NEW YORK (TheStreet) -- Chna is reported to have suspended the foreign exchange activities of at least three foreign banks. The suspended services include liquidation of spot positions for clients and some other services related to cross-border, onshore and offshore businesses, Reuters reports. Although foreign exchange transactions are limited to $50,000 per year per person, lots of wealthy Chinese investors usually manage to take out more than that to invest in property and shares abroad.
- KaloBios Pharmaceuticals (KBIO) filed for Chapter 11 bankruptcy. The company, which had fired controversial CEO Martin Shkreli, listed both its assets and liabilities in the range of $1 million to $10 million.
- The head of the International Monetary Fund (IMF), Christine Lagarde, said that global growth will be disappointing next year. Growth in global trade has slowed considerably and a decline in raw material prices is posing problems for economies based on commodity exports, she said.
- Commodity trader Noble Group (NOBGY) was downgraded to below investment grade by credit rating agency Moody's. Noble's shares have fallen by more than 60% since January on weak results and repeated questions over its accounting practices.
- The Securities and Exchange Commission (SEC) is examining sharp price swings in exchange-traded products on August 24, the Wall Street Journal writes. Price swings on that day triggered nearly 1,300 trading halts, which mostly affected exchange-traded funds. Some ETFs traded at deep discounts vs. their underlying assets.