A round-up of the key stories across the specialist financial media, including news that five leading US banks have agreed to pay $25 million to New York State over their use of an electronic mortgage database that led to more than 13,000 foreclosures
Banks to pay $25 million to NY State over mortgage system
Five leading US banks have agreed to pay $25 million to New York State over their use of an electronic mortgage database that the state said resulted in deceptive and illegal practices that led to more than 13,000 foreclosures.
Most of the biggest US banks passed the latest round of “stress tests” administered by federal regulators – a milestone in the recovery from the financial crisis that clears the way for investors to receive tens of billions of dollars in increased bank dividends and share buybacks.
Global stocks are flirting with fresh cyclical highs as hopes for the US economy and improving sentiment toward the American banking sector support risk appetite.
Tudou owners get world’s best deal taking Youku stock: real M&A
Tudou, which lost about half its value after going public in the US in August, almost tripled this week after agreeing to sell itself for equity in Youku.
China ups dollar parity, making yuan a two-way trade
China raised the dollar-yuan parity on Wednesday, further weakening the local currency against the greenback, amid easing inflationary pressures and after posting a big trade deficit in February.
