European banking regulators have begun probing links between banks and tax havens in the wake of leakage of Panama Papers. Switzerland's financial watchdog FINMA has cautioned banks to crack down on money laundering. Geneva has also commenced a criminal enquiry into banks dealing with tax havens in the wake of Panama Papers.
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Italian Banks Face a Bailout Following a Surmounting Bad Loans
Italy faces a €4.95 billion ($5.65 billion) bailout after bad loans in its banks accumulated to an alarming rate. The bank shares have lost close to half of its value in the last 12 months.
India Uses Its Biometric Database to Enable Banking Access for The Country’s 1.2 Billion Population
India is using its wide biometric ID system, the Aadhar database, to bring banking services access to more of its people. An Indian bank already introduced an ATM where people can use their Aadhar ID number or ID card to make transactions instead of a PIN.
Weakening steel demand in China will improve prices within 2018
The steel industry of China is expected to shrink rapidly, stopping global price fall. The steel industry across the world is fighting the problem of over production as demand weakens in China.
Las Vegas to pay $9 million to settle SEC's allegation over a bribery case
Las Vegas Sands will pay a settlement charge of $9 million in order to clear the corruption case over operations in China.
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Verizon Communications Inc will bid for Yahoo's web business, while Alphabet Inc's Google unit is also exploring options on bidding for it. Additionally, Verizon may also make an offer for stake in Yahoo's Japan subsidiary.
Exxon Mobil Corp will pay $10.75 million to New York State reimbursing costs on oil spill cleanup. The payment will cover New York Environmental Protection and Spill Compensation fund's costs.
South Africa is experiencing wheat shortages prompting grain importation. The increased tariff has been approved but Treasury requested the Trade and Industry sector to review it as it will affect the prices of staple food.
The inability to access export finance is causing sales loss for several US majors including Boeing Co. The board of US Export-Import Bank is yet to be accommodated with a third member, without this export finance exceeding $10 million can't be approved.
Oil price, Asian stocks and bond yields were trading marginally higher on Friday ending the week on positive mode. Japanese currency Yen continued to rise against US dollar and this also further aided Asian stocks.
Argentina government will market its $12.5-billion bond offer in North America by organizing road shows in New York, Washington and Los Angeles. The $12.5-bln bond offer will be marketed in the US and the UK.
Nigeria is suffering from fuel shortages as well as lack of hard currency. Four major oil companies agreed to finance the country’s $200 million fuel import along with the lack of the dollars to sustain the country’s fuel needs.
JPMorgan Chase has advised its shareholders to vote against the proposal to split up the bank. The bank warned its shareholders that the breakup proposal will not benefit its investors.
The sub-Saharan African economy could face a serious decline in 2016, far behind the rest of the economies in the world.
