Advocacy groups heavily criticized the draft as it allows company to hide their activities. Meanwhile, Iceland Prime Minister has resigned following protest over Panama leaks.
Finance/Venture
Ashoka Buildcon Staged a Sharp Recovery After 20% Plunge in Stock Market
One of India's largest highway and road developers prepared to recover after a massive loss in Wednesday. The company's stock slumped following the raid of tax officials.
Wall Street Fell on Thursday As Fear of Global Slowdown is Lurking
Plunge of indexes brings the market to negative territory. Financial sectors led the plunge over fear of global financial slowdown.
Alibaba’s Alipay Will Launch European Expansion This Summer
Alipay is working on a plan to launch services in Europe this summer. The service will make it easier Chinese tourists to make transactions with European merchants using the app.
Angola Seeks IMF Help as Oil Price Hit The Economy
The second largest oil producer in Africa will start negotiate with IMF next week for a bailout program. Continuous drop of oil price hit Angola economy after years of prosperity from oil production.
Latest News
Goldman Sachs-backed consumer finance startup CompareAsiaGroup got its new CEO Sam Allen. In 2015, CompareAsiaGroup closed a Series A round of funding led by Goldman Sachs and is planning to go for a Series B round funding soon.
Fees in investment banking sector across the world declined 29% during the first three-month period of 2016 as uncertainty in the global market halted deal proposing activities and other investment events.
FMA of Austria will investigate Raiffeisen Bank International and Hypo Landesbank Vorarlberg. The Austrian banks were named in Panama Papers in helping money laundering scheme.
The Swiss bank which posted first full-year loss last year must take a drastic measure. It has to make another retreat in investment banking.
Oslo-based pension and insurance provider KLP beat benchmark in 5 of 7 years. The portfolio strategy to bet on stocks with low volatility is proven to be successful.
After a series of setbacks, UK's Serious Fraud Office will start the third trial on Libor rigging case. Five former bankers in Barclays will stand accused as conspirators.
The third largest bank in France will continue its cost cutting plan. Through the year 2020 the bank will cut 550 jobs in its retail operation.
Deutsche Bank has missed its ranking as a top three investment bank in the world. The weak EURO as well as the bank's restructuring approach pushed it to the fifth place in the investment sector.
The service sector of Britain posted a 2.8% growth in January, accounting for roughly 80% of the nation's economy. The country's GDP increased by 0.6% during the fourth quarter of 2015.
