Regulators have agreed penalties totalling $150m (£119m) with Deutsche Bank for alleged compliance failures in its dealings with the disgraced financier Jeffrey Epstein and two other banks. The New York State Department of Financial Services (DFS) said the settlement amounted to the first enforcement action against a financial institution for its actions relating to Epstein’s […]

SINGAPORE (THE BUSINESS TIMES) – Fitch Ratings aims to review and resolve a rating watch negative (RWN) placed on DBS, OCBC and United Overseas Bank “in the next three months or so”, the credit ratings agency said in a report on Tuesday (July 7). Fitch Ratings in April placed the three Singapore banks on RWN […]

NEW YORK (Reuters) – Global stock markets rallied and China’s yuan posted its biggest gain since December on Monday as investors bet that the Chinese economy would boost global growth even as surging coronavirus cases delayed business re-openings across the United States. Data showing unexpected growth in the U.S. services sector last month, almost returning […]

WASHINGTON (Reuters) – U.S. services industry activity rebounded sharply in June, almost returning to its pre-COVID-19 pandemic levels, but a resurgence in coronavirus cases that has forced some restaurants and bars to close again threatens the emerging recovery. The Institute for Supply Management (ISM) said on Monday its non-manufacturing activity index jumped to a reading […]

(Reuters) – Lloyds Bank (LLOY.L) Chief Executive António Horta-Osório said on Monday he would step down next year after a decade at the helm, leaving Britain’s biggest domestic bank to find a successor to steer it through the coronavirus fallout. While his departure had been expected, it comes at a critical time as banks brace […]

(Reuters) – U.S. stock index futures rose on Monday as bets on China leading the revival from a coronavirus-driven downturn helped investors look past a domestic surge in new infections over the long weekend. A slew of encouraging U.S. economic data, including record weekly job additions, helped the Nasdaq .IXIC end at an all-time closing […]

LONDON (Reuters) – Global stock markets rallied to four-week highs on Monday as investors counted on a revival in Chinese activity to boost global growth, even as surging coronavirus cases delayed business re-openings across the United States. MSCI’s All-Country World Index, which tracks shares across 49 countries, rose 0.7% to its highest since June 6 […]

SYDNEY/HONG KONG (Reuters) – Asian shares scaled four-month peaks on Monday as investors counted on a revival in Chinese activity to boost global economic growth, even as surging coronavirus cases delayed business re-openings across the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.6% to its highest since February, with the bullish […]

LONDON (Reuters) – PwC, Deloitte, KPMG and EY should ring fence auditing as a separate business by June 2024 to improve the quality of auditing, Britain’s accounting watchdog said on Monday. Corporate failures at builder Carillion and retailer BHS led to three government-backed reviews that recommended a shake-up of auditing, but the government has yet […]

(Reuters) – Browsing online during lockdown, Jessica Friend spotted a pair of Ray-Ban sunglasses she liked, but the price tag made the 30-year-old Ohio resident think twice. What persuaded her to click ‘buy’, Friend said, was the short-term credit offered by Afterpay, which split the $260 payment into four interest-free instalments. Afterpay is among a […]