Wirecard UK saga exposes payments regulation holes 1 Jul 2020 Clients of the collapsed group’s British arm had their accounts frozen while the watchdog tried to pin down its cash balances. That hurt blameless retail customers. Supervisors urgently need a way to monitor payments firms more closely before they get into trouble.
Italian $4 bln bank deal may suit government most 1 Jul 2020 Banca Monte dei Paschi di Siena could merge with rival BPM, Reuters reported, helping the state shed its 68% stake. A likely selldown would weigh on the enlarged group’s shares, as would MPS’ high costs and bad debt. The problem for BPM is that it's running out of alternatives.
China smothers Hong Kong in heavy security blanket 1 Jul 2020 A harsh new law will quash protests that have vexed the business community. The definition of subversion is ominously vague, while allowing for extradition and secret trials. It also applies to non-residents, further complicating risk management. The price of order is high.