A private banker who helped manage the accounts of Malaysian state investment fund 1MDB went on trial Monday in Singapore. The proceedings against Yeo Jiawei, 33 years old, formerly a wealth manager at the local branch of Swiss bank BSI SA, marks a step forward in legal investigations in several countries related to 1Malaysia Development Bhd. and the first time a defendant has faced trial. In his opening statement, the case’s prosecutor told the court that Mr.

In a fresh sign of the economic fallout from weaker global trade, Japan’s three largest shipping companies agreed on Monday to merge a major portion of their businesses, saying they needed to join forces to survive, the International New York Times DealBook blog reported. The president of one of the companies, Nippon Yusen Kabushiki Kaisha, said the groups faced bleak prospects on their own.

China’s growing debt mountain poses a risk to Australia’s financial stability, a senior politician has warned, just weeks after the continent celebrated a quarter century of growth without a recession. China is Australia’s largest trading partner, accounting for A$150bn of two-way trade in 2015. Beijing is also an important foreign investor in Australia, leaving Canberra potentially among the developed nations most exposed to a Chinese downturn.

China’s growing debt mountain poses a risk to Australia’s financial stability, a senior politician has warned, just weeks after the continent celebrated a quarter century of growth without a recession. China is Australia’s largest trading partner, accounting for A$150bn of two-way trade in 2015. Beijing is also an important foreign investor in Australia, leaving Canberra potentially among the developed nations most exposed to a Chinese downturn.

Germany's HSH Nordbank has arranged a deal which will see six container ships from collapsed South Korean line Hanjin chartered out to Denmark's AP Moller Maersk, the state-backed lender said on Thursday, Reuters reported. This is one of the first examples of Hanjin's lenders looking to resolve the fallout from the shipping firm's collapse in August, which has left an estimated $14 billion in cargo stranded on its ships. HSH, which was among a consortium of banks that had financed Hanjin ships, said in a statement that Maersk's container unit, the world's No.

For a man working to restore investor confidence in Kazakhstan’s central bank, the profit that governor Daniyar Akishev made betting bank money on the correct outcome of Britain’s Brexit referendum will go some way to convincing sceptics that he is a man with the smarts for the task, the Financial Times reported.

With its debts surging and growth sluggish, China has hit on a new strategy to revitalize its ailing economy. It’s the same as the old strategy. Only this time, it won’t work, Bloomberg News reported. Earlier this month, China’s State Council released guidelines for a new swap program, in which companies can exchange troubled debt with banks in return for equity. The government hopes this will give the firms a chance to restructure on favorable terms, and avoid the prospect of “zombie companies” propped up indefinitely by state-owned lenders.

European and Asian investors have been rushing into the United States bond market, spurred by a global glut of savings that has reached record levels, the International New York Times reported. Running from near-zero interest rates at home, foreign buyers are piling into the booming market for corporate bonds, including high-grade debt securities issued by the likes of IBM and General Electric and riskier fare churned out by energy and telecommunications companies.

Hanjin Shipping Co Ltd said on Monday its European routes services have completely halted, and a Seoul court overseeing its receivership process has approved winding down four of its European units, Reuters reported. The four units, Hanjin Shipping Europe GmbH & Co, Hanjin Shipping Hungary Transportation Ltd, Hanjin Shipping Poland Sp and Hanjin Spain S.A., will begin winding down by early November using methods such as declaring bankruptcy or being liquidated, Hanjin said in a regulatory filing.

Software company Wynyard Group has been put in voluntary administration. KordaMentha partners Neale Jackson and Grant Graham have been appointed administrators of the company, which creates security software for use by companies and law enforcement agencies. It's been a difficult year for Wynyard, with its board warning in August that the company's future was in question and signalling uncertainty underlying its assumptions about cash-flow and future sales.