US insurers are in the spotlight after New York attorney general Elliot Spitzer sued Marsh & McLennan, the world’s largest insurance broker.
Mr Spitzer claims that since the late 1990s, Marsh got illegal payments for steering clients to firms such as Ace and American International Group (AIG).
On Wall Street on Friday, Marsh shares fell 14%, with AIG down 4%
Norwegian oil and gas giant Statoil has agreed to pay a 20m-kroner ($3m; £1.7m) penalty imposed upon it for alleged bribery in Iran.
The company has however “not admitted or denied the charges”
Japanese banking giant UFJ has been raided by prosecutors investigating whether the group hindered an official probe into bad loans.
The raid is thought to have come in response to a complaint filed by Japan’s markets watchdog on Thursday.
The Financial Services Agency also banned UFJ from lending to new clients for six months
Life insurer Standard Life has said that it is unable to keep its promise to make up the shortfall in its customers’ endowment mortgages.
Up to 600,000 investors may be affected by the insurer’s move. In 2000, the mutual said it would guarantee its endowment policies provided it met investment targets
The former chief of Japanese carmaker Mitsubishi Motors has denied criminal charges that he conspired to cover up defects which led to a fatal accident.
Former president Katsuhiko Kawasoe and ex-vice president Takashi Usami are on trial in Yokohama, near Tokyo.
Mitsubishi has admitted that it covered up the clutch problem which led to the death of a truck driver in 2002
A judge has ordered Spain’s top banker to stand trial on charges of tax fraud.
Emilio Botin, chairman of Santander Central Hispano, Spain’s largest bank, will be tried by the National Court, said Judge Teresa Palacios.
It is now up to a three-judge panel at the court to set a trial date for Mr Botin, who has been leading the Spanish bank’s recent bid for the UK’s Abbey
Two of Italian food giant Parmalat’s former auditors are to stand trial over their alleged role in the financial scandal that struck the firm last year.
Former Grant Thornton employees Maurizio Bianchi and Lorenzo Penca are to be prosecuted for market-rigging, a Milan court ruled on Tuesday. The pair are the first to be indicted over the Parmalat scandal
Two of Italian food giant Parmalat’s former auditors are to stand trial over their alleged role in the financial scandal that struck the firm last year.
Former Grant Thornton employees Maurizio Bianchi and Lorenzo Penca are to be prosecuted for market-rigging, a Milan court ruled on Tuesday. The pair are the first to be indicted over the Parmalat scandal
Two of Italian food giant Parmalat’s former auditors are to stand trial over their alleged role in the financial scandal that struck the firm last year.
Former Grant Thornton employees Maurizio Bianchi and Lorenzo Penca are to be prosecuted for market-rigging, a Milan court ruled on Tuesday. The pair are the first to be indicted over the Parmalat scandal
South Korea’s markets watchdog has said it is to inspect Citigroup’s local operations, days after regulators censured the bank’s Japanese business.
The Financial Supervisory Service (FSS) said the probe would focus mainly on Citigroup’s private banking division. Last week, Japan’s market regulators ordered Citigroup to close its private banking operations there