Congress Financial Reform

  • SHANGHAI, Aug 18- China's state council has approved a 200 billion yuan venture capital fund to invest in innovative technology and industrial upgrading projects, the country's state assets regulator said on Thursday. The fund is financed by China Reform Holdings Corp Ltd, China Postal Savings Bank, China Construction Bank Corp and Shenzhen Investment...

  • ZURICH, Aug 17- Swiss private bank Falcon has been blocked from taking on new business in Singapore by the local central bank and financial regulator, Swiss newspaper Finanz und Wirtschaft said on Wednesday, citing information it had obtained. Falcon is one of the banks under investigation by the Monetary Authority of Singapore for a possible breach of...

  • Aug 15- ValueAct Capital Management LP took a 1.98 percent stake in Morgan Stanley, regulatory filings showed on Monday, drawn by the Wall Street bank's shift towards stable, fee-based businesses like wealth management.'. The San Francisco- based activist hedge fund said the market did not fully appreciate the transformation of Morgan Stanley's business since...

  • Aug 15- Jeff Ubben- run activist hedge fund ValueAct Capital Management LP took a 1.98 percent stake in Morgan Stanley, regulatory filings showed on Monday. ValueAct Holdings LP, a fund of ValueAct Capital Management, said it took a stake of 38 million shares in Morgan Stanley. ValueAct Capital Management played a key role in shaking up Microsoft Corp's...

  • China Banking

    Brookings Institution's Eswar Prasad says Beijing needs to reform its state-owned enterprises, which are the root cause of Chinese banks' bad debt.

  • SHANGHAI, Aug 10- China shares dipped on Wednesday, with property shares falling sharply as investors took profits from six days of gains. The checks by China's banking regulator will cover a wide range of business areas including deposits, lending, bills and wealth management, the National Business Daily reported on Wednesday. Separately, Caixin reported that...

  • SEOUL- South Korean Finance minister Yoo Il-ho speaks at a forum on easing regulations for corporations- 0500 GMT. NAIROBI- Central Bank of Kenya Governor Patrick Njoroge holds a joint news conference with CEOs of commercial banks- 0700 GMT. SEOUL- Bank of Korea holds its monetary policy meeting and will give its decision on interest rates- 0100 GMT.

  • *Bank says Asia Pacific remains important part of business. TAIPEI/ TORONTO, Aug 8- Bank of Nova Scotia, Canada's third-largest bank, has applied to Taiwan's financial regulator to exit the local market, the regulator and bank said on Monday, part of a revamp of its Asia strategy. Scotiabank said its Taiwan office is being closed as part of a recent review of its...

  • Aug 5- Regions Financial Corp has agreed on a payment to settle a U.S. Justice Department investigation of its mortgage loans, the bank said in a filing on Friday. The agreement resolves an investigation of the Birmingham, Alabama- based bank's origination, underwriting and quality control practices for loans insured by the Federal Housing Association.

  • Aug 5- Regions Financial Corp has agreed on a payment to settle a U.S. Justice Department investigation of its mortgage loans, the bank said in a filing on Friday. The agreement resolves an investigation of the Birmingham, Alabama- based bank's origination, underwriting and quality control practices for loans insured by the Federal Housing Association.

  • Aug 4- London Stock Exchange Group Plc, which has agreed to merge with German peer Deutsche Boerse to create a giant European trading house, reported a rise in first-half adjusted operating profit on Thursday and said it was working on securing regulatory approvals. The company, which owns Borsa Italiana and the London Stock Exchange, said adjusted operating...

  • WASHINGTON, Aug 2- Thirty-eight large financial companies will get an additional year to develop plans for how to unwind their business in an orderly way in the event of bankruptcy, U.S. banking regulators said on Tuesday. The lenders will have until the end of next year to present their resolution plans, or "living wills," to regulators, according to the Federal...

  • BUENOS AIRES, Aug 1- Argentina's securities regulator is "optimistic" that tax amnesty laws introduced by the new center-right government will boost investment in the local market, the body's head told Reuters in an interview on Monday. Financial instrument investment has long been light in Argentina, Latin America's third largest economy, and liquidity all...

  • *Banks first want to see if UK retains single market access. *Non- UK customers could lose protection of the ring-fence. But the UK regulation- which also covers the European operations directly owned by British banks- was proposed in 2011, when there was no prospect of Britain quitting the bloc.

  • SHANGHAI, Aug 1- China stocks fell to a near one-month closing low on Monday as investor sentiment was hit by regulators' crackdown on speculation as well as a fresh wave of initial public offerings. China's securities watchdog has recently tightened rules over hedge funds, limited shadow banking business of mutual fund houses and is drafting rules aimed at...

  • Plan has approval from European Central Bank- sources. MILAN/ SIENA, July 29- Italian lender Monte dei Paschi di Siena unveiled a plan on Friday to prevent its centuries-old business from being wound up by regulators, a privately funded overhaul that Rome hopes will help stabilise the country's entire banking sector. Monte dei Paschi said it had secured...

  • *European Central Bank approves bailout plan- sources. MILAN/ SIENA, July 29- The European Central Bank has approved a privately funded rescue of Italy's third-largest lender, Monte dei Paschi di Siena, three sources said on Friday, staving off the risk that regulators would be forced to wind up its business. Under the bailout plan to be unveiled later in the day,...

  • MILAN, July 28- Italy's third-biggest lender, Monte dei Paschi di Siena, has received a last-minute rescue proposal by Swiss bank UBS, just hours before it is due to unveil its own bailout plan to meet regulators' concerns over its stability. The bank said in a statement on Thursday night it had received two letters from UBS and former Italian Industry Minister...

  • BEIJING, July 27- China is considering rules to restrict investments by small banks in the country's $3.5 trillion wealth management product industry, draft rules seen by Reuters show, as concerns rise they are taking increasing risks. Draft rules from the China Banking Regulatory Commission, seen by Reuters on Wednesday, target riskier assets most often...

  • LONDON/ MILAN, July 27- Banca Monte dei Paschi di Siena has asked at least eight banks to guarantee a five billion euro cash call as Italy's third-largest bank races against the clock to comply with regulators' demands to strengthen its balance sheet, a source familiar with the matter told Reuters. JPMorgan and Mediobanca, who are leading the fund raising as global...