US bank regulators said they would consider allowing banks to hold on to complex securities despite the Volcker rule prohibiting them from owning such and would arrive at a decision in the middle of January.
Government
India’s Bombay Bullion Association plans 5pct stake purchase in MCX
India's Bombay Bullion Association, a traders' group representing 1,000 jewelers and traders, plans to buy a 5% stake in the Multi Commodity Exchange of India Ltd after the Forward Markets Commission said its founder was not eligible to run the bourse.
US bank group challenges Volcker rule in court
The American Bankers Association, a representative of majority of the community banks in the US, said the provision on banning investments in collateralized debt obligations will result to the lenders losing $600 million in the process.
ECB not in a hurry to cut rates further - Draghi
European Central Bank President Mario Draghi was quoted by German news magazine Spiegel in an interview that there is no need to hurry to reduce the Euro Zone's main interest rate further.
Hedge funds seen to snatch risky opportunities US and foreign banks now avoid
While US and foreign banks do away with risky investments like municipal bonds, hedge funds had taken advantage with the loss of a competitor and increased their positions in such assets, a Barron's report said.
Latest News
Educators in Illinois filed a class action lawsuit in the Cook County Circuit Court in Chicago asking the court to void a new state pension reform law, Reuters reported.
Detroit pension funds, the General Retirement System and Police and Fire Retirement System, submitted an expedited appeal with the US 6th Circuit Court of Appeals on a judge's ruling about Detroit's bankruptcy.
A Financial Industry Regulatory Authority arbitration panel ordered the San Francisco-based brokerage unit of Wells Fargo & Co to buy back auction rate securities amounting to $94 million from its investors.
Asian Development Bank President Takehiko Nakao expressed his confidence about Asia's economy should US Federal Reserve proceed with its plans to reduce its quantitative easing program.
The Los Angeles Times reported that the legal costs of Bank of America could continue to rise, mostly due to its ill-fated acquisition of Countrywide Financial Corp in 2008.
Mergers and acquisitions or M&A deals continue to decline in India this year as slow business growth, an uncertain economic climate and the instability of the foreign exchange rate led investors to be more cautious, the Business Standard said in a report.
Arabian Business said in its report that a rise in bond issuance in the Gulf region is seen next year partly in anticipation of the re-entry of the Abu Dhabi sovereign in the market after an over 5-year hiatus.
Bloomberg Businessweek reported that Japanese hedge funds posted record returns this year as investors bet that Abenomics will bring the world's third-largest economy back on its feet.
China's urbanization rate is expected to hit 60 percent by 2018, according to a prominent government think tank report, two years ahead of previous official expectations, bringing a potential economic boost to the world's second largest economy.
