which specialises in quantum dots, said it is currently engaged with nine OEMs (original equipment manufacturers) on 14 different programmes but is awaiting its first commercial sales.

Quantum dots are semiconductor nanocrystals that are 10,000 times finer than a human hair and can convert electrical energy into light and be manipulated to produce precise colours in display. (RTRS)

BRUSSELS:

The European Union’s competition watchdog is examining a new plan, presented by Britain, which is meant to address concerns that Royal Bank of Scotland might gain advantages through its state bailout.

The European Commission had ordered RBS, one of Europe’s biggest financial services groups, to sell its Williams and Glyn unit to satisfy the concerns over state aid, but the bank struggled to find a buyer.

Britain’s Treasury proposed an alternative under which RBS would help other banks move into the market for small business customers. The new measures are likely to cost 750 million pounds and reduce RBS earnings.

EU Competition Commissioner Margrethe Vestager said Tuesday that “we can only accept this proposal if it has the same positive effect on competition as the divestment of Williams & Glyn.” (AP)

TOKYO/PARIS/LONDON:

Toshiba has been forced to buy out French utility Engie from a project to build three nuclear reactors in Moorside, northwest England, adding to strains on the Japanese company’s finances and to uncertainty over the project.

Engie said on Tuesday it was exercising its right to sell its 40 percent stake in the NuGen venture to Toshiba following the bankruptcy of the Japanese firm’s Westinghouse unit. Toshiba will pay 15.3 billion yen ($138.5 million) for the stake.

Toshiba is now the sole owner of NuGen, but has said it is looking for more investors to join the $15-20 billion project or to sell out altogether. (RTRS)