ECB pulls the plug on Latvia’s failing ABLV Bank
FRANKFURT/RIGA (Reuters) – Latvia’s ABLV Bank is failing or likely to fail and will be wound up as saving it is not in the public interest, the European Union’s Single Resolution Board and the European Central Bank (ECB) said separately on Saturday.
Chile president-elect plans to add more Codelco management: paper
SANTIAGO (Reuters) – Chile’s President-elect Sebastian Pinera plans to create two new management units at the world’s largest copper producer, state-run Codelco, to improve operations, his pick for mining minister told local paper La Tercera on Saturda…
With $116 billion cash, Buffett says Berkshire needs ‘huge acquisitions’
NEW YORK (Reuters) – Warren Buffett on Saturday lamented his inability to find big companies to buy, and said his goal is to make “one or more huge acquisitions” of non-insurance businesses to bolster results at his conglomerate Berkshire Hathaway Inc….
Latvia calls emergency meeting after third-largest bank fails
RIGA (Reuters) – Latvian authorities will gather for an emergency meeting on Monday following the failure of the country’s third-largest bank, the Prime minister said on Saturday, as the country kept watch for any fallout on other banks.
China cuts banking red tape to rally foreign investment – Xinhua
BEIJING (Reuters) – China’s banking regulator has introduced steps to cut the red tape for foreign banks, state media agency Xinhua said on Saturday, as part of the government’s ongoing effort to promote investment in the country’s fast-growing financi…
India’s Choksi claims innocence in PNB fraud with open letter
MUMBAI (Reuters) – Mehul Choksi, one of two businessmen allegedly involved in perpetrating India’s biggest ever banking fraud, broke his silence at the weekend with an open letter to employees claiming his innocence and telling them to look for other j…
China orders three insurers to fix overseas investment rule breaches
BEIJING (Reuters) – China’s insurance regulator said on Saturday it would force three major insurers to take steps to deal with overseas investments that had violated regulations, as Beijing intensifies its crackdown on risk in the insurance sector.
India seizes jeweler’s farmhouse, power plant after PNB fraud
MUMBAI (Reuters) – Indian authorities said on Saturday they seized a farmhouse, a solar power plant and land belonging to billionaire jeweler Nirav Modi, at the center of an alleged $1.8 billion fraud against Punjab National Bank that has shaken confi…
GE says it may face U.S. action over subprime mortgage operations
NEW YORK (Reuters) – General Electric Co faces potential legal action by the U.S. Department of Justice over allegations that its GE Capital unit and now-defunct WMC Mortgage Corp unit violated U.S. law in connection with subprime mortgages, according…
With rates low, Fed officials fret over next U.S. recession
NEW YORK/LOS ANGELES (Reuters) – Federal Reserve policymakers are fretting that they could face the next U.S. recession with an arsenal of policies little different from that used in the last downturn but robbed of much of their punch because interest …
