December 23, 2011
Allen Stanford ruled fit for trial over ‘Ponzi scheme’
A US federal judge has ruled Texan financier Allen Stanford is mentally fit to stand trial for allegedly operating a $7bn (£4.5bn) Ponzi scheme. Mr Stanford, 61, is accused of one of the biggest white-collar fraud cases since Bernard Madoff. The…
December 23, 2011
Wal-Mart recalls baby formula after infant dies
Wal-Mart has removed a powdered infant formula from more than 3,000 shops across the US after a newborn baby who consumed it died from a rare infection. Tests are under way to see if there is a link between the formula and the death of the infant…
December 22, 2011
MF Global’s missing $700 million could be in UK
The bankruptcy court trustee in the MF Global case has identified $700 million in U.S. customer funds that were sent to the United Kingdom before the collapse of the commodities and futures trader. But while the trustee said he would be trying to…
December 22, 2011
BofA settles unfair lending claims for $335 million
The Justice Department announced a $335 million settlement with Bank of America Wednesday over discriminatory lending practice at Countrywide Financial. Attorney General Eric Holder said a federal probe found discrimination against at least…
December 22, 2011
Malaysia to liberalise foreign ownership of banks
Malaysia has announced plans to allow more foreign investment in the banking sector in a bid to boost economic growth. It said the government will be more flexible in letting foreigners hold stakes in banks and will also issue banking licences to…
December 21, 2011
Obama, Boehner square off in payroll tax fight
The congressional impasse over extending the payroll tax cut became a showdown…
December 21, 2011
ECB offers banks three-year loans for the first time
The European Central Bank is offering three-year loans to banks for the first time in an attempt to shore up investor confidence in the eurozone. The central bank hopes to sell up to 450bn euros ($590bn; £375bn) of loans. When the plan was…
December 21, 2011
Prosecutors raid the HQ of Olympus in earnings probe
Japanese prosecutors have raided the headquarters of camera and medical equipment maker Olympus as part of an ongoing investigation. Olympus is being probed over its accounting practices and the admission that it hid losses. The issue came to…
December 21, 2011
Cuban banks begin offering loans to private businesses
Banks in Cuba have begun offering loans to individual citizens, in the latest free-market reform in the communist-run island. The loans are aimed at the growing number of small businesses and the self-employed, as well as farmers and people…
December 21, 2011
Japanese exports fall on strong yen and euro troubles
Japanese exports have fallen again as demand for the country's goods continues to suffer. Overseas shipments fell 4.5% in November from a year earlier, Ministry of Finance data showed. The strength of the Japanese yen as well as the ongoing European…