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US sues UBS, alleging fraud in financial crisis

US sues UBS, alleging fraud in financial crisis

The Swiss bank allegedly misled investors about the quality of billions of dollars in low-quality mortgages that were the basis of 40 derivatives deals. (AFP pic) ZURICH: US authorities on Thursday sued Swiss banking giant UBS, accusing the European lender of fraud in the sale of mortgage-backed securities prior to the global financial crisis. Between […]

November 9, 2018 | By | Reply More
Asian stocks seen lower; US Dollar holds gain on Fed

Asian stocks seen lower; US Dollar holds gain on Fed

Stocks in Asia looked set to decline for the first time in four days, tracking a drop in their US counterparts. The dollar held gains made after the Federal Reserve stayed on course to hike interest rates again in December and maintained its gradual tightening path. Futures signalled recent equity rallies from Tokyo to Hong […]

November 8, 2018 | By | Reply More
Mexican stocks plunge over move to slash bank fees

Mexican stocks plunge over move to slash bank fees

Mexico’s incoming leftist president Andres Manuel Lopez Obrador in Mexico City. (AFP pic) MEXICO CITY: Mexico’s main stock index plunged nearly 6% Thursday after President-elect Andres Manuel Lopez Obrador’s party introduced legislation to dramatically slash the fees banks can charge clients. Dragged down by banking stocks, the BMV index slid 6.18% after Senate majority leader […]

November 8, 2018 | By | Reply More
Wall Street treads water after post-election rally

Wall Street treads water after post-election rally

Traders work on the floor of the New York Stock Exchange (NYSE) on August 1, 2017 in New York City. (AFP pic) NEW YORK: Wall Street stocks mostly sagged at the start of trading on Thursday, eroding gains from the prior day’s post-election relief rally. Investors were also awaiting the US Federal Reserve’s latest decision […]

November 8, 2018 | By | Reply More
Vietnam’s Bamboo Airways expects to get aviation licence next week

Vietnam’s Bamboo Airways expects to get aviation licence next week

Viet property tycoon Trinh Van Quyet is confident his new airline will turn a profit (AFP pic) HANOI: Vietnam’s new carrier Bamboo Airways expects to finally get an aviation licence next week and start flying within weeks, the chairman of its parent firm said on Thursday. The airline had to delay its maiden flight on […]

November 8, 2018 | By | Reply More
Bombardier to cut 5,000 jobs in restructuring

Bombardier to cut 5,000 jobs in restructuring

Montreal-based Bombardier also announced the sale of “non-core assets” totaling around $900 million (AFP pic) MONTREAL: Canadian aerospace and transportation manufacturer Bombardier on Thursday announced 5,000 global job cuts over the next year to 18 months in a bid to “streamline” the struggling firm. The Montreal-based group also announced the sale of “non-core assets” totalling […]

November 8, 2018 | By | Reply More
Tesla names board chair to replace Musk

Tesla names board chair to replace Musk

Elon Musk quit under an arrangement with US regulators to settle fraud charges linked to a tweet in which he said he planned to take the company private and had funding to do it (AFP pic) NEW YORK: Electric car pioneer Tesla on Thursday named an Australian telecoms executive to chair its board of directors, […]

November 8, 2018 | By | Reply More
Nissan first-half profit slumps on rising costs

Nissan first-half profit slumps on rising costs

Nissan’s profits dropped more than 10 percent (AFP pic) TOKYO: Japanese automaker Nissan on Thursday logged a 10.9% drop in net profit for the six months to September owing to a decline in global sales and rising materials costs. The results come as Nissan struggles to recover trust after an inspection scandal last year, while […]

November 8, 2018 | By | Reply More
Finance stocks, external factors lift Bursa Malaysia higher

Finance stocks, external factors lift Bursa Malaysia higher

Bursa Malaysia (Bernama pic) KUALA LUMPUR: Bursa Malaysia was bullish throughout today’s session with the barometer index ending 0.38 per cent higher, driven by gains in most blue chip finance stocks and better sentiment domestically boosted by external factors, particularly the US mid-term election results. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) […]

November 8, 2018 | By | Reply More
Ringit ends higher against US dollar on demand for EM currencies

Ringit ends higher against US dollar on demand for EM currencies

One hundred ringgit notes (Bloomberg pic) KUALA LUMPUR: The ringgit ended marginally higher against the US dollar today lifted by risk appetite on emerging market currencies in the aftermath of the US mid-term results whereby the Liberal Democrats party took control of the House of Representatives, dealers said. At 6pm, the ringgit stood at 4.1620/1670 […]

November 8, 2018 | By | Reply More