The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against RAMS Financial Group, the mortgage brokerage subsidiary of Westpac Banking Corporation $WBC.AX, Australia’s second-largest lender. The regulatory body alleges that RAMS used falsified payslips from non-existent employers to secure mortgage approvals. This misconduct reportedly occurred between June 2019 and April 2023. RAMS Financial Group was shut down by Westpac in 2023 amid growing regulatory scrutiny.

The Indian Rupee (INR) experienced a modest depreciation on Tuesday, influenced by increased demand for the US dollar (USD) toward the end of the month. This demand primarily originated from local companies and foreign banks operating in India, likely on behalf of their clients. Concurrently, Indian equity markets mirrored a regional downturn, with core stock indices reflecting losses alongside declines in broader Asian markets.

Moderna, Inc. $MRNA, a leading biotech firm and key player in the mRNA vaccine market, announced on Friday the submission of its updated COVID-19 vaccine candidate to the U.S. Food and Drug Administration (FDA). This vaccine, branded Spikevax, targets emerging variants, specifically the LP.8.1 subvariant of the JN.1 lineage, which now accounts for approximately 70% of COVID-19 cases in the United States. The update follows FDA guidance to adapt vaccine formulations to current dominant strains, aiming to enhance immunity in a shifting viral landscape.