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 charge for €4EUR million ($5...
Spain Negotiated by Bank Shareholders
MADRID – The Spanish government is negotiating with Brussels to limit losses to holders of preference shares under the rescue of 100.000 million approved for the Spanish financial sector, said Wednesday by the Financial Times, citing people familiar with these conversations. According to the British newspaper, the Spanish government wants to return the...
United States Reduces its Fiscal Deficit
WASHINGTON – The U.S. trade deficit in July fell more than expected, due to a rise in revenue and a drop in spending, official figures showed on Friday. The deficit reached 69.600 billion, well below the red 129.400 billion recorded in July last year and the result of 103,000 million expected by the consensus...
Barclays Plans to Leave Arab Committee
ABU DHABI – British bank, Barclays, plans to abandon an interchange fee rate setting in United Arab Emirates (UAE) because of their involvement in the scandal of the Libor rate in Britain. The bank belongs to a panel of 12 banks set interest rates on interbank Arab Emirates dirham. Contributions are calculated according...
Visa and MasterCard Error = $7.25 Million
NEW YORK – Visa, MasterCard, retailers, and some banks that issue credit cards, agreed to pay 7.250 million dollars and allow them to encourage their customers to use cheaper forms of payment, according to documents filed Friday after a lawsuit. The agreement resolved claims by dozens of retail stores in 2005, which accused...
Wall Street Starts Day High
NEW YORK – U.S. stocks on Friday was on the rise after six straight days of declines in the Standard & Poor’s 500, because the data from China eased concerns, that a slowdown in the second largest economy may hamper global growth. The Dow Jones industrial average up 50.03 points, or 0.40%, to 12,623.30...
Wells Fargo Reported Higher Profits
NEW YORK – U.S. bank, Wells Fargo, said on Friday that its profit rose in the second quarter—thanks to an improvement in income from mortgages to the extent that customers have continued refinancing their home purchases at lower rates. The fourth largest U.S. bank said its net profit was 4.600 billion, or $ 0.82...
Euro Loses Strength Against the Dollar
NEW YORK – The euro fell to a two-year high against the dollar during the day on Wednesday, after the minutes of the meeting of the Federal Reserve (Fed) last May. It showed that there were imminent new purchases bonds by the Fed, and that could be done only if worsening U.S. economic situation....
Customers of Credit Suisse: Suspects
ZURICH / FRANKFURT- The German tax authorities initiated raids between clients of Credit Suisse and French officials searched 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 to build an offshore financial...
Wall Street Lost in Opening Session
NEW YORK - U.S. stocks opened Monday with a slight decrease in a session in which investors seemed to be waiting for the start of earnings season will address the market. Futures had indicated declines in the opening of Wall Street, extending a sharp selloff on Friday, following a weak report on U.S. employment....
China’s Inflation Falls to 2.2%
BEIJING – The annual consumer inflation in China fell to 2.2% in June from 3.0% in May, official data showed on Monday, giving Beijing more room to ease monetary policy and growth without generating upward pressure prices. Economists polled by Reuters had forecast inflation down to 2.3% in June. The Office for National Statistics...
Deutsche Suspends Employees for LIBOR
FRANKFURT – Two employees of Deutsche Bank were suspended after the company used external audits to examine whether their personnel engaged in the handling of interbank lending rates, as reported the German magazine, Der Spiegel, without citing sources. A bank spokesman declined to comment on Sunday article, which claims that the bank received requests...
