Bloomberg The US House passed legislation to strengthen anti-money-laundering rules, moving closer to a victory for Wall Street banks. The bill, HR 2513, which passed 249-173, would make it harder to use anonymous shell companies to break the law. A similar bill in the Senate has yet to get a committee hearing, which would be the next step before a ...

Bloomberg Deal volumes in India are set to surge as embattled founders sell businesses to tide over a cash squeeze, according to Axis Capital Ltd, the investment banking unit of one of India’s largest private-sector lenders. “As the funding situation erodes, founders are selling businesses to deleverage, or are raising equity to gain an edge over the competitors,” Chirag Negandhi, ...

Bloomberg A health check on India’s shadow banks shows the crisis in the industry is far from over. Indicators from liquidity to share performance show weakness, according to data compiled by Bloomberg as of September 30. In recent weeks, another financier defaulted, it got harder for investors to cut losses in the sector’s debt and a mortgage lender altered financing ...

Bloomberg The bill to shareholders for Australian banks’ bad behaviour has now topped $3.5 billion, and could rise further. Westpac Banking Corp on Wednesday became the latest lender to set aside additional sums to compensate customers for mis-charged fees, junk products and poor advice in what analysts have called “confession season” ahead of earnings reports. That takes the total after-tax ...

Bloomberg Deutsche Bank AG is considering substantial cuts to the unit that trades interest-rate securities, a division that survived a large-scale pullback as part of the lender’s sweeping revamp in July. Chief Executive Officer Christian Sewing has concluded that it’s possible to reduce enough of the associated technology costs to outweigh the loss in revenue, according to people briefed on ...

Bloomberg Boeing Co’s chief executive officer will testify before a Senate committee next week to answer questions about the planemaker’s design and certification of a jet involved in two deadly crashes. Dennis Muilenburg will appear at a Senate Commerce Committee hearing next Tuesday, a day before his expected appearance before the House’s Transportation committee, according to two people familiar with ...

Bloomberg “Flight shame” — flyers feeling guilty about their carbon footprint — is a real phenomenon and will raise costs for airlines, consumers and companies, while catapulting emission offsetting into a big business, Citigroup predicts. The cost of offsetting planes’ carbon emissions could become as much as 10 times higher than the airline industry currently estimates, Citi analysts including Mark ...

Bloomberg Three airlines in South Africa took the unusual step of grounding some planes on October 22 after a regulator flagged compliance issues and ordered maintenance checks. Things got weirder when no one would publicly say exactly what needed checking. The groundings by state-owned South African Airways and its Mango unit, plus Comair Ltd, which operates British Airways domestic flights ...

Bloomberg Destination Maternity Corp, billed as the world’s largest retailer of maternity clothes, sought court protection from its creditors after warning investors it might not be able to survive as an independent merchant. The chain, which hasn’t posted an annual profit since 2014, listed assets and liabilities of as much as $500 million in its Chapter 11 petition, filed in ...

ABU DHABI / WAM His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Chairman of the Executive Office, officially graced the opening ceremony of FinTech Abu Dhabi (FinTechAD) on Tuesday at Abu Dhabi National Exhibition Centre (Adnec). Held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of the Abu Dhabi Executive Council, Fintech ...