The euro recovered lost ground in rangebound trade on Monday, boosted by weaker-than-expected U.S. housing data.» Read More
NEW YORK, Oct 24- A U.S. judge has delayed by a week a December hearing to consider whether Citigroup Inc should be allowed to process an interest payment by Argentina on bonds issued under its local laws following its 2002 default. An interest payment is due Dec. 31 by Argentina on U.S. dollar-denominated bonds issued under its local laws. Citigroup has said it faces...
NEW YORK— The Bank of New York Mellon Corp.' s third-quarter profit rose 11 percent from a year ago as it made more money from investment fees. The New York- based bank said net income rose to $1.07 billion, or 93 cents per share, in the third quarter, compared with $962 million, or 82 cents per share, in the same quarter a year ago. Shares of the New York- based company rose 24...
NEW YORK, Oct 10- A court-appointed mediator said Friday he would hold a meeting next week between lawyers for Argentina and creditors suing the country in a longstanding dispute over defaulted debt. Argentina defaulted in July for the second time in 12 years after refusing to honor court orders to pay $1.33 billion plus interest to bondholders- a group of hedge...
The request would be based on the role of the two institutions in helping Argentina circumvent the US jurisdiction in September by depositing a coupon payment due on its restructured bonds at an account opened by the central bank at Nacion Fideicomisos, a subsidiary of Banco Nacion instead of at trustee bank New York Mellon. US court judge Thomas Griesa in...
In a rare move, District Judge Thomas Griesa held Argentina in contempt earlier this week, saying its attempts to pay holders of the bonds it restructured in 2005 and 2010 debt swaps locally were "illegal." The judge prevented Argentina in June from making a coupon payment to exchange bondholders because of his earlier ruling that the South American country...
NEW YORK, Oct 1- After spending two years developing a wide-ranging communications tool for Wall Street, Goldman Sachs Group Inc says it has reached the perfect pitch.
Sept 30- Bank of New York Mellon Corp will exit the derivatives sales and trading business that operates as part of the company's global markets group. "Global Markets will offer a modified version of its cash rates offering to support BNY Mellon's investment services clients," company spokesman Ron Summer said in an email.
Sept 30- Bank of New York Mellon Corp told a group of employees on Tuesday that it is shutting its derivatives sales and trading business, Bloomberg reported. The decision affects about 50 people, almost all in New York, Bloomberg said, citing a person familiar with the matter.
BUENOS AIRES, Sept 30- Argentina deposited a $161 million bond interest payment with a newly appointed local trustee on Tuesday, the Economy Ministry said, defying a U.S. judge who held it in contempt a day earlier for taking illegal steps to meet its debt obligations.
BUENOS AIRES, Sept 30- Argentina deposited a $161 million debt interest payment with a newly appointed local trustee on Tuesday, the Economy Ministry said, defying a U.S. judge who held it in contempt a day earlier for taking illegal steps to meet its debt obligations.
NEW YORK, Sept 29- In a rare move, a U.S. judge held Argentina in contempt on Monday, saying the country is taking "illegal" steps to evade his orders in a longstanding dispute with hedge funds over defaulted debt. But Griesa issued a clear warning that the country must stop efforts to get around his rulings by making payments in Argentina.
BUENOS AIRES, Sept 29- Argentina will deposit the next interest payment due on its restructured debt with a domestic bank on Tuesday, a source at the central bank said, defying a U.S. court that blocked such payments until the country compensated U.S. hedge funds suing over unpaid bonds.
NEW YORK/ BUENOS AIRES, Sept 29- Argentina said on Monday that any sanctions for contempt of court, levelled against it for refusing to pay U.S. hedge funds suing over defaulted debt, would be illegal under international law.
NEW YORK, Sept 26- A U.S. judge said Friday he would allow Citigroup Inc to process a disputed $5 million payment by Argentina on bonds issued under its local laws following its 2002 default.
NEW YORK, Sept 26- Creditors suing Argentina over defaulted debt will not object to Citigroup Inc's request to put on hold a U.S. court order preventing it from processing an imminent payment issued under Argentina's local laws, a source said Friday.
LONDON, Sept 26- The dollar held just below a four-year high against a basket of currencies on Friday, fueled by the biggest yield advantage over the euro in nearly 15 years as the Federal Reserve contemplates hiking interest rates.
The dollar was back on the front foot against the yen and several other major currencies on Friday, on track for an 11th straight weekly gain.
LONDON, Sept 26- The dollar held near a four-year high against a basket of currencies on Friday, fuelled by the biggest yield advantage over the euro in nearly 15 years as the Federal Reserve contemplates hiking interest rates.
LONDON, Sept 26- The dollar was back on the front foot against the yen and several other major currencies on Friday, on track for an 11th straight weekly gain that extends its longest winning streak since its 1971 free float.
Why are financial stocks the cornerstone of Warren Buffett's empire? His love of bank stocks can be explained in two key investing concepts.