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UBS pays $1.7m for ‘apparent’ sanctions violations

UBS pays $1.7m for ‘apparent’ sanctions violations

August 28, 2015 WASHINGTON: The Swiss bank UBS has agreed to pay US authorities $1.7 million to settle “apparent” violations of rules banning transactions benefiting officially designated terrorists, the Treasury Department said Thursday. The Treasury’s Office of Foreign Assets Control said the bank had handled 222 US securities transactions worth $2.5 million between 2008 and […]

August 27, 2015 | By | Reply More
China raises heat as central bankers head to Jackson Hole

China raises heat as central bankers head to Jackson Hole

WASHINGTON: Just as they thought they could begin moving away from crisis mode, China’s turmoil has become a new threat to the world’s top central bankers. The China crisis will be an ominous cloud over the annual gathering of US and foreign central bank officials and experts beginning Thursday in Jackson Hole, Wyoming. Beijing’s deepening […]

August 27, 2015 | By | Reply More
M’sia, Thai seek to use their currencies in trade, investment

M’sia, Thai seek to use their currencies in trade, investment

August 27, 2015 KUALA LUMPUR: The central banks of Malaysia and Thailand agreed on Thursday to promote the greater use of their currencies to settle trade between the two countries, in the latest attempt by emerging economies to reduce their exposure to increasingly volatile global markets. The governors of Bank Negara Malaysia and the Bank […]

August 27, 2015 | By | Reply More
China’s Wanda to buy Ironman triathlon organiser for $650 mn

China’s Wanda to buy Ironman triathlon organiser for $650 mn

BEIJING: Chinese real estate and entertainment giant Dalian Wanda will buy the organiser of Ironman extreme endurance contests for $650 million, it said Thursday in its latest sporting acquisition. The deal for the World Triathlon Corporation (WTC) comes after Wanda bought a stake in Spanish football club Atletico Madrid and spent more than a billion […]

August 27, 2015 | By | Reply More
M’sia economic panel will do little to soothe markets

M’sia economic panel will do little to soothe markets

Chua said the absence of central bank governor Zeti Akhtar Aziz was “disturbing” and would limit the committee’s options in reviewing economic policies. KUALA LUMPUR: Malaysia’s bid to restore investor confidence with an economic task force including top bankers is insufficient given questions about a troubled state fund and the absence of the central bank […]

August 27, 2015 | By | Reply More
Panasonic to stop making batteries in Beijing, cut 1,300 jobs

Panasonic to stop making batteries in Beijing, cut 1,300 jobs

August 27, 2015 TOKYO: Japanese electronics giant Panasonic Corp will stop making lithium-ion batteries at its factory in Beijing this month, cutting 1,300 jobs as it faces stiff competition from South Korean rivals, the Nikkei business daily said on Thursday. The plant, which produces batteries for mobile phones and cameras mainly for non-Japanese brands, has […]

August 27, 2015 | By | Reply More
IMF chief Lagarde to visit Indonesia next week

IMF chief Lagarde to visit Indonesia next week

August 27, 2015 WASHINGTON: The International Monetary Fund managing director, Christine Lagarde, heads to Indonesia next week for talks with senior officials and a high-level Asian finance conference, the IMF said Wednesday. During her September 1-2 visit, Lagarde will meet with President Joko Widodo and other senior officials, including Bank Indonesia Governor Agus Martowardojo. The […]

August 27, 2015 | By | Reply More
Ten automakers are sued in US over ‘deadly’ keyless ignitions

Ten automakers are sued in US over ‘deadly’ keyless ignitions

Ten of the world’s biggest automakers were sued on Wednesday by US consumers who claim they concealed the risks of carbon monoxide poisoning in more than 5 million vehicles equipped with keyless ignitions, leading to 13 deaths. According to the complaint filed in federal court in Los Angeles, carbon monoxide is emitted when drivers leave […]

August 26, 2015 | By | Reply More
Wall Street is for sale – but is it cheap?

Wall Street is for sale – but is it cheap?

NEW YORK: During more than a week of stock market sell-offs, investors have been exhorted to use declines to pick up bargains – and with a 7.7 percent drop on the S&P 500 since August 17, stocks have certainly gotten less expensive. To determine how cheap they are, investment pros look at yields, earnings and […]

August 26, 2015 | By | Reply More
Sime Darby Q4 profit sinks 17 percent

Sime Darby Q4 profit sinks 17 percent

KUALA LUMPUR: Malaysian conglomerate Sime Darby Wednesday reported a 17 percent year-on-year fall in net profit in the fourth quarter due to a plunge in commodity prices and poor sales of vehicles and industrial equipment in key markets like China. The world’s largest listed palm oil producer by acreage said net profit for April-June was […]

August 26, 2015 | By | Reply More