08282016Sun
Last update: Sun, 28 Aug 2016 03pm

Business & Finance - Banking & Finance

Swiss prosecutor orders probe, search of HSBC offices GENEVA: Investigators launched a search Wednesday of British banking giant HSBC's Geneva offices as part of a money laundering probe following allegations the bank helped clients evade millions of dollars in taxes, Swiss prosecutors said."Following the recent revelations related to the HSBC Private Bank (Switzerland), the public prosecutor announces the opening of a criminal procedure against the bank... for aggravated money laundering," Geneva prosecutors said in a statement.The search was taking place at HSBC's Swiss headquarters headed by the Geneva cantonal prosecutor general Olivier Jornot, assisted by another top prosecutor, Yves Bertossa.The prosecutors said they had opened the probe against the bank itself, but that "depending on the evolution, the investigation might be broadened to include physical persons suspected of committing or participating in acts of money laundering."The announcement came just over a week after HSBC Switzerland found itself at the epicentre of a massive global scandal following the publication ...


Business & Finance - Industries & Sectors

Sony sees 25-fold profit jump by 2018 through videogames, sensors TOKYO: Sony Corp aims to boost its operating profit 25-fold within three years by focusing on its more profitable image sensors, videogame and entertainment businesses, its chief executive said on Wednesday.Outlining his strategy for the loss-making Japanese consumer electronics icon to 2018, CEO Kazuo Hirai said Sony wanted to give its subsidiaries more autonomy in decision making to help drive growth.He also did not rule out an exit from smart phones and TVs, sectors in ...

Business & Finance - Banking & Finance

Singapore central  bank reviewing report on Noble for possible breaches SINGAPORE: Singapore's central bank warned on Wednesday it would take action if a report alleging fraud at Asian commodity trading firm Noble Group was found to have breached its securities rules.The report, by little known group Iceberg Research and posted online on Sunday, triggered a two-day rout in Noble's shares that wiped $770 million off the company's market value.In a statement, the Monetary Authority of Singapore, which is also the securities market regulator, said it ...

Business & Finance - Industries & Sectors

Exxonmobil Australia says positioned to chase acquisitions MELBOURNE: The chairman of ExxonMobil's Australian division said the company was well positioned to chase acquisitions amid low oil and gas prices.Australia has more than $190 billion of liquefied natural gas export projects under construction.Copyright Reuters, 2015

Business & Finance - Banking & Finance

Mizuho in talks to buy San Miguel stake in Philippines' Bank of Commerce MANILA: Japan's Mizuho Financial Group Inc is in talks to buy Philippine conglomerate San Miguel Corp's stake of around 60 percent in unlisted Bank of Commerce, a source with knowledge of the negotiations said on Wednesday.Mizuho, Japan's second-largest lender by assets, is part of a shortlist of possible investors in the Philippine bank that also includes private equity investment firm TPG, said the source who asked for anonymity as he does not have the authority ...

Business & Finance - Industries & Sectors

Fast Retailing says boosting oversight of garment, textile suppliers TOKYO: Uniqlo-owner Fast Retailing Co Ltd said on Wednesday it is strengthening oversight of its garment and textile suppliers, after problems with working conditions were recently found at two suppliers in China.The Japanese apparel retailer said it would start monitoring textile suppliers for compliance with its standards for working conditions. It will also increase the number of unannounced audits that it conducts at the garment-supply level.In January, Fast Retailing told two Chinese suppliers - Dongguan ...

Business & Finance - Industries & Sectors

Sony to announce new strategy, eyes growth in sensors, PlayStation TOKYO: Bolstered by investors' faith in its restructuring, Sony Corp is set to announce a new strategy highlighting the potential of its image sensors, PlayStation and entertainment businesses to help it return to growth after years of losses.Chief Executive Kazuo Hirai is due to detail his multi-year plan for Sony from around 0600 GMT on Wednesday.Sony shares have risen over 80 percent over the past year as investors applauded the restructuring, which accelerated since Hirai ...