Desert Hot Springs on Tuesday announced that it would run out of money in March due to higher-than-expected salary and pension costs. It said that it could join other California cities that filed for bankruptcy last year.
Legal & Regulatory
RDR brings private equity to wealth management market- report
Reforms made in the financial services industry through the retail distribution review or RDR implemented in January by a UK regulator has brought private equity to the arms of wealth managers, according to a report from Citywire.
US regulators, banking industry set talks to for guidelines on marijuana banking
The US Treasury Department will meet with the banking industry in December to give guidelines on how to deal with marijuana businesses in states that have legalized marijuana use.
Barclays mulling on sale of index business - sources
The potential sale of the indices platform of Barclays, which includes the Barclays US Aggregate Bond Index, came at the heels of an approach by MSCI, an equity index provider, to acquire the index business.
UBS tells investors to exit overvalued Royal Mail amid UK government grilling
Prior to meeting with UK's Members of the Parliament regarding claims that Royal Mail's shares in its initial public offering were undervalued, UBS issued a note to investors saying that they need to divest their shares in the postal service.
Latest News
JPMorgan Chase & Co finalized a USD13-billion settlement with the US Justice Department to end a long legal fight over the bank's risky mortgage practices that helped pull down the country's economy.
Xiao Gang, head of the China Securities Regulatory Commission, said the new reforms planned by the government on public share sales will increase the role of free market forces.
As the value of the Bitcoin reached a landmark USD700 valuation, The US Senate committee held a hearing with experts, lobbyists and federal regulators to discuss about the potential threats, risks and benefits of virtual currency.
A request by the central bank of India to be given exemption from the provisions in Section 54 of the Competition Act, which seeks to regulate bank mergers within a certain period, India's Ministry of Corporate Affairs rejected such request.
OneWest Bank is planning a dividend payout of USD 1 billion to its investors before it holds an initial public offering next year, according to sources who have knowledge of the matter.
An analyst said that the involvement of Bitcoin in the Silk Road online marketplace scandal provided enough boost for the digital currency to receive support from the market, and even US government agencies, as an accepted investment and payment technology solution.
Federal Reserve Bank of Boston Eric Rosengren said large international banks with broker-dealer units placed the financial system at risk, and as such, regulators should ensure that they have adequate capital.
China's recent government CNY20 billion or USD3.3 billion bond sale recorded a 5.3% yield, which was the highest obtained by the mainland since selling debt since 2009.
The US Department of Justice and the Securities and Exchange Commission said bitcoins offer legitimate financial services. The regulators said the digital currency offered various benefits and risks.
