Banks to pay $154.3m over ‘dark pools’

WASHINGTON: Barclays and Credit Suisse will pay $154.3 million combined to settle charges that they violated federal securities laws over their so-called “dark pools,” the US Securities and Exchange Commission said Sunday.

They agreed to record individual settlements for operating alternative trading systems, known as “dark pools,” the SEC said in a statement.—AFP

Chinese firm ‘fleeced investors of $7.6bn’

BEIJING: Police arrested the maverick founder of China’s largest online finance business on suspicion of fleecing 900,000 investors of $7.6 billion, in what could be the biggest financial fraud in Chinese history.

State media outlets reported the arrest of Ding Ning and 20 of his employees late Sunday. State broadcaster CCTV aired purported confessions from two former employees at Ezubao, an Anhui Province outfit that rose from obscurity to become China’s largest online financing platform in the span of about 18 months.

Ezubao was the most spectacular player in a booming online investment industry that Chinese authorities have been struggling to regulate.—AP

Saudi Telecom takes controlling stake in VIVA

KUWAIT CITY: Saudi Telecom Co. (STC) said Monday it has raised its share in Kuwait Telcom Co. (VIVA) to a controlling stake after acquiring 25.8 per cent of shares for $425 million.

STC, the largest Arab telecommunications firm in terms of capitalisation, had held a 26pc stake in VIVA since its establishment in 2008 and was running the company.

In December, STC made an optional bid to purchase all other shares for $3.30 each. The offer ended on January 31.—AFP

Toyota halting domestic assembly for week

TOKYO: Toyota said Monday that it would temporarily stop its vehicle production in Japan due to a parts shortage following an explosion at a supplier.

The world’s top automaker said assembly lines in its home market would go offline for a week from February 8 owing to a lack of components from affiliate Aichi Steel. Overseas production would not be suspended, it added.

Karandaaz, ORIX join hands

KARACHI: Karandaaz and ORIX Leasing Pakistan Ltd have signed a $40 million risk participation agreement, through which ORIX will provide asset finance for capital investment to small businesses, said a press release on Monday.

Published in Dawn, February 2nd, 2016