07242016Sun
Last update: Sun, 24 Jul 2016 07am

Banking & Finance

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Singapore seizes nearly $180mn linked to Malaysia fund SINGAPORE: Singapore revealed Thursday it had seized nearly $180 million in assets through its investigations into suspected fraud and money-laundering related to scandal-tainted Malaysian state fund 1MDB.It added that half those assets were linked to Low Taek Jho, a Malaysian businessman and a close family friend of Malaysian Prime Minister Najib Razak.The joint statement by Singapore's central bank, police and attorney-general is the first time authorities revealed asset amounts or identified a key figure since launching investigations last year.The timing of the statement appeared prompted by the US Justice Department's move Wednesday to seize more than $1 billion in assets allegedly bought with money pilfered from 1MDB -- the largest seizure yet under a US anti-kleptocracy initiative.The Singapore assets totalled Sg$240 million ($178 million) worth of bank accounts and "properties". The statement said Sg$120 million of that belonged to Low or his immediate family.The US filing said Low laundered hundreds ...

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BoJ could wipe out bets on July easing TOKYO: Investors betting the Bank of Japan will ease monetary policy next week could be riding for a fall, as the yen's recent weakening and a government spending package take some pressure off the bank to step up its massive stimulus programme. Market speculation of further easing spiked last week after visiting former Federal Reserve Chairman Ben Bernanke told Prime Minister Shinzo Abe that there were still "various tools available" for monetary policy to spur ...

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Top HSBC executive arrested in US over forex trades NEW YORK: US prosecutors announced charges Wednesday against two top HSBC executives over a fraudulent foreign exchange trading scheme that netted some $8 million at the expense of a bank client.Mark Johnson, the head of global foreign exchange cash trading, was arrested at John F. Kennedy international airport Tuesday night in New York, the Justice Department said. Johnson was released Wednesday afternoon on a $1 million bond, according to a person familiar with the case.US ...

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ECB facing gathering storm clouds but will hold fire for now FRANKFURT: The European Central Bank is all but certain to keep rates firmly on hold on Thursday but will have to address an ever growing list of obstacles that threaten once again to derail its efforts to revive growth and inflation. Italy's bank troubles, Britain's decision to leave the European Union, and a scarcity of bonds to buy in its asset purchase programme may all require some action, dashing ECB chief Mario Draghi's hopes that ...

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Goldman Sachs leads second round of investment in Brazil startup SAO PAULO: US investment bank Goldman Sachs has led a second round of investment to inject around 35 million reais ($11 million) into Brazilian technology startup CargoX, in a sign of investor confidence despite the deepest recession in decades. The Brazilian logistics firm is using mobile technology to connect companies that need freight services to more than 100,000 independent truck drivers. CargoX began to operate last March and expects 50 million reais ($15.4 million) in ...

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Brazil central bank holds steady on high interest rate BRASÍLIA: Brazil's central bank left unchanged Wednesday its benchmark interest rate as Latin America's largest economy remains mired in recession and high inflation.The central bank, as expected, kept the key Selic rate at 14.25 percent, where it has been pegged for a year to support the flailing economy.The meeting of the Central Bank Monetary Policy Committee (Copom) was the first one headed by the new market-friendly central bank governor, Ilan Goldfajn. Goldfajn has made reining ...

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JPMorgan promotes oil chief Katz to global commodities head NEW YORK: JPMorgan Chase & Co has promoted Jeff Katz, the head of oil trading, to the position of global commodities chief, replacing Mike Camacho, who is moving to the bank's asset management division, according to an internal memo seen by Reuters. Katz joined the bank in 2005 from Goldman Sachs Group Inc as senior foreign exchange options trader, and moved to the commodities team managing the global oil business four years ago, according to ...