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UK’s Aviva conspired to dodge India compensation and tax rules, agency says

AN INDIAN tax agency has found that British insurer Aviva breached local regulations capping commissions to sales agents with a system of fake invoices and clandestine cash payments, according to a notice seen by Reuters.

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Deutsche Bank hires 13-year Citigroup veteran in UK wealth push

DEUTSCHE Bank hired former Citigroup executive Adam Proctor to help build out its UK wealth team as Germany’s biggest lender pushes to do more business with the world’s ultra rich.

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MHA seeks feedback on orders to restrict banking transactions of scam targets

THE Ministry of Home Affairs (MHA) is seeking feedback from the public on a proposed Bill that will give police the power to temporarily restrict the banking transactions of targets of ongoing scams.

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DBS consumer banking head Jeremy Soo to succeed UOB’s Susan Hwee as Nets chair

NETWORK for Electronic Transers (Nets) has appointed Jeremy Soo, DBS’ head of consumer banking and managing director, as its chairman, effective Sunday (Sep 1).

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Hedge funds may lose billions from Temu owner PDD’s stock crash

CONCENTRATED bets on popular Chinese e-commerce giant PDD Holdings may have led to losses in billions of dollars for hedge funds from a crash in its shares following downbeat comments from its executives.

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Elon Musk, Tesla win dismissal of lawsuit claiming they rigged dogecoin

ELON Musk and his electric vehicle company Tesla won the dismissal of a federal lawsuit accusing them of defrauding investors by hyping the cryptocurrency dogecoin and conducting insider trading, causing billions of dollars of losses.

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UBS appoints former Credit Suisse executive as new China head

UBS has appointed former Credit Suisse executive Janice Hu to replace Eugene Qian as head of its business in China, the Swiss bank said on Thursday (Aug 29).

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HSBC’s wealth head to exit bank after missing out on CEO job

HSBC Holdings’s wealth unit head Nuno Matos is leaving the bank weeks after missing out on the chief executive officer’s role.

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Latest Singapore 6-month T-bill cut-off yield falls to 3.13%

THE cut-off yield on Singapore’s latest six-month Treasury bill (T-bill) dropped to 3.13 per cent, down from the 3.34 per cent offered in the previous six-month auction that closed on Aug 15.

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Federal Reserve’s Bostic says it is ‘time to move’ on rate cuts, but wants to be sure

FEDERAL Reserve Bank of Atlanta President Raphael Bostic on Wednesday said that with inflation down farther and the unemployment rate up more than he anticipated, it may be “time to move” on rate cuts, but he wants to be sure before pulling that trigger.

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