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Banking

WireTap 0900 03/04/12

A round-up of the key stories across the specialist financial media, including news that RBC was accused by US regulators of hundreds of millions of dollars in illegal futures trades with itself to reap tax benefits


Canadian bank is accused of massive 'wash' scheme to garner tax benefits 

Royal Bank of Canada was accused by US regulators of hundreds of millions of dollars in illegal futures trades with itself to reap tax benefits. 

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UBS confirms fifth departure in Japan equity desk exodus

UBS AG, Switzerland’s biggest bank, said that four Tokyo-based equity analysts and its chief stock strategist Shoji Hirakawa have left the firm.

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Wall Street starts second quarter with rally

US stocks started the second quarter with a bang on Monday, with the S&P 500 climbing to a fresh four-year high as manufacturing data from the US and China helped support the outlook for economic growth.

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Australia holds key rate at 4.25% as domestic growth weakens

Australia’s central bank signalled on Tuesday it might resume cutting interest rates as soon as next month if weaker-than-expected growth slows inflation, sending the local currency and bond yields lower. 

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Avon rejects $10 billion offer from Coty 

Avon Products has rejected an unsolicited $10 billion cash offer from Coty, the privately owned US fragrance group, as the door-to-door cosmetics seller seeks to stay independent while searching for a new chief executive, and grappling with financial and legal troubles.

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