Exclusive: UBS, BNP among bidders for China’s Postal Savings Bank’s pre-IPO stake – sources
HONG KONG (Reuters) – UBS , Singapore’s Temasek Holdings [TEM.UL] and French bank BNP Paribas are among half a dozen preliminary bidders to buy up to a 10 percent stake in state-owned Postal Savings Bank of China (PSBC) for at least $3 billion, people …
Bank of Tokyo Mitsubishi becomes first foreign lender in decades to open Myanmar branch
YANGON (Reuters) – Japan’s Bank of Tokyo Mitsubishi UFJ Ltd (BTMU) has invested $100 million to become the first foreign lender in decades to open a branch in Myanmar on Wednesday, said Chief Executive Officer Go Watanabe.
Mortgage applications rose in latest week: MBA
NEW YORK (Reuters) – Applications for U.S. home mortgages rose last week as interest rates declined, an industry group said on Wednesday.
Volvo ousts CEO and turns to rival Scania for replacement
STOCKHOLM (Reuters) – Swedish truckmaker Volvo named Martin Lundstedt, the head of rival Volkswagen-owned Scania as its chief executive on Wednesday, replacing embattled Olof Persson who has led a sweeping efficiency drive.
UK watchdog fines BoA’s Merrill Lynch $20 million for reporting failures
LONDON (Reuters) – Britain’s markets regulator has fined Bank of America Merrill Lynch a record 13.2 million pounds ($20 million) for failing to report transactions properly over seven years.
South Korea seeks bigger role in global arms bazaar
SEOUL (Reuters) – When South Korean president Park Geun-hye stopped off in Peru this week, her diplomatic tasks included drumming up interest in her country’s home-grown light fighter jets.
Earnings, Greece weigh on European stocks
LONDON (Reuters) – European stocks fell on Wednesday, failing to extend an overnight rally in Asia as investors looked to Greece’s debt crisis and lurch towards possible default as an excuse to cash in gains chalked up earlier in the week.
Greece won’t present reform list at Riga, top Eurogroup official says
VIENNA (Reuters) – Greece will not present a list of economic reforms to euro zone finance ministers on Friday, a senior EU official said, adding the country should be able to stay solvent until June.
UK speed trader arrested over role in 2010 ‘flash crash’
WASHINGTON (Reuters) – A high-frequency trader was arrested in London over his alleged role in the May 2010 “flash crash” that briefly wiped out nearly $1 trillion in market value, the first time authorities have blamed manipulation for the turbulence….
‘Flash crash’ market manipulation case poses test for prosecutors
NEW YORK (Reuters) – Charges against a high-frequency trader for helping to spark the 2010 “flash crash” present a test of U.S. prosecutors’ ability to win a big market manipulation case and may make other traders nervous they may be next, lawyers said…
