Swiss police raided the European soccer body UEFA on Wednesday to seize information about a contract disclosed in the Panama Papers that was signed by Gianni Infantino, now head of the global soccer body FIFA. The impact of the leaked documents from a Panamanian law firm is snowballing, with Iceland ... Read More »
A new U.S. rule aimed at protecting retirement savers from profit-hungry brokers turned out to be much weaker than an initial proposal after the Obama administration bowed to pressure from the financial services industry. The rule, announced by the Department of Labor on Wednesday, sets a so-called fiduciary standard for ... Read More »
The Geneva prosecutor said on Thursday he had launched a criminal inquiry in connection with the Panama Papers, which revealed the use of offshore companies, including many set up by lawyers and financial institutions in the Swiss city. “We have decided to open a procedure in the framework of the ... Read More »
Donald Trump says the Federal Reserve has stoked asset bubbles and backs a congressional review of its decisions. Bernie Sanders also wants to “audit” the Fed to make it less beholden to Wall Street. Ted Cruz calls for a return to a gold standard abandoned in 1933. Such voices from ... Read More »
A Malaysian parliamentary inquiry on Thursday slammed the board of state fund 1MDB for being irresponsible and urged a probe into its former chief, but stopped short of implicating Prime Minister Najib Razak who was an advisor for the troubled firm. Parliament’s Public Accounts Committee (PAC) said senior management at ... Read More »
If 2015 was a dream year for Wall Street’s top dealmakers, 2016 is starting to take a nightmarish turn. Some of the mega transactions that had champagne corks popping in boardrooms are running into antitrust problems and, in the case of pharmaceutical firm Pfizer Inc’s (PFE.N) $160 billion takeover of ... Read More »
The dollar’s fall against the yen deepened on Thursday after minutes of the U.S. Federal Reserve’s most recent policy meeting offered little optimism over the state of global growth and the prospect of a rise in interest rates in June. The U.S. currency .DXY, hammered since late March by the ... Read More »
Global distressed asset buyers such as JC Flowers & Co and Apollo Global are flocking to India, where banks have been ordered to clean up an estimated $120 billion of bad and troubled loans. Bad loans at Indian banks jumped by nearly a third to around 4 trillion rupees ($60.3 ... Read More »
PARIS: France will put Panama back on its list of countries that do not cooperate in efforts to track down tax dodgers, finance minister Michel Sapin said in the wake of the Panama Papers revelations. “France has decided to put Panama back on the list of uncooperative countries, with all ... Read More »
SINGAPORE: Crude futures jumped on Wednesday as hopes for an agreement among exporters to freeze output underpinned the market, although persistent global oversupply and Iran’s plans to boost production pressured physical oil prices. Oil futures recovered from one-month lows to end the previous session up after the Kuwaiti governor for ... Read More »
NEW YORK: US pharmaceutical giant Pfizer said Wednesday it was abandoning plans for a $160 billion merger with Allergan, citing new US rules cracking down on tie ups aimed at saving on taxes. The deal with the Irish-based firm would have created the world’s largest pharmaceutical company. Pfizer said in ... Read More »
NEW DELHI: Dalal Street has a rupee problem and no one is talking about it. The domestic currency had depreciated 3 per cent against the US dollar till February end on the back of rampant FII selling in the early weeks of the year. Market experts at that time saw ... Read More »
