Company backed, sold and promoted by Morgan Stanley loses auditor amid financial concerns + MORE Sep 17th

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Fed leaves key interest rate unchanged, citing low inflation
WASHINGTON (AP) — The Federal Reserve ended weeks of speculation Thursday by keeping U.S. interest rates at record lows in the face of threats from a weak global economy, persistently low inflation and unstable financial markets.
But at a news conference after a Fed policy meeting, Chair Janet Yellen said a rate hike was still likely this year. A majority of Fed officials on the committee that sets the federal funds rate — which controls the interest that banks charge each other — foresee higher rates before next year. The Fed will next meet in October and then in December.
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GM will pay $900 million over ignition switch scandal
NEW YORK (AP) — General Motors agreed to pay $900 million to fend off criminal prosecution over the deadly ignition-switch scandal, striking a deal that brought criticism down on the Justice Department for not bringing charges against individual employees.
The switches, which can slip out of the “run” position and cut off the engine, have been linked to at least 169 deaths…

WASHINGTON – The auditor of a major Chinese chemical company that was the subject of an Associated Press investigation and is backed by Morgan Stanley has resigned amid accounting concerns, further damaging the prospects of Morgan Stanley’s largest investment by its Asian private equity arm.
In November, the AP report cited discrepancies in the tax records and customer relationships of Tianhe Chemicals Group Ltd. Hong Kong regulators suspended trading in Tianhe (pronounced TYEN’-huh) four months after concerns by auditor Deloitte Touche Tohmatsu Ltd. prevented the company from releasing its 2014 financial report.
The concerns surrounding Tianhe highlight the risks of investments in mainland China firms that existed before the recent plunges in the Chinese stock market and may still exist. Even basic details of companies’ operations are sometimes challenged, and in the event of trouble foreign investors have little recourse. In both Hong Kong and the United States, regulators are heavily dependent on investment banks to vet companies that want to sell their shares to the public…

On the market for a new car? For many families, an auto purchase is one of the most costly, aside from buying a home. But what if, with every credit card transaction, you came closer to affording a new ride?
It’s this need for a new set of wheels GM and Scotiabank are looking to tap into; the automaker and lender have partnered to offer a new VISA rewards credit card that offers points towards a car purchase – the first of its kind in Canada.
With up to 5 per cent earned on the first $5,000 spent on both fee and no-fee versions, it’s one of the richest rewards offerings available today – but will it really put you in the driver’s seat sooner?
A Look At the Scotiabank GM VISA and VISA Infinite Cards
Both the Scotiabank GM VISA (no-fee) and Scotiabank GM VISA Infinite offer up to 5 per cent in GM Earnings on the dollar annually up to a cap, with 2 per cent earned thereafter. There is no limit on rewards, and they never expire. One GM Earning is the equivalent of $1, and can be used to buy any eligible new Chevrolet, Buick, GMC, or Cadillac…

Paying with your phone – it’s not a foreign concept in Canada anymore. With retailers launching their own apps, many shoppers are already accustomed to flashing their smartphone to purchase everyday items like coffee and sandwiches. But Canada’s big banks are slow adopters of what is becoming a mainstream method to pay.
And, with smartphone payments apps on Apple, Samsung and Android devices now available in parts of the world, the mobile payment wars are heating up. So, what’s the holdup for home-grown lenders? Contention over fees could prove to be the biggest roadblock for Canadians wanting to use the service.
Current Mobile Offerings From Canadian Banks
Currently, there is no bank in Canada where you can use your phone as your wallet in a point-of-sale situation. CenturyLink’s report, Banks: Customers Expect That You’re Always On and Available, Are You Ready?, reveals that nearly half (46 per cent) of Canadian banking executives surveyed don’t think they have the IT infrastructure, systems and processes in place to meet present and future customer expectations for mobile payments…

Paying with your phone – it’s not a foreign concept in Canada anymore. With retailers launching their own apps, many shoppers are already accustomed to flashing their smartphone to purchase everyday items like coffee and sandwiches. But Canada’s big banks are slow adopters of what is becoming a mainstream method to pay.
And, with smartphone payments apps on Apple, Samsung and Android devices now available in parts of the world, the mobile payment wars are heating up. So, what’s the holdup for home-grown lenders? Contention over fees could prove to be the biggest roadblock for Canadians wanting to use the service.
Current Mobile Offerings From Canadian Banks
Currently, there is no bank in Canada where you can use your phone as your wallet in a point-of-sale situation. CenturyLink’s report, Banks: Customers Expect That You’re Always On and Available, Are You Ready?, reveals that nearly half (46 per cent) of Canadian banking executives surveyed don’t think they have the IT infrastructure, systems and processes in place to meet present and future customer expectations for mobile payments…