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New tax-credit investigation may be tough for Wells Fargo

Bloomberg As much as Wells Fargo & Co. wants the public to believe it has put its troubled past behind it, yet another legal tangle shows it still doesn’t have a handle on its own questionable behaviour. In the latest turn of events, the Department of Justice has started an investigation into whether Wells Fargo colluded with developers to submit ...

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China’s Ping An mulls buying Asia business of Britain’s Prudential

Bloomberg Ping An Insurance (Group) Co. is considering buying Prudential Plc’s Asia business, people familiar with the matter said, a deal that would reshape Asia’s booming insurance industry and mark the biggest-ever Chinese acquisition. Ping An has sounded out the Chinese government about whether it would be supportive of a deal, according to one of the people. The Shenzhen-based insurer ...

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PBOC vows no ‘strong’ stimulus, says won’t use yuan in trade war

Bloomberg China’s central bank said it won’t use the yuan as a tool to cope with trade tensions and other external issues, and that it won’t conduct any “strong” economic stimulus. The People’s Bank of China (PBOC) won’t implement stimulus in “flood-irrigation” style, according to the quarterly monetary policy report released in Beijing. Prudent monetary policy should maintain neutrality and ...

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