2.The Department of Justice announced a criminal complaint charging Ri Jong Chol, Ri Yu Gyong, North Korean nationals, and Gan Chee Lim, a Malaysia national. The three were charged with conspiracy to violate North Korean Sanctions Regulations and bank fraud, and conspiracy to launder funds. The defendants allegedly established and utilized front companies that transmitted U.S. dollar wires through the United States to purchase commodities on behalf of North Korean customers.
3.Shrinking Money-market funds threaten Global Dollar supply. According to data from the Investment Company Institute, the assets of prime money-market funds ran to $741.62 bn on Wednesday, down $24 bn from late June and down sharply from its 2020 peak of about $810 bn in mid-Feb, which poses a threat to non-U.S. banks that rely on prime funds
4.Chicago Tribune reported on Sep 10 that without more funds, a wave of bankruptcies is coming for small businesses. Brain Shaw, a bankruptcy attorney in Chicago said a wave of closures would happen after Labor Day.
5.A new report from Barclays revels that HSBC’s currently lay-off plan is inadequate. If HSBC wants to meet its target of a return of equity of 10-12%by 2022, it will need to cut 97,610 jobs within that time frame. This would be around 40% of the number of people employed by the bank at the end of 2019.
6.Sep 8, a customer posted a video saying that buns of Goubuli Bun, a famous Chinese bun company, were not worth the price on Weibo. Later on Sep 10, Gobuli Bun in Wangfujin, Beijin said the video contained fake news and reported to police.
By：【G Translators – Financial and Law Team】