Societe Generale and Credit Agricole are both targets of inquiries from several US government offices for allegedly dealing in Iran, Sudan and Cuba.» Read More
President Barack Obama on Friday nominated former Bank of Israel Governor Stanley Fischer and two others to round out the top ranks of the Federal Reserve just as the U.s. central bank begins winding down its historic stimulus.
WASHINGTON, Jan 10- President Barack Obama on Friday named experienced central banker and internationally respected economist Stanley Fischer to serve as the vice chairman of the Federal Reserve, the White House said. Obama also nominated Lael Brainard, who served as the Treasury Department's top official for international affairs, to serve on the Fed board.
Apollo Global Management has completed fundraising for its latest private equity fund, amassing $17.5 billion from investors.
The U.S. Justice Department plans additional enforcement actions against banks that do not have enough safeguards against money laundering.
FRANKFURT, Jan 10- Banks will return 2.566 billion euros in crisis loans to the European Central Bank next week, draining less liquidity than expected out of the financial system as the repayments resume.
LONDON, Jan 10- Gold rose on Friday as the dollar came off seven-week highs, while investors awaited U.S. nonfarm payrolls data for clues over the health of the world's largest economy. Gold had been boosted by central bank liquidity and a low interest rates environment, which encourages investors to put money into non-interest-bearing assets.
*Yuan seen moving around 6.05/ dollar until February. SHANGHAI, Jan 10- China's yuan touched its all-time high on Friday after the government published strong December trade data, which traders said sparked central bank intervention to curb the currency's rise.
Faced with high unemployment and stubbornly low inflation, the Fed should be ramping up, not scaling back, its stimulus, top Fed official Narayana Kocherlakota says.
MINNEAPOLIS, Jan 9- The Federal Reserve should be careful about reducing its monetary "footprint," especially with inflation running so far below the Fed's 2 percent goal, a top official of the U.S. central bank said on Thursday.
MINNEAPOLIS, Jan 9- Faced with high U.S. unemployment and stubbornly low inflation, the Federal Reserve should be ramping up, not scaling back, its monetary stimulus, a top Fed official said on Thursday.
*China trade data in focus. SYDNEY, Jan 10- The U.S. dollar eased from a seven-week high early on Friday as investors booked some profits ahead of the keenly awaited U.S. jobs report, helping lift the euro that was briefly unsettled by dovish comments from the European Central Bank.
Chanda Kochhar, CEO at ICICI Bank, is optimistic on Indian economic growth but warns of the looming impact of Fed tapering.
NEW YORK, Jan 9- Few dealers expected the Federal Reserve to decide to pare back its massive bond-buying stimulus program in December, after the U.S. central bank surprised many investors by continuing the purchases at an unchanged pace in September, according to the results of a poll by the New York Fed released on Thursday.
JPMorgan Chase plans to sell or exit its business of issuing prepaid cards for corporate payrolls, government tax refunds and benefits.
NEW YORK, Jan 9- Credit Suisse Group AG is betting it can turn around its unprofitable U.S. private wealth business with new loan products and a focus on the ultra-rich, a strategy greeted with skepticism by some securities analysts and former officials at the bank.
*Consumer banking head Steve Bertamini will also leave. LONDON, Jan 9- Standard Chartered has named Mike Rees deputy to chief executive Peter Sands, making the wholesale banking chief the new heir-apparent at the Asia- focused lender after its highly-regarded finance director announced he was leaving.
*ECB key rate unchanged at 0.25 percent. FRANKFURT, Jan 9- The European Central Bank said on Thursday it was determined to use all available tools to prevent inflation falling too low, but left interest rates unchanged despite price rises slowing further into a "danger zone" below 1 percent.
FRANKFURT, Jan 9- The European Central Bank will keep a close eye on developments in money markets and stands ready to act if interbank lending rates rise too high, ECB President Mario Draghi said on Thursday.
VIENNA, Jan 9- Austria's Raiffeisen Bank International has kicked off a year of capital raising by European banks keen to convince regulators and investors that they are robust enough to weather any more financial storms.
*Consumer banking head Steve Bertamini will also leave. LONDON, Jan 9- Standard Chartered's finance director is leaving as part of a reorganisation, depriving the Asia- focused bank of one of its key executives as it navigates a new era of weaker growth and tougher regulation.