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.
Legal & Regulatory
Bankers says HSBC spinoff of UK operations is a logical offshoot of ringfencing requirements
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.
Hedge fund plans to bet on Brazilian fraud cases - report
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.
LA files case against Bank of America for discrimination
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.
WTO agrees on first trade reform deal
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.
Latest News
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.
Sallie Mae Corp, the largest student loan firm in the US, filed documents with the US Securities and Exchange Commission that will allow it to split into two companies. The deal is expected to be completed by the end of the second quarter of 2014.
US District Judge Mariana Pfaelzer gave final approval to the USD 500 million class action settlement between Bank of America's Countrywide unit and its investors.
Former Goldman Sachs Group Inc trader Matthew Taylor was given a prison term of nine months for concealing an unauthorized USD 8.3 billion trading position in 2007.
Critics of the new rules requiring short-sellers to report their positions said the European Union's requirements had not made the hedge fund industry more competitive.
Lawmakers of the Sejm or the Polish Lower House of Parliament approved changes in the country's pension system to takeover government bonds currently held by 14 privately-run pension funds.
Royal Philips and Funai Electric Co could find themselves in court over the failed deal involving the acquisition of the Lifestyle Entertainment business of the Amsterdam-based firm.
