Bloomberg New global banking rules are set to be “heavily watered down” to a level banks European can manage without major capital raising, according to HSBC Holdings Plc analysts. The revamp of the capital framework under discussion at the Basel Committee on Banking Supervision will probably boost capital requirements by less than 10 percent when implemented in Europe, allowing banks ...

  Bloomberg Two of the financial industry’s biggest names — Goldman Sachs Group Inc. and JPMorgan Chase & Co. — are in the race for Wall Street supremacy in the $3 trillion global market for exchange-traded funds. Goldman Sachs won the first leg by pulling in a couple billion dollars in ETF assets in a year. But the competition is ...

  Manila / AFP President Rodrigo Duterte’s deadly war on crime is threatening the Philippines’ economy and endangering its democratic institutions, international credit rating agency Standard and Poor’s warned on Wednesday. S&P maintained its stable outlook for the Philippines, but highlighted a range of “weaknesses” under the new Duterte administration that also included his foreign policy and national security statements. ...

  Bloomberg India is considering expanding the basket of steel products that attracts an anti-dumping tax to stem inflows of cheaper supplies into the world’s third-biggest producer. The steel ministry is likely to levy anti-dumping taxes on some of the 66 products that are currently covered by the minimum import price rule before it expires on Oct. 4, Steel Secretary ...

  Beijing / AFP Chemical accidents have killed nearly 200 people in China so far this year, environmental group Greenpeace said Wednesday, calling on Beijing to overhaul the “appallingly under-regulated” industry. Industrial accidents are common in China, where work safety regulations are often flouted. In the first eight months of the year, China saw 232 chemical accidents which killed 199 ...

  Beijing / AP Liu Jingtang was a Samsung loyalist. The Shanghai technology consultant traded up steadily through its smartphones to the new Note 7. But Liu’s devotion was shaken by the Korean tech giant’s confusing response to its latest product safety scare. Liu, 32, said Samsung Electronics quickly confirmed his Note 7 wasn’t covered by a recall announced last ...

  Frankfurt / AFP Volkswagen investors have filed 1,400 lawsuits seeking 8.2 billion euros in compensation from the car giant over its emissions cheating scandal, a German court said Wednesday, adding to a long list of legal woes for the embattled firm. Investors say the automaker failed to disclose details of the case in a timely way, leading them to ...

  Brussels / AFP The EU on Wednesday scrapped a controversial plan to limit its landmark free mobile phone roaming policy to 90 days a year, after an outcry from angry consumer groups. While doing away with time limits for roaming across the currently 28-nation bloc, the European Commission said it will instead impose checks to curb abuse of the ...

  London / AFP The ‘passport’ rights allowing 5,500 British-based financial firms to operate freely across the European single market are at stake, the country’s financial watchdog has revealed in highlighting potential fallout from Brexit. Some 8,000 financial firms based elsewhere in the European Union also do business in Britain via passporting, and their rights are likewise threatened, data from ...

  Bloomberg The real strengthened as traders kept close watch on the U.S. Federal Reserve for signs regarding the timing and pace of interest rate hikes that could reduce the appetite for Brazil’s world-beating carry trade. The currency appreciated 0.5 percent to 3.2431 per dollar at 9:31 a.m. in Sao Paulo. One-month implied volatility on the real dropped for the ...