Congress Financial Reform

  • LONDON, Dec 3- International banks in Britain should resist pressure from European Union regulators to shift their non-EU business to new hubs in the bloc because of Brexit, Britain's markets watchdog said on Monday. Around 30 lenders in Britain have applied to the European Central Bank for a license to open or expand EU bases to avoid getting cut off from...

  • SINGAPORE, Nov 30- China's securities regulator said on Friday it has given UBS AG approval to increase its stake in its Chinese brokerage venture to 51 percent, making the Swiss bank the first foreign financial institution to gain control of a Chinese securities firm. "This will be the first foreign-controlled brokerage approved by the securities regulator...

  • NEW YORK, Nov 28- A leading U.S. bank regulator said on Wednesday the government is considering easing requirements around the "living wills" large banks must submit detailing how they could be safely dissolved in a crisis. The Federal Deposit Insurance Corporation and Federal Reserve will propose changes in the coming months to rules dictating those plans,...

  • FRANKFURT, Nov 28- Deutsche Bank's head of the Americas, Tom Patrick, is likely to leave the bank, possibly by the end of the year, said two people with knowledge of the matter on Wednesday. The change comes as Germany's largest lender restructures its U.S. business and struggles with regulators. A spokeswoman for Patrick couldn't immediately be reached to comment...

  • WASHINGTON, Nov 20- The U.S. banking sector reported $62 billion in profits in the third quarter, up 29.3 percent from the same period a year ago, according to quarterly data from the Federal Deposit Insurance Corporation. The regulator said in a statement that profits were boosted by a lower effective tax rate and higher operating revenues.

  • Nov 14- Warren Buffett's Berkshire Hathaway Inc deepened its commitment to the U.S. financial industry, announcing a $4.02 billion stake in JPMorgan Chase& Co and new investments in PNC Financial Services Group Inc and Travelers Companies Inc, plus a stake in Oracle Corp. The investments were disclosed in a Wednesday regulatory filing detailing Berkshire's...

  • Nov 14- Warren Buffett's Berkshire Hathaway Inc has deepened its commitment to the U.S. financial industry, announcing new stakes in JPMorgan Chase& Co, PNC Financial Services Group Inc and Travelers Companiess Inc, plus a stake in Oracle Corp.. The investments were disclosed in a Wednesday regulatory filing detailing Berkshire's U.S.-listed stocks as of...

  • BEIJING, Nov 13- China's credit growth slowed sharply in October, despite pressure by regulators on banks to help keep cash-starved companies afloat, pointing to further weakening in the economy in coming months. The weaker trend also suggested overall credit conditions in China tightened last month despite recent easing in monetary policy, including moves...

  • CAPE TOWN, Nov 13- MTN Group will apply for a mobile banking license in Nigeria and launch a service there next year, its CEO said on Tuesday, further embedding the South African telecoms company in its biggest but increasingly problematic market. "We will be applying for a payment service banking license in Nigeria in the next month or so, and if all goes according to...

  • TOKYO, Nov 12- SoftBank Group Corp's domestic telecoms unit on Monday received approval to list on the Tokyo Stock Exchange in an initial public offering worth 2.4 trillion yen, a regulatory filing showed, one of the biggest IPOs ever. The unit, SoftBank Corp, will list on the Tokyo Stock Exchange on Dec. 19, the filing with the Ministry of Finance showed on Monday.

  • WASHINGTON, Nov 9- Randal Quarles, head of supervision at the Federal Reserve, said on Friday the central bank would re-propose aspects of a capital rule known as the "stress capital buffer" due to industry concerns. Speaking at a conference in Washington, Quarles said the regulator should also ease a key element of its annual stress tests that allows the regulator...

  • SYDNEY, Nov 8- Australia's bank regulator said on Thursday it wants to raise the amount of spare capital banks must carry, its third such request in three years, heaping pressure on companies already bracing for tightened regulation. That would require Australia's "Big Four' largest banks to raise between A $67 billion and A $83 billion in extra capital over four...

  • SYDNEY, Nov 8- Australia's bank regulator said on Thursday it wants to raise the amount of spare cash banks carry to withstand any future financial shock, its third request in three years, heaping pressure on companies already bracing for tightened regulation. The extra capital buffer would bring Australian banks in line with new international standards...

  • JOHANNESBURG, Nov 7- Billions of dollars in fines owed by South African companies MTN and Standard Bank to Nigerian regulators could increase the risk to South Africa's financial system, the central bank said on Wednesday. The Nigerian central bank in August accused telecoms firm MTN and its lender Stanbic, a Standard Bank subsidiary, of illegally sending $8.1...

  • JOHANNESBURG, Nov 7- Billions of dollars in fines owed by South African companies MTN and Standard Bank to Nigerian regulators could increase the risk to South Africa's financial system, the central bank said on Wednesday. The Nigerian central bank in August accused telecoms firm MTN and its lender Stanbic, a Standard Bank subsidiary, of illegally sending $8.1...

  • JOHANNESBURG, Nov 7- Billions of dollars in fines owed by South African companies MTN and Standard Bank to Nigerian regulators could increase the risk to South Africa's financial system, the central bank said on Wednesday. The Nigerian central bank in August accused telecoms firm MTN and its lender Stanbic, a Standard Bank subsidiary, of illegally sending $8.1...

  • LONDON, Nov 6- Stewart Ford, the former CEO of now-defunct "death bond" company Keydata, has lost a protracted battle against Britain's financial regulator over a record 76 million pound fine and a ban from regulated financial services. The Financial Conduct Authority said on Tuesday that London's Upper Tribunal, which hears challenges against its decisions,...

  • Xi's comments have come too late: AmCham China

    Economic reform in China is moving at a pace that makes the foreign business community feel "edgy" because they would like to see it move faster, says Kenneth Jarrett, president of the American Chamber of Commerce in Shanghai.

  • After a five-month inquiry into banks' conduct sparked by neighboring Australia's financial services Royal Commission, the Reserve Bank of New Zealand and Financial Markets Authority concluded that New Zealand banks needed to markedly improve how they identify and manage unethical behavior. However, the regulators said they had not identified the...

  • Nov 1- British Prime Minister Theresa May has struck a deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported on Thursday. UK's Financial Conduct Authority wants Britain to stay closely aligned with the EU, but without Britain having to copy all the bloc's rules, acting...