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.
People
Puerto Rico Central Bank Governor Restricts Withdrawal To Avert Default in $423M Debt Repayment
Alejandro Garcia Padilla, governor of the Puerto Rica’s central bank, Government Central Bank, has announced an executive order on Saturday. The order restricts withdrawal of funds except for the emergency services in a bid to avoid default in $423 debt repayment scheduled on May 1. Analysts have already warned that failure in debt repayment will definitely attract a default status for GDB.
StanChart To Dispose Assets Worth $4.4 Billion in Asia Including $1.4 Billion in India
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.
India is Experiencing a Massive Cash Surge of More Than Rs 60,000 Crore During Election Period
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 Uses Its Biometric Database to Enable Banking Access for The Country’s 1.2 Billion Population
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.
Latest News
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.
Argentina government will market its $12.5-billion bond offer in North America by organizing road shows in New York, Washington and Los Angeles. The $12.5-bln bond offer will be marketed in the US and the UK.
Sprint has announced on Wednesday raising $2.2 billion fund through selling and leasing back of network assets. The complex transaction structure has been facilitated by the internet carrier’s parent company SoftBank Group. Sprint chooses this deal out of other available options to remain solvent for more than 2 years.
Three Volkswagen dealerships operating in Illinois and Florida has sued the German automaker for being deceived through the diesel-gate scam. The dealerships also accuse VW for illegally favoring some dealers and forcing retailers into financing arrangements with a company-lending affiliate. The plaintiffs have sought class status for the suit and appropriate compensation from the accused.
CEOs salaries nationwide in U.S. has shown a declining trend in 2015, the biggest drop since the financial crisis. Some factors including the decrease in pension gains contributed to the decreasing in CEO pay.
Data furnished in the Google dashboard as of April 4 suggest that market share of Android Marshmallow has grown double to 4.6% within a period of a month. However, analysts observe the market stake as very meager compared to that recorded by Android Lollipop during the same period of the previous year. Lollipop holds the market leader position in terms of retained stake.
