HSBC top lawyer calls for new global anti-financial crime measures

Governments worldwide should pass new laws to facilitate the sharing of information between themselves and the private sector in order to better combat financial crime, HSBC's top lawyer told a banking conference in Geneva on Monday. “Put simply, the way we do financial crime compliance is outdated,” Stuart Levey, chief legal officer at HSBC told the annual Sibos financial conference. Levey, who was under secretary for terrorism and financial intelligence at the U.S. treasury department from 2004 to 2011, called on the inter-governmental Financial Action Task Force (FATF) to set far-reaching global standards to help banks share information with governments and vice-versa.

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HSBC top lawyer calls for new global anti-financial crime measures

Oil market investment needed soon to balance market – Schlumberger CEO

DUBAI (Reuters) – Investment in exploration and production will have to start increasing soon to help balance the global oil market, Schlumberger CEO Paal Kibsgaard told a conference in Dubai on Monday.

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Oil market investment needed soon to balance market – Schlumberger CEO

Oil prices rebound after Algeria says all options open at OPEC meeting

Crude prices rebounded on Monday after Algeria's energy minister said the day before that all options were possible for an oil output cut or freeze at this week's informal meeting of OPEC producers. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum in Algeria from Sept. 26-28, where they will discuss a possible output-limiting deal.

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Oil prices rebound after Algeria says all options open at OPEC meeting

Asian shares fall, brace for bruising U.S. presidential debate

Asian shares began the week under a cloud on Monday after losses on Wall Street, and as investors' attention turned from central banks to American politics ahead of the first U.S. presidential debate. Half of America's likely voters will rely on the presidential debates to help them make their choice between Republican Donald Trump and Democrat Hillary Clinton in the Nov. 8 election, according to a Reuters/Ipsos poll released on Monday. “A good performance from Mr. Trump could see market volatility increase, particularly if investors think there is a possibility that he could actually win,” wrote Michael Hewson, chief market analyst at CMC Markets in London, who expected Britain's FTSE 100 , Germany's DAX and France's CAC 40 to all open lower.

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Asian shares fall, brace for bruising U.S. presidential debate

Germany’s Lanxess to buy Chemtura for about $2.12 billion in cash

(Reuters) – Lanxess AG said on Sunday it would buy specialty chemical company Chemtura Corp for about $2.12 billion in cash to improve the German company's additives business. Lanxess's offer of $33.50 for each Chemtura share, represents a premium of about 19 percent to the Philadelphia-based company's close on Friday. The world's largest synthetic rubber maker will use existing funds and new debt to buy Chemtura in a deal with an enterprise value of about 2.4 billion euros ($2.69 billion), Lanxess said in a statement.

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Germany’s Lanxess to buy Chemtura for about $2.12 billion in cash

Canada Unifor union ratifies C$554-million new investment GM deal

By Ethan Lou TORONTO (Reuters) – Canada's Unifor union has ratified a deal with General Motors Co that will see C$554 million ($420.84 million) invested in local plants, the labor group said on Sunday as it prepares for related talks with Fiat Chrysler Automobiles NV. The deal was ratified after 64.7 percent of workers voted approve it, Unifor said in an evening statement. Unifor, which represents some 4,000 GM workers, reached the deal on Monday.

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Canada Unifor union ratifies C$554-million new investment GM deal

Tencent to donate 2 percent of profit as Chinese online charity grows

By Sijia Jiang HONG KONG (Reuters) – Chinese billionaire Pony Ma Huateng, the founder of internet group Tencent, on Friday said his company would donate 2 percent of its annual profit to charity and flagged growth in the use of mobile internet in China's philanthropy sector. Ma's pledge follows China's introduction of new laws earlier this month that provided a legal framework for approved internet companies to raise and manage funds for charity. It also comes days after Facebook founder Mark Zuckerberg and his wife Priscilla Chan said they would donate more than $3 billion toward a plan to “cure, prevent or manage” all disease.

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Tencent to donate 2 percent of profit as Chinese online charity grows

China’s Dalian Wanda opens $5.1 billion tourism park

By Alexandra Harney SHANGHAI (Reuters) – Dalian Wanda Group, the Chinese entertainment giant owned by the country's richest man, opened the first phase of a sprawling 34 billion yuan ($5.1 billion) tourism park in the eastern city of Hefei on Saturday. Wanda is building similar projects around the country, betting that China's rising incomes will drive more domestic tourism. In an interview with Reuters last month, chairman Wang Jianlin said that Wanda would look to build at least 20 such complexes in China.

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China’s Dalian Wanda opens $5.1 billion tourism park

Takata failed to report 2003 air bag rupture to U.S. road authority

By David Shepardson and Paul Lienert WASHINGTON/TOKYO (Reuters) – Japanese air bag supplier Takata Corp said it failed to inform the U.S. auto safety agency of a 2003 rupture of one of its air bag inflators in Switzerland, according to an internal Takata report released by U.S. regulators on Friday. Takata also said in the report that its U.S. arm, not the parent company, was largely responsible for designing, testing and producing tens of millions of defective air bag inflators. The National Highway Traffic Safety Administration (NHTSA) released a series of reports into Takata's defective air bag inflators, which have been linked to at least 14 deaths and more than 100 injuries and sparked the largest-ever auto recall.

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Takata failed to report 2003 air bag rupture to U.S. road authority

U.S. presidential contest takes center stage for investors

Who becomes the next U.S. president will be a primary focus for Wall Street next week and beyond, starting on Monday with the first debate between candidates Hillary Clinton and Donald Trump. While the White House race has so far had little discernible effect on the market, that may soon change as polls show a tightening race. Clinton's once-comfortable lead in opinion polls has evaporated, and with just over six weeks until Election Day, some investors see a toss-up contest creating volatility in certain sectors, including health insurers, drugmakers and industrials.

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U.S. presidential contest takes center stage for investors