Bloomberg China’s campaign to crack down on illegal capital outflows saw its currency regulator bust underground banking operations that involved more than 1 trillion yuan ($148 billion), according to a newspaper published by the country’s central bank. The State Administration of Foreign Exchange also seized $8.43 billion in foreign exchange funds as part of the nationwide checks on illegal ...

  Bloomberg California prosecutors are investigating whether Wells Fargo & Co. bankers committed criminal identity theft by creating millions of fraudulent accounts. Attorney General Kamala Harris served a search warrant on the bank seeking the names of employees who opened unauthorized accounts from May 2011 to July 2015. The warrant, provided by Harris, also demands detailed communications, the bank’s fee ...

  Bloomberg The Nordic region’s biggest foreign-currency trading bank told investors it has finished building capital buffers for now as shareholders look for clues as to how Sweden’s banks might treat excess cash. Annika Falkengren, the chief executive officer of SEB AB, said the 170 basis-point buffer the bank holds on top of the requirement set by Sweden’s regulator is ...

  Bloomberg A rewards war that’s helped U.S. credit-card customers amass points for perks or cash proved costly in the latest quarter for some of the nation’s biggest banks. That may signal fresh pain at American Express Co. Issuers have sweetened rewards, cut fees and sought to improve services to lure customers, making it tougher to grow profits. In the ...

  Abu Dhabi / Emirates Business Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has announced that it has registered and licensed close to 160 companies from a broad range of industries and sectors in its first year of operations. This achievement sets another new milestone in ADGM delivering on its ambition to support Abu Dhabi’s ...

  Frankfurt / Emirates Business As part of promoting Abu Dhabi’s culture and tourism potential globally, Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi) is participating in the Frankfurt Book Fair in Germany from October 19-23. At the Fair, a meeting was held between TCA Abu Dhabi and the State Administration of Press, Publication, Radio, Film and Television of ...

  Dubai / Emirates Business WiFi UAE announces that it is very close to 1.5 million sessions per month, with a quarter million unique users in the month of August alone. Almost half of the sessions (44%) lasted between 11 and 30 minutes, while 32% lasted between six and 10 minutes. Of the online activities, social interactions were amongst the ...

  Ras Al Khaimah / Emirates Business Ras Al Khaimah Tourism Development Authority (RAKTDA), which develops the emirate’s tourism infrastructure and plans, initiates and drives its domestic and overseas promotions, has reported exceptional growth in Indian travellers to the emirate this year. The northern UAE emirate recorded a 22 per cent rise in Indian hotel guests between January and September ...

  DUBAI / Emirates Business LinkedIn, the world’s largest professional network celebrated the success of leading companies in MENA region in the talent acquisition and employer branding space by hosting the ‘LinkedIn Talent Awards’. Held for the second consecutive year, the awards recognized and acknowledged LinkedIn’s top customers in MENA for the great work and results they’ve been seeing during ...

  Las Vegas / AFP Turning his final presidential debate appearance into an unprecedented assault on US political convention, Donald Trump refused to say that he would respect a Hillary Clinton victory in November. As the last head-to-head encounter of the toxic 2016 campaign descended into mud-slinging, the Republican mogul doubled down on claims that his Democratic rival’s supporters plan to ...