In order to manage a currency crisis, selling off foreign currency to mop up local currency averts a long term crisis.
Legal & Regulatory
Bill to separate traditional and investment banking to be reintroduced
US senators have announced a plan to reintroduce Glass-Steagall Act. U. S. Senator Elizabeth Warren, a Massachusetts Democrat, reported she and a team of lawmakers are introducing a bill geared at a revived Glass-Steagall Act.
Smithfield CEO: No company changes after China deal
C. Larry Pope said that there would not be any change in management following the US$4.7 billion takeover deal of Smithfield Foods Inc by Shuanghui International.
SEC implements JOBS Act
The US Securities and Exchange Commission, hoping for increased investor mobility, voted for the implementation of the JOBS Act.
Kenya to create sovereign wealth fund of mining companies
Kenya announced places to create sovereign wealth fund for mining companies and mining ventures. Kenya announced it will form a state-owned holdings firm that will hold shares in the mining industry.
Latest News
The People's Bank of China has released notice to require banks and companies to use the yuan in their international transactions.
TECO Energy Inc filed an approval application of its acquisition of the New Mexico Gas Co that was priced at US$950 million.
Heidi Poon was hired as TorreyCove's new vice president. TorreyCove Capital Partners, a multinational private equity firm and real assets investment consultancy company, announced today that it hired Heidi Poon for the position of vice president.
China announced handing over audit documents of Chinese firms listed on the US stock exchanges to the United States regulators.
The absence of clear labor policies would prompt Fiat to move the production of Alfa Romeo outside of Italy.
After conducting reviews, JPMorgan found out that it had made about 9% mistakes in more than 1000 lawsuits filed against non-payment of its credit card holders.
The U.S. Consumer Bureau announced that banks supervised by them may now face penalties if they mistreat clients during collection.
Cukurova Holding AS has won its legal battle against Alfa. Cukurova Holding AS won its legal battle against Russian Alfa Group over Turkcell Iletisim Hizmetleri AS, Turkey's biggest mobile-phone operator.
European governments agreed to release aid for Greece worth Eur3 billion as they continued to seek for enough financial calm.
