Bankers told the Financial Times that the news of HSBC's planned spinoff of its UK unit logically follows the ringfencing requirements that will be part of the UK Banking Reform Bill about to be passed through the British parliament.
Legal & Regulatory
Ernst & Young extends mobilicity bid deadline to December 16
Court-appointed monitor Ernst & Young has extended the deadline for the acceptance of bids for Canadian wireless startup Mobilicity to December 16, a Reuters report said.
Capital gains tax to diminish the lure of London's property market to foreign buyers
A capital gains tax set to take effect in April 2015 which would be levied on the homes sold to people living abroad could diminish the status of London as a property magnet for foreign investors, Bloomberg reported.
Israel passes law to break up big conglomerates
The Israeli parliament passed legislation on Monday aimed at improving economic competition by halting pyramid structures in companies and breaking up large conglomerates blamed for high living costs.
China's slowing inflation eases fears on monetary policy tightening
Tightening monetary policy in China has been reduced due to the slowing yearly consumer inflation rate of 3% in November from 3.2% the month before, said a Reuters report.
Latest News
Together with international asset chaser Martin Kenney, New York-based hedge fund Platinum Partners is planning to invest in the recovery of Brazilian fraud claims, a report from the Financial Times said.
Los Angeles has filed a case against Bank of America for discriminatory mortgage lending among the minority communities in the city, Reuters reported citing a court filing.
The World Trade Organization finally agreed on its first global trade deal on Saturday, December 7. The agreement could add nearly USD 1 trillion to the worldwide economy.
General Electric Co agreed on a USD 18.25 million settlement of a class action lawsuit that accused the company of rigging bids for municipal bonds, according to a Reuters report.
American book chain Barnes & Noble made public an on-going US Securities and Exchange Commission investigation on its accounting practices. Barnes & Noble recently restated its earnings for fiscal year 2011 and 2012.
Diego Rivera's Detroit Industry murals, which was commissioned by Ford Motors Co. in 1932, has been protected from Detroit's bankruptcy sale. Britain's Christie's Inc. assessed pieces bought by the city money to be worth USD452 million to USD866 million.
Thirteen defendants said they were guilty of the cyber attack against PayPal three years ago. They were members of a hacker group known as Anonymous.
AT&T has asked the permission of the US Securities and Exchange Commission to allow the firm to exclude a request from shareholders asking for the details how it shares customer information with government agencies in its annual meeting.
After the government announced a ban on the use of Bitcoin for financial institutions, China's biggest search engine Baidu Inc announced that it would no longer be accepting the digital currency as payment.
