In its efforts to restructure the company, Bank of Cyprus hired former deputy chief executive Euan Hamilton from the Royal Bank of Scotland as a consultant. Bank of Cyprus's efforts to turn the state of the company around has been hindered by political infighting as well as heavy criticism over its lack of transparency.
Legal & Regulatory
U.S. expands China hiring probe to Morgan Stanley
The U.S. Justice Department is probing Morgan Stanley for its hiring practices in China. The move comes as U.S. authorities expand their investigation into whether banks' hiring of politically connected Chinese employees may have breached U.S. bribery laws.
Hong Kong government advisory body suggests change in law to attract private equity funds
Florence Yip Chiu Kwai-fong, a member of the Financial Services Development Council, said the Hong Kong government needs to make changes in the law that will allow private equity funds to be set up as limited partnerships to enhance the city's fund industry.
Men's Wearhouse employs Pac-Man defense on Jos. A. Bank Clothiers
The Pac-Man defense has been used by Men's Wearhouse as it makes a counteroffer to Jos. A. Bank Clothiers which first made a bid to buy Men's Wearhouse this year.
U.S Senators wants the NSA PRISM program to stop
3 U.S Senators published an op-ed in the New York Times today, questioning on why American citizens were not able to have the knowledge to challenge the infringement of their privacy rights.
Latest News
China Banking Regulatory Commission's new rules will prohibit banks to circumvent lending limits via loan restructuring and other means, according to sources who had disclosed the new banking measures to Bloomberg.
The New York Times cited reports that have suggested that Level 3 Communications, which controls most of the fiber optic cables that connect everyone to the Internet, may have greenlighted the NSA to tap data from Yahoo and Google. Both companies have announced that they will now start encrypting their data.
A US district court has rejected Citigroup Inc.'s injunction barring Abu Dhabi Investment Authority (ADIA) from seeking a secondary arbitration over its USD7.5 billion investment in the then-beleaguered bank.
According to Xinhua, China Mobile will be the first carrier to provide 4G LTE in China starting Dec 18th. It would certainly boost Apple, of which the latter is eager to regain a significant market share that was lost to Android, said TechCrunch.
In order to comply with competition issues surrounding its July acquisition of Whyte & Mackay owner United Spirits Limited, Diageo PLC offered to sell majority of the latter's distilleries.
Facebook CEO Mark Zuckerberg gave his thoughts about NSA surveillance techniques in an episode of 'This Week on ABC today.' Zuckerberg thought that the government failed regarding its actions on privacy matters and calls for more transparency.
A joint bid that would later split up Time Warner Cable between Comcast Corp and Charter Communications Inc may allow the deal to avoid strict scrutiny from antitrust regulators and the Federal Communications Commission.
American Airlines Inc was slapped with another lawsuit claiming its merger with US Airways Inc would break antitrust laws, putting another roadblock on its exit from bankruptcy.
Citing a draft of the fund, a report from Bloomberg said the planned Sovereign Wealth of Zimbabwe may obtain a portion of the country's share of mining revenues.
