(Reuters) -Troubled Australian wealth manager AMP Ltd will pay a court-mandated penalty of A$24 million ($16.3 million) for billing dead clients for insurance and financial advice, effectively drawing the curtains to a scandalous saga dating back to 2018. The allegations first came to light when a public inquiry exposed systemic wrongdoing at the company, including…
By Anirban Sen NEW YORK (Reuters) -Lazard Ltd CEO Ken Jacobs is expected to step down from his role and hand the reins to Peter Orszag, who currently runs the investment bank’s financial advisory unit, a person familiar with the matter said on Thursday. Jacobs’ decision to step down comes after Lazard reported a loss…
By Katya Golubkova HIROSHIMA, Japan (Reuters) – European Council President Charles Michel said on Friday it was in the EU’s interest to maintain “stable and constructive” cooperation with China, as the Group of Seven countries met to consider China’s “economic coercion” and other concerns. G7 leaders, gathering in the Japanese city of Hiroshima from Friday,…
By John Irish and Sakura Murakami HIROSHIMA, Japan (Reuters) – Japan and France on Friday said they wanted to deepen bilateral cooperation after agreeing earlier this month to accelerate discussions for a joint military exercise framework with Paris hoping to push for reciprocal access agreements. Speaking ahead of a Group of Seven leaders summit in…
WASHINGTON (Reuters) -A group of U.S. Senate Democrats called on President Joe Biden to prepare to invoke the U.S. Constitution’s 14th Amendment to avoid a debt default if negotiations with Republicans fail, according to a letter released on Thursday. Led by independent Bernie Sanders, who caucuses with the Democrats, the 11 lawmakers said while they…
TOKYO (Reuters) – Bank of Japan Governor Kazuo Ueda said on Friday a U.S. debt default could trigger market turmoil, and will likely have a huge impact on the global economy. “There’s a chance it would cause turmoil in various markets … and affect a vast array of financial transactions,” Ueda told parliament, when asked…
By Jeff Mason and Trevor Hunnicutt HIROSHIMA, Japan (Reuters) – The United States and the rest of the “Group of Seven” major economies will unveil new sanctions and export controls targeting Russia over its war against Ukraine, a U.S. official said ahead of a G7 summit in Japan. G7 leaders are gathering in Hiroshima on…
By Dawn Chmielewski and Lisa Richwine LOS ANGELES (Reuters) -Walt Disney Co is scrapping plans to build a nearly $1 billion corporate campus in central Florida that would have housed 2,000 employees, according to an e-mail to employees on Thursday, against the backdrop of its ongoing legal battle with Florida Governor Ron DeSantis. Disney parks…
By Horacio Soria and Claudia Martini BUENOS AIRES (Reuters) – Argentine President Alberto Fernandez and protesters in Buenos Aires pushed back against the International Monetary Fund (IMF) on Thursday amid heightened tensions with the lender as the country faces nearly 109% inflation and dwindling dollar reserves. The South American grains producer, which has a strained…
By David Brunnstrom, Michael Martina and David Lawder WASHINGTON (Reuters) -China’s commerce minister will visit the United States next week for meetings with the commerce secretary and Washington’s top trade official, the Chinese embassy spokesperson in Washington said on Thursday, as the U.S. seeks engagement with Beijing to salve damaged ties. Liu Pengyu made the…
