Category Archives: Finance

Barclays Africa Apologizes After Bank’s Role in Rand Fixing

Barclays Africa Group Ltd. apologized for its role in a rand-fixing affair involving more than a dozen banks, saying that it alerted regulators about the practice after suspending two traders. “We deeply regret that this conduct took place within our

China’s $9 Trillion Moral Hazard Is Now Too Big to Ignore

China may be about to embark on its most ambitious — and perilous — campaign to convince investors that they shouldn’t depend on a bailout when markets go south. In a rare show of cooperation, the nation’s main financial regulators

HSBC Plunges After Missing Profit Estimates on Revenue Drop

HSBC Holdings Plc dropped the most in 18 months in London trading after reporting fourth-quarter profit that missed estimates on a surprise drop in revenue, which it warned could fall again this year. HSBC reported a $3.4 billion pretax loss

British Banks Have a Low Bar to Leap Over This Earnings Season

Expectations are running low for U.K. banks this reporting season. Earnings for the FTSE 100 Index’s second-biggest industry group fell about 14 percent in 2016 on average, according to forecasters surveyed by Bloomberg. Not only that, analysts are now the most

Deutsche Bank Sees Option of Raising Cash Through Stock Sale

Deutsche Bank AG could sell stock to shore up capital eroded by two years of losses, Chief Financial Officer Marcus Schenck said on Thursday, an option the lender has sought to avoid to prevent damaging shareholders. “We’d never rule out

Trump’s Yen Comments ‘Wide of the Mark,’ Says Japan FX Chief

Prime Minister Shinzo Abe, his main lieutenant in the cabinet and Japan’s top foreign exchange official on Wednesday all pushed back against President Donald Trump’s assertion that Japan is keeping its currency devalued. “Japan’s monetary policy is for the domestic

Deutsche Bank’s Bill for Russia Trades Reaches $629 Million

Deutsche Bank AG was fined $629 million by U.K. and U.S. authorities for compliance failures that saw the bank help wealthy Russians move about $10 billion out of the country using transactions that were likely thinly veiled attempts to cover

Citi to Exit Mortgage Servicing, Sell $97 Billion Portfolio

Citigroup Inc. plans to exit the mortgage-servicing business by the end of 2018 to focus on making new loans. New Residential Investment Corp. agreed to pay Citigroup $950 million for servicing rights on Fannie Mae- and Freddie Mac-backed loans with

Finance tax ‘within reach’ but political will needed, EU’s Moscovici says

An agreement on a common financial transactions tax (FTT) is “within reach” among the 10 euro zone countries willing to adopt it, the European Union’s economics commissioner said on Thursday. The proposed tax – 0.1 percent for stocks and 0.01

EU Says U.K. Banks Must Retain Its Standards to Keep Access

European Union finance ministers threw down the gauntlet to the U.K., warning that London banks will lose access to the bloc if Britain veers from financial regulations written in Brussels. In a speech on Tuesday, Jeroen Dijsselbloem, head of the