Category: Finance and Markets

China announced a 34% tariff on all products imported from the U.S. on Friday, escalating the trade war between the world’s two biggest economies. The move came two days after President Donald Trump imposed the same tariff on all Chinese imports as part of what he called reciprocal tariffs on a long list of U.S. trade partners. Combined with 20% in other levies that Trump has imposed on Chinese goods since returning to office in January, the total U.S. tariff…

In sum:

Stellantis pauses production in Mexico and Canada due to tariffs
Automakers face 25% import tax on imported autos
UAW criticizes Stellantis for unnecessary layoffs
US automaker shares fall sharply

The Financial Conduct Authority (FCA) announced plans to ease British mortgage lending rules, aiming to help more people buy homes. The regulator is preparing to review and potentially relax stress-testing requirements that assess borrowers’ ability to handle higher interest rates. Additionally, the FCA will launch a public debate in June on the mortgage market, focusing on risk appetite, affordability testing, product innovation, lending to older borrowers, and consumer information needs. A consultation in May will explore ways to simplify remortgaging,…

EU countries have agreed on a new round of sanctions against Russia, diplomats said Wednesday, as the bloc looks to maintain pressure on Moscow ahead of the third anniversary of the full-scale invasion of Ukraine. The wide-ranging package, which includes a ban on imports of Russian aluminum, will be formally adopted by EU foreign ministers on Monday. “The EU is clamping down even harder on circumvention by targeting more vessels in Putin’s shadow fleet and imposing new import and export…

On Sunday, Mumbai Police arrested Dharmesh Paun, private developer from Kandivali, in connection with the New India Cooperative Bank scam (NICB). According to the police, Paun allegedly received illicit funds from the bank’s General Manager and Account Head, Hitesh Mehta, who was also arrested Saturday. The scam was uncovered during an audit at the bank’s headquarters in Prabhadevi last Wednesday, when RBI officials discovered funds missing from the vault. Mehta, who has been with the bank since 1988, reportedly confessed…

A Republican congressman has introduced an amendment to the Constitution that would allow President Donald Trump to seek a third term in office, arguing that it will ensure “we can sustain the bold leadership our nation so desperately needs.” Rep. Andy Ogles of Tennessee revealed his long-shot measure Thursday that would amend the 22nd Amendment, which sets the current two-term limit for presidents. “He has proven himself to be the only figure in modern history capable of reversing our nation’s…

A group of JC Penney bondholders are seeking to re-litigate its Chapter 11 case, claiming that a scandal that has since ensnared one of the country’s top bankruptcy judges tainted the US retailer’s 2020 reorganisation. Eric Moore, a bondholder, described the deal clinched in bankruptcy court as a “multibillion-dollar heist” that improperly handed control of JC Penney to a select group of deep-pocketed parties including H2 Capital Partners, Simon Property Group and Brookfield, according to court filings. Moore’s challenge has…

NEW YORK – A former Allianz fund manager was spared prison time on Friday over his role in a meltdown of private investment funds sparked by the COVID-19 pandemic that caused an estimated $7 billion of investor losses. Gregoire Tournant, 57, of Basalt, Colorado, pleaded guilty in June to two counts of investment adviser fraud. He agreed to give up $17.5 million in ill-gotten gains, including bonuses that were inflated by his fraud. Chief Judge Laura Taylor Swain of the…

Global financiers are poised to flock to Saudi Arabia’s annual flagship investment conference next week as a tightening of the kingdom’s purse strings and a deepening of regional conflict cloud the outlook. Among those expected to descend on the Future Investment Initiative (FII) in Riyadh are top CEOs, including Goldman Sachs’ David Solomon, BlackRock’s Larry Fink, Citigroup’s Jane Fraser and the London Stock Exchange’s Julia Hoggett. The high-profile event, first held in 2017, fills an opulent hotel in the capital…

TORONTO — The more than US$3-billion settlement TD Bank Group has reached with U.S. regulators for its failures to oversee money laundering risks has underlined what some say are relatively weak enforcement options in Canada. Denis Meunier, president of DMeunier Consulting Inc. and a former deputy director of Fintrac, said fines in Canada have to increase significantly to provide adequate deterrence and not become just a cost of doing business. He says the federal government should add substantial fines for…

Canada-based financial institution TD Bank has announced its agreement to pay over USD 3 billion, pleading guilty to criminal charges related to money laundering in the US. As detailed by regulators, the fine follows TD Bank’s failure to appropriately monitor money laundering by drug cartels and other criminals, allowing them to transfer hundreds of millions of dollars in unlawful funds. In addition, the bank did not enforce sufficient defences against money laundering for nearly 10 years. It did not efficiently…

NEW YORK (Reuters) – Former cryptocurrency executive Caroline Ellison is set to be sentenced on Tuesday for her role in her imprisoned former boyfriend Sam Bankman-Fried’s theft of about $8 billion in customer funds from the now-bankrupt FTX exchange he founded. Ellison has pleaded guilty to seven felony counts of fraud and conspiracy, and testified as a prosecution witness in the trial of Bankman-Fried, who was convicted of fraud and other charges last year and is serving a 25-year prison…