Newsletter BOX: Before the Bell: JPMorgan China probe sends chill through investment banks

08/19/2013

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

JPMorgan China probe sends chill through investment banks

HONG KONG (Reuters) - A U.S. banking regulator's probe into JPMorgan's hiring practices in China will have rival banks scrambling to review their own records, lawyers say, in a market where ties to political and business leaders can be key to winning big deals.

Stock futures little changed after large weekly loss

NEW YORK (Reuters) - Stocks were set to open little changed on Monday, following the Dow industrials' largest weekly drop in more than a year, as traders positioned for an expected move from the Federal Reserve to scale back its economic stimulus.

Boeing undercuts rivals in South Korea fighter contest: sources

SEOUL (Reuters) - Boeing's bid in the 8.3 trillion won ($7.4 billion) tender to supply South Korea with 60 fighter aircraft was the only one below the price ceiling set by the country's arms procurement agency, sources close to the process said on Monday.

U.S. pushes for more access to Japan auto, insurance markets

TOKYO (Reuters) - The United States urged Japan on Monday to open its auto and insurance markets more to foreign companies as the two countries pursue bilateral talks linked to a broader free-trade agreement that covers two-fifths of the globe.

Statoil funds growth, OMV seals output with $2.65 billion North Sea deal

OSLO/VIENNA (Reuters) - Norway's Statoil sold stakes in North Sea oil fields to Austria's OMV on Monday, in a $2.65 billion deal giving the former cash to develop new projects and placing the latter on course to meet ambitious output targets.

Alibaba in talks with HKEx on ownership structure ahead of IPO: sources

HONG KONG (Reuters) - Alibaba Group Holding Ltd is in talks with the Hong Kong stock exchange about allowing its founders to maintain control over the Chinese e-commerce company even after it becomes listed, people familiar with the matter told Reuters.

Saks reports weak second-quarter sales, deeper loss

(Reuters) - Saks Inc on Monday reported a deeper than expected second-quarter loss after disappointing sales of shoes and handbags forced the luxury retailer to mark down prices.

Exclusive: Indonesia oil regulator suspends energy tenders amid graft scandal

JAKARTA (Reuters) - Indonesia's energy regulator has suspended all oil, condensate and natural gas sell tenders as it reviews internal procedures after its chairman was caught taking an alleged bribe from an oil trader last week, an agency official said on Monday.

China probe is latest legal headache for JPMorgan

NEW YORK (Reuters) - A federal bribery investigation into whether JPMorgan Chase & Co. hired the children of key Chinese officials to help it win business is just the latest in a series of legal and regulatory headaches for Chief Executive Jamie Dimon.

Indian rupee falls to record low; bond yields hit five-year high

MUMBAI (Reuters) - The rupee hit a record low on Monday as India's defense of the currency failed to stop its decline but exacted a rising toll, with bond yields surging to five-year highs and investors demanding higher returns in an auction of cash bills.