Swedish bank SEB will take SKr8.2bn (€830m) worth of balance sheet writedowns over its next two sets of financial results, it warned on Friday, as new accounting rules and transformation costs in its overseas business combine to push its capital buffers below its local rivals.
Hong Kong’s government has announced a bill to boost oversight of auditors of listed companies after a string of incidents last year in which some saw their share prices fall as much as 94 per cent in a single day.
French President Emmanuel Macron has said that if Britain wants special access for its financial services industry to the EU single market after Brexit it will have to comply with all of the bloc’s rules, adding: “Be my guest”.
The Trump administration is dropping an appeal against a contentious legal ruling that ended Metlife’s designation as “too big to fail”, further undermining a financial safety regime established under President Obama.
Tencent and Google, two of the biggest global tech titans, are to cross-license patents on a broad range of products and technologies and said they are “open” to deeper collaboration on future innovations.
The US House of Representatives on Thursday passed a stop-gap bill to fund federal agencies beyond Friday night but the measure to avoid a looming government shutdown still faces opposition in the Senate.
John Williams of the Federal Reserve Bank of San Francisco is gunning for one of the top positions in the central bank, saying it would be a “great honour” to serve as number two under Jay Powell, the incoming chair.
Facebook, YouTube and Twitter have stepped up the removal of racist hate speech from their websites as the EU puts pressure on social media giants to take more responsibility for the content hosted on their platforms.
The US government has moved closer to a possible shutdown after President Donald Trump appeared to complicate Republican efforts to pass a stop-gap measure needed to fund federal agencies and the military beyond Friday night.
HSBC has agreed to pay a $101.5m penalty in a settlement with the US justice department over its attempts to manipulate foreign exchange markets, allowing the bank to avoid pleading guilty to criminal charges.