Andrew and Mark Madoff, sons of fraudster Bernard Madoff, have submitted a request with a US court to dismiss all the complaints against them, with prejudice, court documents showed. In a filing with the US Bankruptcy Court, Southern District of New York, the sons said they ranked among the “numerous victims of their father’s terrible…
Australia has welcomed a report saying that China did not blame Rio Tinto or the Australian government for the collapse of a $19.5bn tie-up between Chinalco and the Australian mining giant. The Australian Age newspaper reported from Beijing that a detailed report to the State Council, or China’s cabinet, blamed economic forces and a powerful…
German Finance Minister Wolfgang Schaeuble called for greater integration between euro zone members and stronger surveillance of member countries’ finances to protect the monetary union from further crisis. In a column published in the Financial Times, Schaeuble said Europe’s monetary union was facing a critical moment and must take steps to protect itself from a…
The US Treasury’s decision against a bankruptcy restructuring for GMAC may have increased taxpayer bailout costs for the auto finance company and made it less viable, an oversight group said on Thursday. The Congressional Oversight Panel, in a new monthly report, said despite three separate bailouts totaling $17.2bn, GMAC Financial Services continues to struggle with…
China on Wednesday unveiled strict new rules governing bankers’ pay that are designed to limit risk taking. Payment of 40 percent or more of an executive’s salary must be delayed for a minimum of three years and could be withheld if their bank performs poorly, the China Banking Regulatory Commission said in a statement on…
The Bank of Japan is examining a further easing of its ultra-loose monetary policy and may decide on such a move this month, the Nikkei newspaper reported, weakening the yen and lifting government bond futures to a two-month high. The government, its fiscal options limited by a ballooning fiscal debt, has been pressuring the BOJ…
A free trade agreement with the European Union could create new export opportunities worth $9bn for Indian industries, EU trade chief Karel de Gucht said. De Ducht, on a visit to India, said he expected good progress in the coming months on trade negotiations between the second most populous country in the world and the…
In business, you are always negotiating. We may call it many different things — raising money, leasing space, selling, buying, hiring, etc. — but regardless of the form negotiation takes, it is important to recognize the process for what it is. One of the big problems people have with commercial real estate is the complexity…
“I am asking the Greek government to announce new measures in the coming days,” Rehn told reporters after talks with Finance Minister George Papaconstantinou. For his part, Papaconstantinou said plans to deal with Greece’s debt burden involved “dangers and risks and some of these dangers are now visible” but the government would not waver in…
That means key US data on jobs and manufacturing for February, which hold big implications for global financial markets, could lead to a befuddled reaction from investors. Confusion will also likely reign in Europe where fears about Greece’s financial situation, potentially exacerbated by speculative activity in bond markets, have kept the Eurozone’s single currency under…
