Frankfurt / Bloomberg German retail and distribution giant Metro will decide by the end of this year on whether to expand into Myanmar and post-sanctions Iran, its chief executive said in a magazine interview on Thursday. “Myanmar is benefitting from opening up politically and has high growth potential,” CEO Olaf Koch told the weekly WirtschaftsWoche. “We’re also examining what opportunities ...

Bloomberg Banks’ options for gauging the risk of incurring losses from events such as fraud, cybercrime and litigation are set to shrink as the Basel Committee on Banking Supervision tries to stop firms gaming the rules. The global regulator, whose members include the US Federal Reserve and the People’s Bank of China, proposed scrapping an ‘unduly complex’ internal model-based method ...

Bloomberg The Internal Revenue Service (IRS) is seeking to force UBS Group AG to turn over records on an account in Singapore held by a US citizen, potentially opening a new front against offshore tax evasion beyond Switzerland. The IRS last month asked a federal judge in Miami to force UBS, the largest Swiss bank, to produce documents on Ching-Ye ...