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StanChart fined $13.6 million for 2007 India deal

Bloomberg India’s anti-money laundering agency fined Standard Chartered Plc $13.6 million for breaking foreign exchange rules when it worked on the takeover of a local bank, marking one of the country’s biggest penalties imposed on an overseas lender. An eight-year probe found that Standard Chartered violated the so-called foreign exchange management act — which monitors offshore financial transactions — when ...

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China bank stocks lose $194bn in perpetual value trap in 2020

Bloomberg Chinese bank stocks: never this cheap, rarely so unloved. Weakened by the government’s call to sacrifice profitability, stung by ultra-low interest rates and the threat of souring loans, the country’s Hong Kong-listed banks have seen their market value contract by $194 billion in 2020 as of Wednesday. Their share of the MSCI China Index has shrunk to a measly ...

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European stocks climb, US futures rebound after selloff

Bloomberg European stocks rise with US equity futures as optimism crept into markets that Tuesday’s tumble drew a line under the recent selloff. Shares climbed broadly in Europe while AstraZeneca Plc slipped on news it paused trials of a leading experimental Covid-19 vaccine when a participant got sick. S&P 500 and Nasdaq 100 contracts advanced in the wake of large ...

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