The IRS proposed reform for the money market fund industry is set to tackle tax matters. On Wednesday, the US Internal Revenue Service recommended new regulations.
Legal & Regulatory
Cohen To Remain Under Investigation
According to a person familiar with the matter, Steven Cohen would remain under investigation even after prosecutors missed a late July deadline for charges labeled as the largest insider trading in history.
Wal-Mart Stalls Expansion to India
Wal-Mart’s expansion to India was stalled after stating that the company needs around 12 to 18 months before it can open its first retail outlet in the country.
German Bundesbank Head Warns of ECB intervention
Germany's Bundesbank head says that the ECB cannot solve the current Eurozone crisis. According to Bundesbank Chief Jens Weidmann, the European Central Bank cannot solve the current Euro Zone crisis.
European Banking Authority to create banker database
To prevent cross border issues, the European Banking Authority stands to create a database on bankers and key bank functions for sharing between countries.
Latest News
The Reserve Bank of India announced new guidelines regarding the 'ownership' and 'control' of FDIs in the country.
US investment industry continued to resolve the problems on ethics and costs amidst controversies. An average of US$8 million would be spent by Wall Street's brokerages.
Lululemon was sued for fraud over sheer yoga pants and its CEO sudden resigned. The CEO of Lululemon Athletica Inc. suddenly decided to resign from her position.
According to a new accounting rule, pensions were in bad shape. According to a new accounting rule that would take effect next year, US pensions were only 60% funded in 2012.
ICI reported to the Federal Reserve a rise in total money market mutual funds The Investment Company Institute (ICI) issued a report for money market mutual funds assets: "Total money market mutual fund assets increased by $12.
NY DFS sent a letter to foreign reinsurers asking if they were linked with Iran. The New York's Department of Financial Services sent a letter, dated June 25, to 20 non-US reinsurers of any business transactions they had with entities linked to Iran.
Friday last, China announced that it would cut off credit to force consolidation in industries. Last Friday, China announced that it would cut off credit to force consolidation in industries.
The CFTC would be conducting a formal meeting to discuss its new rule on swaps. The US Commodity Futures Trading Commission (CFTC) announced for a formal meeting on July 12 to discuss how new rules apply abroad.
According to analysts, big US banks were caused a multi-billion dollar dent after the selloff in the bond market in the last eight weeks.
