Bloomberg Singapore’s biggest banks are in talks about setting up a system for sharing information on prospective clients, in an effort to combat money laundering in the city-state. DBS Group Holdings Ltd., Oversea-Chinese Bank Corp. and United Overseas Bank Ltd. are exploring the possibility of a countrywide model for anti-money laundering and enhanced client knowledge, according to Loretta Yuen, ...

  Reuters New Saudi Arabian Monetary Authority (SAMA) Governor Ahmed al-Kholifey said his main priority is to maintain monetary stability and support the government’s Vision 2030 economic reforms, Al Sharq Al Awsat newspaper reported on Sunday. Kholifey was appointed on Saturday in succession to Fahd al-Mubarak. Saudi Arabia’s King Salman on Saturday appointed Ahmed al-Kholifey Saudi Arabian Monetary Authority Governor, ...

  Bloomberg Commerzbank AG said it’s handed German tax authorities an interim report on possible tax-minimising trades and is preparing a final assessment. The bank is in “close communication” with officials, spokeswoman Margarita Thiel said an in e-mailed statement. The report concerns so-called cum-ex stock trades made since 2003. Frankfurter Allgemeine Zeitung reported that Commerzbank had received information about illegitimate ...

  BLOOMBERG National Bank of Canada fell in Toronto trading after saying it will set aside C$195 million ($152 million) to cover soured oil-and-gas loans in the second quarter, joining Canadian Western Bank in providing an early warning of rising credit losses tied to energy. Shares of the country’s sixth-largest lender slid 1.8 percent to C$41.75, the worst performance in ...

  BLOOMBERG Bank of America Corp.’s Will Abbott, head of equities for Russia, stepped down after three years at the lender, according to two people familiar with his departure. Abbott, who joined the bank in 2013 from Renaissance Capital, is moving to a role outside investment banking, according to one person, who asked not to identified because the information is ...

  Bloomberg Nicholas Sossidis and Stephen Partridge-Hicks, the bankers who created the model for Structured Investment Vehicles (SIV) that later collapsed during the global financial crisis, are back. Sossidis and Partridge-Hicks own First Global Trust Bank (FGTB) Plc, a London-based firm that was authorised to provide banking services a month ago after a three-year approval process, UK Companies House and ...

  Bloomberg Investment Corporation of Dubai (ICD), the investment arm of the Dubai government, has agreed to the purchase of the Porto Montenegro Marina and Resort in Montenegro. ICD which is building its hospitality portfolio and holds a significant equity stake in Kerzner International Holdings, founded by South African entrepreneur Sol Kerzner and the operator of the One&Only, Atlantis and ...

  Reuters After weeks of acrimonious headlines and months of finger-pointing, there’s been a few developments that should eventually help ease skyrocketing Vancouver home prices. At the end of March, the president of Real Estate Board of Greater Vancouver (REBGV), the provincial trade association that represents British Columbia (BC) ’s realtors, wrote an open letter to B.C. Premier Christy Clark, ...

  Bloomberg If you win big this weekend at the Kentucky Derby (like, really big) and want to park those winnings in some real estate, you may be in luck. The luxury market has surpassed pre-crash heights in many arenas, but relative bargains in horse-centric properties are still possible. “Equestrian properties in really desirable areas are still probably 20 percent ...

  Bloomberg Air France-KLM Group said air fares will come under sustained pressure this summer amid a glut in capacity, making it tougher to maintain the pricing discipline that helped the company pare losses in the first quarter. Declining unit revenue, a measure that reflects average fares, wiped €119 million ($137 million) from earnings in the three months through March, ...