Headlines

The UK Financial Conduct Authority (FCA) obtained a bankruptcy order against Mohammed Fuaath Haja Maideen Maricar on Monday, who is accused of unlawful forex trading promotion, Finance Magnates reported. According to the announcement, the UK High Court issued an order against the individual to pay £530,000 to the FCA. This amount will be distributed among the victims of 24HR Trading Academy Ltd. Moreover, the FCA says that Maricar has failed to make any payment concerning the court’s restitution order.

The battle for Wm Morrison Supermarkets Plc looks set to drag on for at least a few more weeks after Clayton Dubilier & Rice LLC secured an extended deadline to bid for Britain’s fourth-largest grocer, Bloomberg News reported. Britain’s Takeover Panel confirmed a new deadline of Aug. 20 for the buyout firm to “put up or shut up” in a statement on Monday. CD&R asked to push back the date from Aug. 9 after rival Fortress Investment Group pre-emptively raised its offer for Morrison to 6.7 billion pounds ($9.3 billion) on Friday.

National Australia Bank will buy Citigroup's local consumer unit for about $882.24 million, the companies said Monday, as the American bank exits the region while buy-now, pay-later rivals challenge the old credit card business model, Reuters reported. The deal consolidates more than 90% of the country's credit cards industry into the hands of Australia's Big Four banks, with NAB adding a million customers through the deal to become the nation's second-largest credit card provider. "The proposed acquisition ...

The number of seats being offered by airline carriers in China dropped the most since early in the Covid-19 pandemic, as rising cases of the delta variant spurred fresh restrictions on movement, Bloomberg News reported. Seat capacity plunged 32% in one week, hastening a decline in the country that began at the end of July, based on data from aviation specialist OAG. China’s stumble sent global capacity on a weekly 6.5% slide, as travel comebacks also stagnated in Europe and North America.

France took a big step on Monday into a post-pandemic future by requiring people to show a QR code proving they have a special virus pass before they can enjoy restaurants and cafes or travel by plane, train or bus across the country, the Associated Press reported. The measure is part of a government plan to encourage more people to get a COVID-19 vaccine shot and slow down a surge in infections, as the highly contagious delta variant now accounts for most cases in France. Over 36 million people in France, or more than 54% of the population, are fully vaccinated.

The State’s Covid-adjusted unemployment rate fell to a pandemic low of 13.5 per cent in July, down from 16.2 per cent the previous month, as restrictions on hospitality continue to be loosened, the Irish Times reported. The Central Statistics Office (CSO) had published figures last week, putting the jobless rate at 14.4 per cent but later pulled the release, saying the figures had been compiled incorrectly. The agency said the results for July published today replace the estimates which had been published on August 5th.

Slow stimulus spending threatens Indonesia’s recovery as smaller businesses that are the backbone of the economy have been kept waiting for much-needed funds to weather an extended lockdown, Bloomberg News reported. Only about 30% of more than 186 trillion rupiah ($13 billion) of combined national and provincial government aid has yet been disbursed for micro, small and medium-sized enterprises, Finance Ministry data show.

Future Group is fighting its final battle for existence. Supreme Court’s ruling that upheld Singapore Emergency Arbitrator’s award against Reliance Retail’s ₹24,713 crore takeover of Future group companies may have a bigger impact on Kishore Biyani’s retail chain as it is on the verge of bankruptcy, Fortune India reported. Most retail outlets are shut because of the Covid-19 pandemic restrictions. Vendors have stopped supplies as dues ballooned to more than ₹6,000 crore, say company sources.

The U.S. Department of Justice (DOJ) has repatriated $452 million in misappropriated funds from 1Malaysia Development Bhd (1MDB), it said in a statement on Thursday, bringing the total amount recovered from the corruption scandal to $1.2 billion, Reuters reported. The funds, which were repatriated to Malaysia, had been laundered through major financial institutions worldwide, including in the United States, Switzerland, Singapore, and Luxembourg, the statement said. "The funds include both funds finally forfeited and funds the Department assisted in recovering and returning.

The volume of mergers and acquisitions in Australia is already at its highest annual level on record with nearly five months of the year to go, the Wall Street Journal reported. More than $134 billion in pending and completed deals have been announced this year, according to data provider Dealogic. That already outpaces 2011, Australia’s previous busiest year on record, when just under $134 billion was announced for the entire year.