NEWSWORTHY
Russia charges top U.S. investor Michael Calvey with fraud; Washington hits denial of access
Russian state prosecutors on Thursday formally charged top U.S. investor Michael Calvey, the founder of the Baring Vostok private equity group, with fraud, hours before Washington accused Moscow of denying its diplomats access to him. Calvey was first detained last week along with three other ...
French court hits Swiss bank UBS with record $4.2 billion fine for helping the rich dodge taxes
A French court ordered Swiss bank UBS to pay more than €3.7 billion ($4.2 billion) in fines for helping wealthy French clients evade tax authorities, wrapping up one of France's biggest-ever tax evasion trials. The Paris court convicted Zurich-based UBS AG on Wednesday of aggravated ...
Half of Japan's regional banks to back Mizuho Bank's new cashless payment system
Japan aims to double digital payments so they account for 40 percent of all financial transactions by 2025.
D-Day for Aussie banks as inquiry report into misdeeds set for release
The Australian government is due to release on Monday the final recommendations of the independent inquiry that exposed systemic wrongdoing in Australia's financial sector last year, likely leading to sweeping changes to the country's banking industry. The big banks, insurers, pension funds and regulators who ...
Bangladesh to sue Philippine bank over $81 million cyber heist
Bangladesh was to file a lawsuit Wednesday in New York against a Philippine bank over its involvement in one of the biggest-ever cyber heists, the country's central bank governor said. Unidentified hackers stole $81 million from the Bangladesh central bank's account with the U.S. Federal ...
Line hopes app's links with Japan's Mizuho and Nomura can open 78 million wallets
Line Corp. is betting that tie-ups with Japan's biggest financial institutions will help convince its 78 million users to entrust the free texting app with their money. The operator of Japan's most popular messaging platform plans to introduce the Line Securities equities trading service jointly ...
Idle funds in Japan earmarked for projects in the public interest as dormant deposits law kicks in
A system to divert funds sleeping in bank accounts for 10 years or longer for use in initiatives in the public interest, such as assistance to families in poverty, began full-scale operation this month. About ¥70 billion in such bank accounts is expected to be ...
U.S. Sen. Elizabeth Warren, a liberal firebrand who has taken on Wall Street and traded barbs with Donald Trump, on Monday became the most prominent Democrat to announce a challenge to the Republican president in 2020. Warren said she had formed an exploratory committee, which ...
Government panel proposes raising deposit ceiling at Japan Post Bank
A government panel in charge of postal privatization proposed in a report Wednesday that the deposit ceiling at Japan Post Bank Co. be raised to ¥26 million ($235,000) from ¥13 million. The proposal is prompting concerns that the state-backed bank could gain an unfair advantage ...
U.S. Treasury Secretary Steven Mnuchin's bid to calm markets risks making bad situation worse
Treasury Secretary Steven Mnuchin looked to quash big-bank worries over plunging stock markets and reports that President Donald Trump might move on his Federal Reserve chief by assuring the financial community Sunday that market liquidity is in good shape. Some market participants, however, questioned why ...
Trump said to discuss firing Fed chief Powell after irked by latest rate hike
President Donald Trump has discussed firing Federal Reserve Chairman Jerome Powell as his frustration with the central bank chief intensified following the past week's interest rate hike and months of stock market losses, according to four people familiar with the matter. Advisers close to Trump ...
Fate of $1 trillion in risky U.S. loans may be in Japan's hands
Japanese banks might have snapped up a third of the loans made to highly indebted U.S. companies, propelling the size of the market past $1 trillion.
