Finance & banking regulation news

Financial regulation

Britain on alert as baby milk maker orders global recall over salmonella fears

Manufacturer Lactalis issues global recall after infants in France were taken ill.

Dec 11, 2017

By Associated Press

France

HSBC says US officials will dismiss criminal charges against it

Global banking giant says the Department of Justice will ask a court to dismiss deferred charges against it.

Dec 11, 2017

By Associated Press

HSBC

Fake pants worth £1.5m seized in Christmas counterfeits crackdown

Calvin Klein underwear, among hoodies, fans and shoes impounded by UK officials.

Dec 8, 2017

By Staff Reporter

Christmas

Emission cheats, tax leaks and number fibs: A look back at 2017's financial fiascos

Legal practitioner and IBTimes UK columnist Martin Kenney writes 2017 has been another mega year for financial scandals.

Dec 7, 2017

By Martin Kenney

Panama Papers Tax

Bank of America Swings into Loss of Record Mortgage Settlement

Bank of America teller stole $160,000 from customer accounts

Bank worker used her position to withdraw the money from two savings accounts belonging to a customer.

Dec 5, 2017

By Associated Press

Ireland to start collecting €13bn in tax from Apple amid legal tussle with EU

The European Commission has ordered Ireland to collect back taxes for the years 2003-2014.

Dec 5, 2017

By Associated Press

Apple

US senate passes controversial tax bill as Donald Trump claims victory

After a burst of eleventh-hour horse trading, bill overcomes American legislative hurdles.

Dec 2, 2017

By Associated Press

Donald Trump Tax

Rail industry welcomes government plans to reverse Beeching cuts

Railway Industry Association says reopening old routes would deliver "huge economic benefits" to the UK.

Nov 29, 2017

By Karthick Arvinth

Vince Cable accuses government of 'dragging its heels' in fight against tax avoidance

Cable says 'systematic tax avoidance' is causing significant damage to the Treasury and public finances.

Nov 26, 2017

By Dan Cancian

Theresa May David Cameron

Nikkei leads most Asian stock markets higher amid a higher US dollar and positive economic data

Mitsubishi Materials faked data scandal lands another blow to Japan Inc

Maker of industrial components joins growling list of scandal-ridden Japanese companies.

Nov 24, 2017

By Associated Press

Economic forecasts are not instilling market confidence

Beware 'fake news' but 'fake data' is as big a threat to economic stability, warns ECB

Benoit Coeure, a senior central banking official, says "economic agents could become less anchored to actual activity and more prone to manias and panics."

Nov 24, 2017

By Gaurav Sharma

European Central Bank Bank of England Artificial Intelligence

Pharmaceutical giant accused of overcharging NHS with 6000% price increase for thyroid drug

Competition and Markets Authority says Canadian firm Concordia abused its dominant market position to overcharge for a key thyroid drug.

Nov 22, 2017

By Karthick Arvinth

Letting Equatorial Guinea's Teodorin Obiang off lightly for corruption sends out the wrong message

Despite being called out for 'relentless embezzlement and extortion', Equatorial Guinea's vice president walked away from a French court with a suspended jail sentence.

Nov 21, 2017

By Martin Kenney

Colorado fines Uber $8.9m for allowing drivers with felony convictions

In one instance, the regulatory agency said that a "habitual offender" who had previously escaped from prison was released and became an Uber driver.

Nov 20, 2017

By James Tennent

Uber

Fiat Chrysler and auto safety group row over minivan recall

Automaker says its minivans have no safety issues contrary to claims by the group.

Nov 20, 2017

By Staff Reporter

Vijay Mallya Twitter account hacked, personal and sensitive information leaked

Indian tycoon exiled in UK says laundering allegations against him are 'fabricated'

Vijay Mallya is facing extradition to India on money laundering charges following a request by the Narendra Modi administration.

Nov 20, 2017

By Associated Press

HSBC parts with €300m to settle French tax avoidance probe

HSBC's Swiss private banking unit alleged to have helped wealthy clients avoid taxes by French prosecutors.

Nov 15, 2017

By Karthick Arvinth

HSBC LON:HSBA

Catholic order admits past offshore holdings in tax havens

The scandal-marred Legion of Christ Roman Catholic religious order pins blame on its disgraced founder, the Rev. Marcial Maciel.

Nov 14, 2017

By Associated Press

European Union moves to ban manufacturers from selling arms to Venezuela

Move is designed to ramp up pressure on President Nicolas Maduro over corruption and abuse of power allegations.

Nov 10, 2017

By Associated Press

Venezuela European Union

Uber loses UK legal appeal against drivers' rights but will escalate fight to Supreme Court

Landmark ruling sees company lose ruling its drivers should be classed as workers rather than self-employed.

Nov 10, 2017

By Gaurav Sharma

Uber

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