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China's foreign exchange regulator will this month simplify the rules governing foreign direct investment (FDI), the latest step towards deregulation and market reform under China's new leadership. _0"> The State Administration of Foreign Exchange (SAFE) will abolish 24 regulations regarding foreign exchange registration, account openings, remittance, and conversions, the agency said in an announcement posted to its website on Saturday. The move inches China closer to making its currency, the yuan, convertible under the capital account, and follows a previous round of FDI-related deregulation by SAFE in November last year. The new rules take effect on May 13. Premier Li Keqiang told a meeting of the State Council, China's cabinet, that the government would produce a detailed "operational plan" to achieve capital account convertibility this year, though he did not offer a timeline for convertibility. Li also called on agencies across the government

Two companies with major operations in India were the weak links that opened the door to a $45 million global cyber heist brought to light by U.S. authorities this week. EnStage Inc, which operates from Bangalore, and ElectraCard Services, which is based in Pune, processed card payments for the two Middle Eastern banks that were hit in the theft, according to several people familiar with the situation. U.S. prosecutors said on Thursday that hackers broke into two card processing companies, raising the balances and withdrawal limits on accounts that were then exploited in coordinated ATM withdrawals around the world. The prosecutors did not name the two companies but said one was based in India and the other in the United States. According to a U.S. official and a bank employee, who both spoke on condition of anonymity, ElectraCard Services was the company that processed prepaid travel cards for National Bank of Ras Al Khaimah PSC (RAKBANK). RAKBANK suffered a $5 million coordina

Major central banks did not face calls to do more to boost the world economy when Group of Seven finance officials met on Saturday, European Central Bank President Mario Draghi said. Before the meeting Britain's finance minister, George Osborne, said ministers would "consider what more monetary activism can do to support the recovery" - something that he is keen for the Bank of England to do. But Draghi said the ECB, which cut interest rates to a record low last week, did not come under pressure to take further steps. "There wasn't any call to do more," he told reporters after the meeting. "It is quite clear that all central banks have done a lot, each one within its own mandate. So (the meeting) was just taking note of this ... All of us have really been active." The ECB is also looking at whether it can do more to promote small business lending in the euro zone via asset-backed securities (ABS), but Draghi said the central bank was bette

Japanese long-term interest rates should not shoot higher as a result of money flowing out of government bonds, Bank of Japan Governor Haruhiko Kuroda said on Saturday. _0"> Kuroda added, however, that it would be natural for long-term rates to rise over time if Japan meets its goal of pushing inflation up towards two percent. He said a shift in funds from Japanese government bonds to stocks and into lending was already taking place but that the BOJ was increasing its balance of JGB holdings at an annual pace of 50 trillion yen. "The BOJ dealt with short-term volatility in bond prices by adjusting its market operations," Kuroda told reporters after a two-day meeting of G7 finance officials. "I do not expect a sudden spike in long-term bond yields. In the long-run, if the economy recovers and inflation heads towards two percent, we might see nominal interest rates rise but that's natural." Finance Minister Taro Aso said the G7 had leveled no cri

Group of Seven finance officials agreed on Saturday to redouble efforts to deal with failing banks and gave a green light to Japan's drive to galvanize its economy. British finance minister George Osborne said the finance ministers and central bankers meeting 40 miles outside London focused on unfinished bank reforms, with signs that plans for a euro zone banking union are fraying. "It is important to complete swiftly our work to ensure that no banks are too big to fail," Osborne told reporters after hosting a two-day meeting in a stately home set in rolling countryside. "We must put regimes in place ... to deal with failing banks and to protect taxpayers and to do so in a globally consistent manner," he said. The emergency rescue of Cyprus after a near meltdown in March served as a reminder of the need to finish an overhaul of the banking sector, five years after the world financial crisis began. Germany has come under pressure to give more support t

Chrysler Group LLC is recalling about 469,000 SUVs worldwide to update software after some vehicles' circuit boards were found to be transmitting signals that trigger inadvertent gear shifts to neutral, the No. 3 U.S. automaker said Saturday. _0"> Included are 2006- to 2010-model-year Jeep Commanders and 2005 to 2010 Jeep Grand Cherokees, of which about 295,000 are in the United States, 28,500 are in Canada and 4,200 are in Mexico. The remaining 141,000 are outside of North America. Chrysler was aware of 26 accidents and 2 injuries related to the gearshift problem but no fatalities, a company spokesman said. It was Chrysler's largest recall since more than 900,000 Jeep Grand Cherokee and Liberty SUVs were recalled worldwide in November to fix a part that could cause airbags to deploy inadvertently. Chrysler, an affiliate of Italy's Fiat SpA ( id="symbol_FIA.MI_0"> FIA.MI ), also said it is recalling 532 2013-model-year Ram 1500 pickup trucks in t

Bloomberg LP customers, including the U.S. Federal Reserve and the U.S. Treasury, were examining on Saturday whether there could have been leaks of confidential information, even as the media company restricted its reporters' access to client data and created a position to oversee compliance in a bid to assuage privacy concerns. The financial data and news company, whose computer terminals are widely used on Wall Street, had allowed journalists to see some information about terminal usage, including when customers had last logged in, and how often they used messaging or looked up data on broad categories, such as equities or bonds. Bloomberg CEO Daniel Doctoroff said in a statement on Friday that the firm restricted reporters' access last month after a client complained. The client, Goldman Sachs Group Inc ( id="symbol_GS.N_0"> GS.N ), flagged the matter to Bloomberg after a news service reporter in Hong Kong asked the bank about a partner's employment st