Singapore has come in fourth in a global ranking of 75 financial centres. According to the Global Financial Centres Index, Singapore is placed behind London and New York, which tied for first place, as well as Hong Kong, which was ranked third. . (938 Live)

AIG will deliver about US$46m in bonuses today to former employees of the bailed-out insurer’s derivatives trading unit, said a person briefed on the company’s plans. (Bloomberg)

China may be forced to bail out banks that made loans for local-government projects under the unprecedented stimulus program unleashed in 2008, according to Citigroup and Northwestern University’s Victor Shih. (Bloomberg)

One week after a former Macquarie fund manager was stopped from fleeing Australia, another ex-employee has pleaded guilty to market manipulation. Former Macquarie broker Newton Chan pleaded guilty to eight counts of market manipulation on Friday involving stock trades worth more than AQ=$6.1m, the Australian Securities and Investments Commission said in a statement today. (The Age)