Burma has approved the introduction of foreign credit cards, a move that will greatly simplify life for visitors to the former outcast nation. The state-run New Light of Myanmar newspaper reported Friday that the finance ministry has given approval for Visa, MasterCard, China UnionPay and Japan Credit Bureau to enter the long-closed country. The paper […]
Credit Suisse Settles German Tax Evasion Case for $207 million
Posted September 19th, 2011 at 12:05 pm (UTC-5)
Switzerland’s second largest bank, Credit Suisse, has agreed to pay $207 million to German authorities to end an investigation into hidden assets held by German clients. The settlement announced Monday settles an inquiry by prosecutors in Dusseldorf into whether the bank helped German nationals avoid taxes when they sent their money to Credit Suisse. The […]
China, Allies in Talks for “Super-Sovereign” Credit Agency
Posted September 6th, 2011 at 1:20 am (UTC-5)
A Chinese credit rating agency says it is in talks with its counterparts around the world to establish what it calls a “super-sovereign” credit rating agency. The chief executive of Dagong Global Credit Ratings tells the state-controlled China Daily the new agency hopes to challenge the three major U.S.-based credit agencies, which together control 95 […]
US: Report Says Credit Rating Company Under Investigation
Posted August 18th, 2011 at 10:15 am (UTC-5)
A major American newspaper says the U.S. is investigating the financial services company that downgraded the U.S. credit rating for its faulty rating of mortgage securities that played a major role in the country’s 2008 recession. The New York Times reported that the Justice Department is looking at dozens of securities that Standard & Poor’s […]
