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Former BSI banker banned for life by MAS over US$5 million in ‘secret profits’ linked to 1MDB scandal

SINGAPORE: The Monetary Authority of Singapore (MAS) has issued lifetime prohibitions orders against a former banker for his role in the 1MDB scandal that saw him receive US$5 million (S$6.8 million) in “secret profits”, said the authority early on Friday morning (Oct 23). Mr Kevin Michael ...

Markets

Exclusive: Wells Fargo explores sale of asset management business – sources

Wells Fargo & Co is exploring a sale of its asset management business, in what would be the U.S. bank's biggest shake-up since former Bank of New York Mellon chief executive Charles Scharf joined as CEO last year, people familiar with the matter said on Thursday.

Markets

Asian stocks set for slight gains after Wall Street ends higher

Asian stocks were set for cautious gains on Friday after positive U.S. economic data and signs of progress in stimulus talks in Washington lifted Wall Street benchmarks.

Markets

Major airline groups push for end to coronavirus quarantines, travel bans

WASHINGTON: The United States, state governments and some foreign countries should replace quarantines and travel bans on airline passengers with COVID-19 testing of travelers before departure and upon arrival, airline and business groups said on Thursday. They said the move would boost U.S ...

Markets

California drivers sue Uber over in-app messages asking to support ballot measure

California Uber Technologies Inc drivers on Thursday sued the ride-hailing company over in-app messages regarding an upcoming gig worker ballot measure that the drivers say violate a California law protecting their political rights.

Markets

Starboard’s Smith calls ACI Worldwide ‘attractive’ takeover target

Activist investor Starboard Value, which now owns 9per cent of ACI Worldwide Inc, views the payment systems company as an "attractive" takeover candidate, the hedge fund's chief Jeffrey Smith said at a conference on Thursday.

Markets

US consumer watchdog proposes changing rules on accessing borrower financial data

The U.S. Consumer Financial Protection Bureau (CFPB) on Thursday said it is seeking public comment on a proposal to modify rules governing the access and use of consumer financial data which is collected by a growing number of online financial institutions.

Markets

Walmart sues US government over opioid case

Walmart Inc said on Thursday it was suing the U.S. Justice Department and the Drug Enforcement Administration to seek clarity on the roles and responsibilities of pharmacists and pharmacies in the opioid epidemic.

Markets

Commentary: Are we willing to pay more for climate-friendly products?

Research shows that when it comes to paying more for climate friendly products, sometimes our words speak louder than our actions, says an observer.

Markets

Commentary: Loan sharks – who’s still borrowing from them in this day and age?

Unauthorised money lending in Singapore has come under the radar but the solutions may be social more than financial in nature, says SMU Associate Professor of Law Christopher Chen.

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