Eight former Morgan Keegan & Co. mutual-fund directors agreed to settle U.S. regulatory claims that they allowed assets backed by subprime mortgages to be overvalued as the housing market collapsed in 2007.
Changes to Australia’s retirement savings system will lift the nation’s pension pool by A$500 billion ($463 billion) by 2035, helping to shape financial services into a key export industry, Australian Prime Minister Kevin Rudd said.
Three million of Pakistan’s richest income tax evaders will get 90 days to take up a government amnesty offer after which they will be hounded by inspectors under the nation’s most ambitious plan to improve its finances.
Two Wisconsin state Supreme Court justices who allegedly had a violent encounter over collective- bargaining legislation won’t face charges, said a state district attorney appointed as special prosecutor to review the incident.
The U.S. Treasury Department announced an $88.3 million settlement with JPMorgan Chase & Co. for apparent violations of international sanctions programs, including Cuban assets control and anti-terrorism regulations.
Waste Management Inc.’s acquisition of Oakleaf Global Holdings Inc. should be investigated by the U.S. Justice Department as the garbage-hauling industry continues to consolidate, said a group that favors stronger antitrust enforcement.
Eight former directors overseeing mutual funds for Morgan Keegan & Co. were accused by U.S. regulators of allowing assets backed by subprime mortgages to be overvalued as the housing market collapsed in 2007.
Australian home-loan approvals fell for a second month on the fastest exodus of first-home buyers in a decade, increasing pressure on the central bank to cut interest rates as consumer confidence weakens.
Australian Prime Minister Julia Gillard said returning the budget to a surplus gives the central bank “maximum room” to adjust interest rates and ease pressure on manufacturers that have been hobbled by currency gains.