Singapore revealed Thursday it had seized nearly $180 million in assets through its investigations into suspected fraud and money-laundering related to scandal-tainted Malaysian state fund 1MDB.
It added that half those assets were linked to Low Taek Jho, a Malaysian businessman and a close family friend of Malaysian Prime Minister Najib Razak.Full Story
Embattled German auto giant Volkswagen said Wednesday it booked another huge charge related to the engine-rigging scandal on its first-half accounts, but insisted that profits came in better than expected overall and it would stick to its full-year targets.Full Story
Oil prices on Wednesday recovered from two-month lows, as traders reacted to a drop in crude inventories in the United States.
The U.S. Department of Energy reported that crude stockpiles dropped by 2.3 million barrels last week, offsetting a surprise rise in gasoline inventories during the peak demand season for American motor fuel.Full Story
In a stunning blow to Malaysia's political establishment, the U.S. Justice Department said Wednesday it was moving to seize more than $1 billion in assets allegedly tied to corruption at a state-owned investment fund.
In court papers filed in California, federal prosecutors listed the Hollywood financial crime caper "The Wolf of Wall Street" and nearly twenty other assets to be seized, including lavish real estate from Beverly Hills to a penthouse in New York's Time Warner Center to London's high-end Belgravia neighborhood.Full Story
Ratings agency S&P on Wednesday downgraded Turkey's sovereign credit rating after Friday's failed coup bid.Full Story
Investor confidence in Germany fell to its lowest level in nearly four years in July on concerns about the fallout from the British vote to quit the European Union, a leading survey showed on Tuesday.Full Story
The United Arab Emirates has ordered employers to offer free accommodation to workers paid $540 or less per month, in the latest move in the Gulf to address alleged abuses of migrant labor.Full Story
Oil prices extended their decline in Asia Tuesday as the global glut returned to focus, while worries about the effects of Turkey's coup on shipments also eased.
Turkey is a strategic conduit for exports from Russia and Iraq to the Mediterranean and there had been fears that the bid to grab power by a military faction at the weekend would disrupt flows.Full Story
Nintendo on Tuesday shot past Sony in market value after shares in the video game giant more than doubled following the release of its wildly popular Pokemon Go game.Full Story