A Singapore court Wednesday convicted a jailed banker of additional offences in a case linked to the international money-laundering scandal involving neighbouring Malaysia’s state fund 1MDB. Singaporean Yeo Jiawei, a former wealth manager with Swiss bank BSI, was sentenced to 54 months after admitting charges of money-laundering and cheating. The jail term will run concurrently … Read more
GN Bank, a subsidiary of Groupe Nduom (GN) conglomerate, at the weekend won two trophies at Inter-Banks Sporting tourney held at the Legon Oval Stadium, Accra. The two trophies won by GN Bank were in the sporting disciplines of table tennis (ping pong) and volleyball. However, the bank’s football team could not progress to the … Read more
Barclays and four former executives have been charged with fraud over their actions in the 2008 financial crisis. The Serious Fraud Office case relates to the way the bank raised billion of pounds from Qatari investors enabling it to avoid a government bailout. Former chief executive John Varley is one of the four ex-staff who will … Read more
A former stocks trader was fined in Singapore Wednesday for his role in an international money-laundering scandal involving Malaysia’s state fund 1MDB, the latest person to be penalised over the saga. Singapore, a regional financial centre known for its tough stance against corruption, was the first country to hand down criminal convictions related to the … Read more
US authorities plan to lodge criminal charges against a businessman suspected to be at the centre of a corruption scandal that has embroiled Malaysia’s prime minister, the Wall Street Journal reported. Allegations that huge sums were misappropriated from the Malaysian state fund 1MDB have triggered a scandal which has buffeted Prime Minister Najib Razak, who … Read more
HSBC has reported a 62% fall in annual pre-tax profit for 2016. The $7.1bn (£5.7bn) figure compares with $18.9bn a year earlier, and is well short of the $14.4bn analysts had been expecting. The bank attributed the fall in profit to a string of one-off charges, including the sale of its operations in Brazil. HSBC … Read more
Shares in HSBC have fallen after the bank saw a sharper-than-expected drop in annual profits for 2016. The $7.1bn (£5.7bn) pre-tax profit is 62% lower than the $18.9bn reported a year earlier. HSBC attributed the fall to a string of one-off charges, including the sale of its operations in Brazil. It said its performance had … Read more
the Dow jumped 175 points to 20,060, with Goldman Sachs contributing the most gains. The S&P 500 rose 0.7 percent, with financials rising 1 percent. The Nasdaq advanced 0.4 percent. The U. S. economy added 227,000 jobs in January, while the unemployment rate ticked higher to 4.8 percent, the Bureau of Labor Statistics said Friday. … Read more