Banking

  Reuters Fourteen former and current executives of the Wendel investment company will face trial for tax fraud while US bank JP Morgan Chase is to be pursued for complicity, legal sources said. The former head of Wendel, Jean-Bernard Lafonta, and Ernest-Antoine Seilliere, ex-chief of the main French employer’s association, are among those to be tried, legal sources said. An ...

  Singapore / AFP Singapore’s financial regulator said it has fined two British banks and barred a former Goldman Sachs banker in a widening crackdown on money laundering linked to Malaysian state fund 1MDB. Standard Chartered Bank was slapped with a Sg$5.2 million ($3.65 million) penalty while Coutts bank was fined Sg$2.4 million for breaching anti-money laundering regulations in 1MDB-linked ...

  Reuters Islamic banks are gradually embracing socially responsible finance, from renewable energy to microfinance efforts, helping unlock new funding sources for environmentally-friendly projects, an industry survey shows. The two sectors have developed separately from each other, but green projects could benefit from tapping Islamic banks in countries like the United Arab Emirates and Malaysia, where they now hold a ...

  Bloomberg Credit Suisse Group AG has frozen dozens of accounts as it tries to determine if U.S. clients are hiding money from the Internal Revenue Service (IRS) after the firm pledged to come clean about secret assets, according to a person familiar with the matter. The bank is looking at indicators such as phone numbers or powers of attorney ...

  Bloomberg The Bank of England (BOE) is searching for a potential solution to the use of animal fat in its new polymer banknote after days of controversy. Innovia, the printer of the five-pound bill, “is now working intensively with its supply chain and will keep the bank informed on progress towards potential solutions,” the central bank said in a ...

  Bloomberg Global banking regulators are standing by a key reform of capital rules in defiance of opposition from Europe, potentially complicating efforts to complete work on the post-crisis framework by the end of the year. Basel Committee on Banking Supervision Chairman Stefan Ingves said “good progress” was made during talks in Santiago, Chile, this week and the “contours” of ...

  Bloomberg A 53-year-old Swiss man who lost more than 6,000 francs ($5,900) in cash when it fell out of his car has reclaimed it, according to the Zurich police. The man, who hails from eastern Switzerland, was able to reclaim the bundle of large-denomination notes from the city’s lost-and-found office on Wednesday after an 85-year-old pensioner discovered the stash ...

  Bloomberg Kenya has invited banks to submit proposals on how it can tap international markets for as much as $1.5 billion to finance a budget deficit and boost foreign-currency reserves, according to a person with direct knowledge of the matter. East Africa’s largest economy will return to the international debt market in the first quarter of 2017, when it ...

  Bloomberg India’s new central bank Governor Urjit Patel is facing fires on multiple fronts as he prepares for next week’s monetary policy review. A cash shortage triggered by Prime Minister Narendra Modi’s decision to void 86 percent of currency in circulation and an accompanying surge in banking liquidity as Indians deposit their worthless bank notes threatens one of the ...

  Bloomberg Australia & New Zealand Banking Group Ltd. has axed its traditional A$1,000 ($746) share bonus for staff this year, citing the need to cut expenses. In an intranet post seen by Bloomberg News, management told employees that 2016 had been a “challenging year” and that in an “environment of lower growth and lower returns, ANZ needs to reduce ...