The lender must pay settlement for its misconduct in selling securities backed by troubled mortgage in 2008. The agreement reached Monday.
Finance/Venture
IMF and World Bank Started Annual Spring Meeting To Discuss Global Economy
Leaders of the world's economy began their regular meeting on Thursday discussing necessary steps to boost growth and consumption. While G20 also held a meeting with similar agenda.
The U.S. Court Allowed Argentina to Sell Bonds in Global Market
The U.S. Court of Appeals on Wednesday cleared Argentina to sell $15 billion bonds in the market. The country expects to issue the bonds within this week.
London and European Stock Market Rallied Following Surge of China's Export
London's FTSE 100 rose on Wednesday to reach record high. European shares continued its rally led by mining stocks as China reported increase of export.
Five Large US Banks Do Not Have Sufficient Plan for Crisis Due to Lack of Information
GAO suggested financial regulators to disclose more information on their crisis policy framework. While five large banks do not have enough plan to manage operation during crisis.
Latest News
Palo Alto-based venture firm Accel has raised a new fund. The fund is targeting the next generation of entrepreneurs in Europe and Israel.
Dartmouth College Professor Andrew Levin, former advisor to Janet Yellen made a proposal to reform the Fed. He also suggest the Fed to be reviewed by GAO annually.
Stoxx Europe 600 Index continued last week's gain. The index sets a new course for the first back-to-back advance in two weeks.
Japanese yen surged against dollar on Monday. Speculation from non-Japanese short-term currency players pushed the currency to the highest point against dollar.
Investments in Chinese tech companies had a 50% surge in the first quarter of 2016. Nevertheless, many of the investments were spent in the big startups.
Italy faces a €4.95 billion ($5.65 billion) bailout after bad loans in its banks accumulated to an alarming rate.
The bank shares have lost close to half of its value in the last 12 months.
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.
Financial tech and its $147 billion potential market opportunity required financial regulators to supervise the industry. In 2015, investments in the fintech sector doubled, reaching $14 billion.
JPMorgan Chase has advised its shareholders to vote against the proposal to split up the bank. The bank warned its shareholders that the breakup proposal will not benefit its investors.
