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Business

BMW's HQ raided in cartel investigation as Daimler claims immunity

MUNICH/BRUSSELS: BMW’s headquarters was raided by European Union officials investigating an alleged cartel among German carmakers, it said on Friday, as rival Daimler claimed whistleblower status in an effort to avoid fines.

Banking

BNM leads raid on illegal deposit-taking activities

KUALA LUMPUR: Authorities conducted a joint raid on MGSB Bhd for suspected illegal financial scheme activities under the Financial Services Act 2013 (FSA) and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).

Business

Crackdown on WeChat drives bitcoin devotees to Telegram

WeChat is starting to see its first wave of defectors: Chinese cryptocurrency afficionados.

Business

BNM raids five premises for suspected money laundering

KUALA LUMPUR: Bank Negara Malaysia (BNM) swooped on five premises in three states on Aug 17 for suspected money laundering while relevant documents, cash and foreign currencies were seized.

Business

India's Delhi government tells Philip Morris to remove all ads

NEW DELHI: The state government in India's capital told Philip Morris International Inc and other tobacco companies on Saturday to remove all advertisements from tobacco shops in the city, warning them of legal action if they do not comply.

Business

Breakfast briefing: Tuesday, May 23 (Update)

Breakfast briefing: Tuesday, May 23

Business

Credit Suisse to raise US$4b in rights issue, ditches Swiss unit IPO

ZURICH: Credit Suisse will raise around 4 billion Swiss francs (US$4 billion) through a rights issue to catch up to European rivals on capital, ditching plans to float a minority stake in its Swiss banking unit.

Business

Credit Suisse investors prepare to grill chairman Rohner over pay

ZURICH: Credit Suisse chairman Urs Rohner faces his toughest shareholder meeting to date this week following an investor revolt over bonuses and losses totalling 5.65 billion Swiss francs (US$5.7 billion) since 2015.

Business

Credit Suisse investors prepare to grill chairman Rohner over pay

ZURICH: Credit Suisse Chairman Urs Rohner faces his toughest shareholder meeting to date this week following an investor revolt over bonuses and losses totalling 5.65 billion Swiss francs (US$5.7bil) since 2015.

Business

SWIFT to introduce tool to spot fraudulent inter-bank messages

LONDON: Interbank messaging service SWIFT, which is used to transfer trillions of dollars between banks every day, will launch a new tool to spot fraudulent messages, seeking to restore trust in the system after millions of dollars were stolen in cyber raids.