Category Archives: Banking

Deutsche Bank Cuts Back on Costs

  FRANKFURT – Deutsche Bank will no longer ask its shareholders for additional capital. Instead, it will reduce its balance sheet and cut costs to meet stricter new regulations. The organization aims to address structural and a cyclical downturn in the banking sector with a strong plan that includes a Read On..

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Spain Negotiates with Brussels for Bank Shareholders

  MADRID – The Spanish government is negotiating with Brussels to limit losses to holders of preference shares under the 100 million-bailout approved for the Spanish financial sector, said the Financial Times on Wednesday, citing sources with first-hand knowledge of the conversations. According to the British newspaper, the Spanish government Read On..

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Barclays Plans to Leave UAE’s Interbank Lending Panel

ABU DHABI – British bank Barclays plans to abandon its place in the rate-setting panel for interbank lending in United Arab Emirates (UAE) because of their involvement in the scandal involving the Libor rate in Britain. The bank belongs to a panel of 12 banks set interest rates on interbank Read On..

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Euro Loses Strength Against the Dollar

  NEW YORK – The Euro fell to a two-year slump against the dollar during the day on Wednesday, after the minutes of the meeting of the Federal Reserve (Fed) last May were released. It showed that there were imminent new bond purchases by the Fed, and that could be Read On..

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Credit Suisse Customers Being Investigated for Tax Evasion

ZURICH / FRANKFURT- The German tax authorities initiated raids between clients of Credit Suisse and French banks. The searched the homes of UBS employees as part of a campaign against foreigners suspected of evading taxes through the two major Swiss banks. The strict rules on bank secrecy, which have helped Read On..

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China’s Consumer Inflation Rate Falls by 2.2%

  BEIJING – Last June, economists made a forecast that China’s inflation rate would go down 2.3%. Official data that was released last Monday showed that the annual consumer inflation rate in China fell to 2.2% in June from the 3.0% rate they had in May. This information gives Beijing Read On..

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Deutsche Bank Suspends Employees for Manipulating LIBOR Rates

FRANKFURT – Two employees of Deutsche Bank were suspended after the company used external auditors to examine whether their personnel engaged in the handling of interbank lending rates. This was reported by the German magazine Der Spiegel, without citing sources. The article claims that the bank received requests for information Read On..

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Operation Twist Hurts Savers

  NEW YORK – With bond yields and mortgage rates reaching record lows, the efforts of the U.S. Federal Reserve (Fed) to extend the life of the Operation Twist will probably not work to reduce U.S. interest rates. Still under the status quo, debtors, including the U.S. government itself, continue Read On..

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Crisis in Europe Threatens Japan

  TOKYO, Japan – The debt crisis in Europe remains the biggest risk to Japan’s economy and could potentially affect its financial system. This statement was issued by Bank of Japan Governor Masaaki Shirakawa, noting that the bank is ready to act if the market problems threaten a fragile recovery. Read On..

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Fukuyama Says the Euro Should Not Continue

According to an estimate  made by estimated an American political scientist Francis Fukuyama,  the European Union will survive the current financial crisis, but Euro as the single currency in the region may not. “I do not think the European Union as such will collapse, but I think the Euro cannot Read On..

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Nasdaq Rivals Criticize Compensation

NEW YORK – Bags on Thursday criticized rival Nasdaq OMX’s plan of $40 million to compensate customers for its mishandling of the Facebook IPO last month, calling it “illegal” and “anti-competitive”, and saying that it was unlikely to be approved by regulators.   A day after Nasdaq announced its plan, Read On..

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Citigroup Loses $20 Million on Facebook

A unit of Citigroup posted losses of about $ 20 million for operations in the failed Facebook IPO on the Nasdaq, said Friday by a source within the company who has knowledge of the situation.   Losses of Automated Trading Desk unit joined those reported by Knight Capital Group Inc. Read On..

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