China’s banking regulator told some lenders to lower the rates they offer on wealth-management products, people familiar with the matter said, as officials move to reduce financial risks and stimulate the economy.
NEW YORK (REUTERS) – HSBC Holdings Plc and UBS Group AG have each agreed to pay US$14 million (S$19 million) to settle private US litigation accusing them of rigging an interest rate benchmark used in the US$483 trillion derivatives market.
The government is to hunt down tax money from Indonesians who park their money in Singapore, following an offer from Singapore to allow Indonesia to access the financial data of Indonesians in the neighboring country.
Singapore’s financial regulator has closed the door on a two-year investigation over 1MDB. But Swiss banks – and bankers – are by no means off the hook. finews.com looks at who is sweating more than usual this summer.