Daily Dispatches: selling ban for 10 banks
Singapore has banned 10 local and foreign banks and financial institutions from selling structured notes to retail investors for up to two years. The move follows an uproar over the "mis-selling" of similar products that were rendered worthless by the collapse of Lehman Brothers. The 10 institutions hit by the MAS ban, which took effect from July 1, include three banks, DBS, ABN Amro and Maybank. Six regional brokerages - CIMB-GK Securities, DMG and Partners, Kim Eng Securities, OCBC Securities, Phillip Securities and UOB Kay Hian - have also been banned, as has finance company Hong Leong Finance. (Financial Times)
A former investment banker at regional brokerage CLSA and a fund manager on Tuesday both pleaded guilty to insider trading in Hong Kong, as the regulator continues its crackdown on the offence. (Financial Times)
Singapore is amongst the world's top 10 most expensive cities for expatriates. According to recruitment consultancy Mercer's Cost of Living survey, Singapore is the 10th costliest place, up from last year's 13th position.(938 Live )
Banks are making moves to expand their yuan business. Standard Chartered Bank (Hong Kong), for example, is providing a cash reward program to offer up to 1.5 percent rate of return. Other banks also continue to push ahead their new cross- border yuan trade settlement business. (The Standard)
Lending growth at Japanese banks slowed in June for a sixth straight month as more companies raised funds by selling bonds, cutting their dependence on bank borrowing. (Bloomberg)
Banking executives in Britain will have their pay linked to long-term profitability under new rules designed to prevent a repeat of last year's financial meltdown.
