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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.
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Stress tests buoy US banks
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.
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Stocks flirt with cyclical peaks
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.
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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.
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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.
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