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SINGAPORE (Reuters) – Singapore’s home ministry said on Friday that it will introduce a law in coming months to grant police the power to temporarily restrict the banking transactions of targets of scams who refuse to believe they are being duped. The proposed law comes as the number of scam cases involving the voluntary transfer of money by the victim to the scammer remains high, despite measures and efforts to educate the public on how […]
HANOI, April 26, 2024 (AFP) – A top Vietnamese property tycoon sentenced to death in a $27 billion fraud case has launched an appeal against her conviction, state media said Friday. Truong My Lan, chair of major developer Van Thinh Phat, was found guilty this month of swindling cash from Saigon Commercial Bank (SCB) over a decade. The 68-year-old was found to have embezzled $12.5 billion, but prosecutors said the total damages caused by the […]
HO CHI MINH CITY, April 11, 2024 (AFP) – A top Vietnamese property tycoon was sentenced to death on Thursday in one of the biggest corruption cases in history, with an estimated $27 billion in damages. A panel of three hand-picked jurors and two judges rejected all defence arguments by Truong My Lan, chair of major developer Van Thinh Phat, who was found guilty of swindling cash from Saigon Commercial Bank (SCB) over a decade. […]
By Julie CHABANAS WASHINGTON, March 10, 2024 (AFP) – The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans — in turn putting pressure on smaller banks. “There will be bank failures, but this is not the big banks,” said US Federal Reserve Chair Jerome Powell on Thursday. In San Francisco, Washington and even New York, offices […]
TOKYO, Feb 2, 2024 (AFP) – Shares in Japan’s Aozora Bank plunged for a second straight day Friday — wiping hundreds of millions of dollars off its market value — after the lender forecast a full-year net loss because of bad property loans in the United States. Prices in the US commercial real estate market have fallen sharply on the back of rising borrowing costs and lower demand as more people work from home following […]
By Shaun TANDON WASHINGTON, Dec 22, 2023 (AFP) – The United States said Friday it will impose sanctions on foreign banks that support Russia’s war in Ukraine, in a new bid to exert pressure on Moscow as it diversifies from the West to China. Under an executive order signed by President Joe Biden, the United States will slap so-called secondary sanctions against financial institutions that back companies already targeted for supporting Russia’s defense industry. “We […]
TOKYO, Dec 13, 2023 (AFP) – Confidence among Japan’s largest manufacturers has risen for a third straight quarter, a key survey showed Wednesday. The Bank of Japan’s Tankan survey showed business confidence rising to a reading of plus 12, up from plus nine three months earlier. The poll reports the difference between the percentage of firms that are upbeat and those not, with a positive figure meaning more businesses feel optimistic. The headline figure — […]
WASHINGTON, Nov 29, 2023 (AFP) – Apple is set to end its credit card tie-up with Goldman Sachs, a US newspaper reported Tuesday, as the investment bank pulls back from consumer lending. Apple sent a proposal to Goldman Sachs to exit from their contract in 12 to 15 months, the Wall Street Journal reported, citing people familiar with the matter. The report added that this break covers both parties’ whole consumer partnership, including a credit […]
BEIJING, Oct 16, 2023 (AFP) – The former chairman of the Bank of China has been formally arrested for suspected corruption, state media reported Monday, citing the country’s top prosecutor. The state-owned bank said in February that Liu Lian’ge, 62, had stepped down as chairman and been removed from his position as Communist Party chief. China’s top anti-corruption watchdog announced the following month that Liu was under investigation for alleged “severe violations of discipline and […]
New York, United States | AFP | Monday 5/1/2023 US financial authorities seized California’s troubled First Republic Bank on Monday and sold it to JPMorgan Chase, hoping to bring to a close a two-month banking crisis that has spooked the financial system. First Republic became the second-largest bank by assets to collapse in US history after it disclosed last week a loss of more than $100 billion in deposits in the first quarter. After the […]
Zurich, Switzerland | AFP | Monday 4/24/2023 by Nathalie OLOF-ORS Tens of billions were withdrawn from Credit Suisse in the first three months of 2023, the bank’s earnings report showed Monday, providing clues to the towering challenges ahead as UBS prepares an emergency takeover. Switzerland’s long-time second largest bank saw 61.2 billion Swiss francs ($68.6 billion) withdrawn in the first quarter alone, it said Monday in what is likely its final quarterly report before it […]
by Nathalie OLOF-ORS Agence France-Presse BERN, Switzerland (AFP) — The Swiss parliament voiced its fury on Tuesday at the collapse of Credit Suisse and how the rules intended to prevent such a major bank from getting itself into trouble completely failed. At an extraordinary session of parliament called to debate the implosion of the bank and its takeover by larger rival UBS, Swiss President Alain Berset defended orchestrating the merger, saying a bankruptcy would have […]
