Venezuela’s government said Monday it is taking over management of a private bank after discovering serious financial problems. The bank’s owner condemned the takeover as political retribution against him and the critical TV station he helped found.
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Wealth management firms are counting on new business from the moderately rich as they play down the impact of a possible exodus of the ultra wealthy from tax-hungry Britain.
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While the court filing in Miami was expected, the increased number of accounts being sought in a parallel civil inquiry was a surprise to UBS, said a person familiar with the situation.
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Malaysian and Qatari financial experts will hold talks in Kuala Lumpur to discuss the implementation of Islamic banking in countries in the Gulf.
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Wealthy people could end up paying more for their private banking services if the government imposes fresh regulation on private banks, an industry body is to warn today.
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Bond dealers and hedge funds that fail to complete trades in Treasury securities face a penalty of as much as 3 percent on the proceeds of transactions.
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