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  • *ICBC, CITIC Trust arguing over who is accountable. BEIJING, June 11- China's biggest state-owned bank and trust company are arguing over who should be held accountable after two high-yield trust products they were both involved in failed, leaving investors owed 500 million yuan. The product was scheduled to mature in March, but the ultimate borrower, mining and...

  • INSIGHT-Automated lenders threaten to eat banks' lunch Thursday, 11 Jun 2015 | 1:00 AM ET

    NEW YORK, June 11- When Kevin Pereira needed a loan last year for his shaving gear business, his bank, Wells Fargo, considered his application and turned him down. Kabbage, Lending Club and On Deck are among the lenders making small business and consumer loans that more established banks are less eager to approve. Non-traditional lenders could siphon away as much as...

  • When Fed hikes rates, it'll be positive: Expert Wednesday, 10 Jun 2015 | 7:19 PM ET
    When Fed hikes rates, it'll be positive: Expert

    Margaret Patel, senior portfolio manager & managing director at Wells Fargo Advantage Funds, says a rate hike will stimulate lending and increase growth in the U.S. economy.

  • George Osborne ready to sell off RBS at a loss Wednesday, 10 Jun 2015 | 4:00 PM ET

    George Osborne aims to start selling the state's £32 billion stake in Royal Bank of Scotland at a loss.

  • WELLINGTON, June 11- New Zealand's central bank cut its benchmark cash rate for the first time four years on Thursday and kept the door open to more easing as it expects demand to weaken, sending the New Zealand dollar tumbling to its lowest in almost five years. The Reserve Bank of New Zealand cut its official cash rate to 3.25 percent, its first easing since March...

  • *Osborne says sale right thing to do for UK taxpayers. LONDON, June 10- Britain will start selling its 32 billion-pound stake in Royal Bank of Scotland in the coming months, finance minister George Osborne said on Wednesday, giving up on his previous intention to only sell the shares for a profit. Osborne said he had received independent advice from the Bank of...

  • WASHINGTON, June 10- The World Bank on Wednesday cut its global growth outlook for this year and urged countries to "fasten their seat belts" as they adjust to lower commodity prices and a looming rise in U.S. interest rates. "We at the World Bank have just switched on the seat belt sign," Basu said in a press conference in Washington. But the World Bank cut its 2015 growth...

  • U.S. consumer watchdog widens oversight on auto financing Wednesday, 10 Jun 2015 | 3:53 PM ET

    WASHINGTON, June 10- The top U.S. consumer protection regulator is expanding its oversight to include large non-bank auto financing companies. A new rule issued on Wednesday by the Consumer Financial Protection Bureau means that companies such as Ford and Toyota which operate lending arms that make, acquire or refinance 10,000 or more loans or leases per year...

  • *Prior chief had no PhD; most Fed policymakers do. SAN FRANCISCO, June 10- The Federal Reserve Bank of Dallas is seeking a chief with a "direct, open and honest personality" and the scholarly chops to make his mark as U.S. central bankers near the critical decision of when and how fast to raise interest rates. Richard Fisher, who ran the Dallas Fed for 10 years until his...

  • UPDATE 1-UK clamps down on markets after trader scandals Wednesday, 10 Jun 2015 | 2:04 PM ET

    LONDON, June 10- Britain announced a clamp-down on abusive practices in financial markets on Wednesday after a string of scandals involving the banking system, and Bank of England Governor Mark Carney said "the age of irresponsibility is over." Under the proposals, criminal penalties for insider trading would be extended to Britain's huge fixed-income,...

  • SAN FRANCISCO, June 10- The Federal Reserve Bank of Dallas is seeking a chief with a "direct, open and honest personality" and the scholarly chops to make his mark on U.S. monetary policy as the bank's formal search for a new president enters its eighth month. "Seems like the Dallas Fed wants someone very similar to Richard Fisher, PhD excluded," said Eric Stein, a...

  • Mark Carney to talk tough on market abuse Wednesday, 10 Jun 2015 | 12:00 PM ET
    Mark Carney to talk tough on market abuse

    Catherine Boyle discusses what Mark Carney and George Osborne are set to announce in their Mansion House speeches.

  • Will Osborne scrap the UK bank levy? Wednesday, 10 Jun 2015 | 11:30 AM ET
    Will Osborne scrap the UK bank levy?

    Paul Davies, banking reporter for the Wall Street Journal, discusses U.K. banking regulation, Osborne's Mansion House speech and whether the bank levy will be scrapped.

  • UPDATE 1-ECB increases emergency funding for Greek banks Wednesday, 10 Jun 2015 | 12:09 PM ET

    ATHENS, June 10- The European Central Bank raised the amount of emergency funding for Greece's troubled banks by 2.3 billion euros on Wednesday, banking sources said, as negotiations between Athens and its creditors reached a critical stage. The ECB has raised the cap in increments, keeping pressure on Athens to strike a deal with its creditors over economic...

  • BoE's Carney calls for new penalties for market abuse Wednesday, 10 Jun 2015 | 5:55 PM ET

    Mark Carney, the governor of the Bank of England, announced looming harsher sentences for bankers guilty of market abuse on Wednesday.

  • UK clamps down on markets after trader scandals Wednesday, 10 Jun 2015 | 12:00 PM ET

    LONDON, June 10- Britain announced plans to clamp down on abuse in financial markets on Wednesday after a string of scandals that sullied the reputation of the financial system and have so far cost banks $19 billion in fines. Under the proposals, criminal penalties currently in place for insider trading in shares would be extended to fixed-income, currency and...

  • LONDON, June 10- Global regulators have yet to agree on who would pay the trillions of dollars that would be needed to bail out any failed clearing house for derivatives, a senior European Commission official said on Friday. While policymakers don't want taxpayers to rescue clearers, central banks like the Bank of England and European Central Bank have said they...

  • Swiping right for stock picks: The future of banking Wednesday, 10 Jun 2015 | 8:00 AM ET
    Swiping right for stock picks: The future of banking

    How will financial transactions be made in the future? This is what experts at the Singularity University conference had to say.

  • Is Europe's banking sector attractive? Wednesday, 10 Jun 2015 | 4:30 AM ET
    Is Europe's banking sector attractive?

    Philippe Bodereau, MD and global head of financial research at Pimco, says there's "no magical solution" for Deutsche Bank.

  • *Tech shares fall as Cap Gemini and AMS slip. LONDON, June 10- European shares edged up on Wednesday, with British supermarket Sainsbury's leading the market higher after reporting sales figures in line with the consensus forecast. Shares in Asian-focused bank Standard Chartered rose 3.2 percent, with traders saying that one of the reasons for the rise was the...

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