StanChart has reportedly been considering for disposing of risk weighted assets worth $4.4 billion in India, China, Indonesia and Malaysia. To be liquidated assets in India will worth around $1.4 billion following an internal classification of businesses with risk for default. The move is going to take place since the lender pares its balance sheet after booking record impairments.
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General Motors Wins Fourth Bellwether Lawsuit, Two More Awaits For Disposal
GM has been sued with more than 400 lawsuits over defective ignition switches, of which six have been chosen as bellwether cases. Just after settling the Yingling case last week, the automobile maker has own verdict of another suit in its Favor on Friday. The remaining two damage claims for casualties are expected to get ended by this year.
Audi Custom-Made a 20-feet Limousine for an Unknown European Buyer
Audi has made a special extended version based on its A8 L model. The 20-foot long, six seat luxury limousine is made according to a special request from an unknown European buyer.
Greybull Capital Acquires Tata Steel, Revives British Steel, Saves Jobs
The acquisition of Greybull Capital of Tata Steel's UK long product business will save thousands of jobs and was accepted by the steelworkers after two years of uncertainty.
Dell plans IPO to enhance its bought out SecureWorks' valuation
Dell is mulling over an initial public offer (IPO) for its recently acquired SecureWorks. Dell is also planning to spin off SecureWorks after the IPO which is expected to enhance the valuation of SecureWorks from $154.9 million $1.4 billion.
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The central bank of India is looking into a phenomenon of a massive surge in the public cash during the election period. Election expenses and cash gifts for voters are among the factors speculated to contribute to the cash spike.
India is using its wide biometric ID system, the Aadhar database, to bring banking services access to more of its people. An Indian bank already introduced an ATM where people can use their Aadhar ID number or ID card to make transactions instead of a PIN.
Due to extreme dry weather conditions, African farmers are seriously affected by their crops failure with little or no more money to replenish their lands or support their families. With the mobile drought insurance, farmers are protected from such harsh conditions by paying a small surcharge fee upon purchase of seeds and fertilizers registered with an insurance company.
A US Court has rejected $12.25-million legal case between Lyft and its drivers. Lyft and attorney of drivers need to sit back again on further discussions after the latest judgment.
European banking regulators have begun probing links between banks and tax havens in the wake of leakage of Panama Papers. Switzerland's financial watchdog FINMA has cautioned banks to crack down on money laundering. Geneva has also commenced a criminal enquiry into banks dealing with tax havens in the wake of Panama Papers.
Verizon Communications Inc will bid for Yahoo's web business, while Alphabet Inc's Google unit is also exploring options on bidding for it. Additionally, Verizon may also make an offer for stake in Yahoo's Japan subsidiary.
Exxon Mobil Corp will pay $10.75 million to New York State reimbursing costs on oil spill cleanup. The payment will cover New York Environmental Protection and Spill Compensation fund's costs.
The inability to access export finance is causing sales loss for several US majors including Boeing Co. The board of US Export-Import Bank is yet to be accommodated with a third member, without this export finance exceeding $10 million can't be approved.
Oil price, Asian stocks and bond yields were trading marginally higher on Friday ending the week on positive mode. Japanese currency Yen continued to rise against US dollar and this also further aided Asian stocks.
