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.
UBS has announced organisational changes to its wealth management and ultra-high net worth business in Asia. The moves follow the follow of high-profile private banker Ravi Raju from Deutsche Bank.
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.
HONG KONG/FRANKFURT (Reuters) – China’s Legend Holdings Corp is in talks on a potential investment in Qatari-owned Banque Internationale a Luxembourg (BIL), a person with knowledge of the matter told Reuters.
GIC posted an annualised real rate of return of 3.7 per cent per year over the 20-year period ending Mar 31, 2017, in its 2016/17 report, down from the 4 per cent rate of return the year before.
The $2.4 trillion funds giant said it would appoint replacements in the two pan-Asia roles.
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