Sen. Warren issues report detailing poor enforcement of labor provisions in trade agreements. Politico: "Warren argued that the United States has not enforced labor protections in previous free trade deals. The report also contends that countries who have entered into trade agreements with the United States, such as Guatemala and Colombia, have not curbed abuses against their workers."
#AceFinanceNews - May.20: UBS alleged rigging of libor pays the price.
UBS says to settle FX probe, pay $545 million, plead guilty over Libor
UBS said on Wednesday it has settled a probe by U.S. authorities over alleged rigging of currency markets by agreeing to pay $545 million (341 million pounds) in combined fines and pleading guilty to one count of wire fraud in a separate matter.
The Swiss bank's disclosure comes as part of what is expected to be a combined bill of more than $5 billion and criminal charges for five of the world's biggest banks in a settlement with U.S. and British authorities over the foreign exchange probe.
UBS said its settlement includes a $203 million penalty for pleading guilty to allegations it rigged Libor benchmark interest rates.
The Zurich-based bank originally reached a settlement on that matter in 2012, but U.S. justice officials cancelled an agreement not to prosecute UBS over Libor as the forex probe mushroomed. The bank at one stage received a conditional immunity over forex, because it was the first firm to report the misconduct to U.S. officials.
#AceFinanceNews - Asia:May.20: TOKYO (Reuters) - Asian shares slipped on Wednesday after a mixed day on Wall Street, though Japan's better-than-expected economic growth lifted the Nikkei to a 15-year high.
The dollar scaled a two-month high against the yen after upbeat U.S. housing data, and as the euro remained pressured by expectations that the European Central Bank would increase its bond-buying stimulus as well as on fresh concerns about Greece.
Asia shares slip, but upbeat Japan GDP lifts Nikkei to 15-year high
Asian shares slipped on Wednesday after a mixed day on Wall Street, though Japan's better-than-expected economic growth lifted the Nikkei to a 15-year high.
@AceFinanceNews
Stock Market (Photo credit: LendingMemo)
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