The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
* Danske lowers full year outlook after disappointing Q1
* Danske says Estonia case continues to require much attention
* Investments in compliance pushed up costs
* Low interest rates, tough competition also add pressure
* Shares fall nearly 7 pct (Adds Nordea and SEB share reaction)
COPENHAGEN, April 30 (Reuters) - Danske Bank lowered its outlook for 2019 after a disappointing first quarter, due in part to the effects of a massive money laundering scandal at its Estonian branch that has sent ripples across the Nordic banking sector.
Denmark's biggest lender is trying to restore trust among investors and clients after it said last year that it had channeled 200 billion euros ($223 billion) of suspicious payments through its Estonian branch between 2007 and 2015.
On Tuesday it said the considerable investments it is making in compliance to repair its image had pushed up costs, while higher funding costs also weighed on its first quarter performance. That heaped further pressure on its share price, which slid more than 8 percent in morning trade.
"The Estonia case continues to require considerable management attention, including the ongoing investigations and our efforts to restore trust in us," interim Chief Executive Jesper Nielsen said in a statement.
Investors are still waiting to find out the scale of potential fines from authorities in the United States and other countries. However, the size and timing of any potential fine is still unclear, casting uncertainty over the bank's prospects.
Danske said it now expects net interest income for the full year to be lower than last year's level. It had previously said it expected net interest income to be around the 2018 level.
The bank kept its forecast for full-year net profit in the range of 14 billion to 16 billion Danish crowns ($2.1 bln-$2.4 bln), but said that would now include an expected gain of 1.3 billion crowns on the sale of its Danica Pension unit in Sweden.
Its share price, which has more than halved since March last year, was trading 8.3 percent lower at 119.85 crowns at 0936 GMT.
On top of the troubles related to money laundering cases, net interest income at Danske Bank was hit by a challenging market in the quarter.
"There are difficult structural problems with lower interest rates and tough competition," said Sydbank analyst Mikkel Emil Jensen.
Danske's money laundering woes are rippling across its Nordic rivals, with Nordea booking a 95 million euro provision on Tuesday for a possible fine for alleged money laundering, after reporting a 36 percent fall in its first quarter operating profit.
Sweden's SEB called for joint initiatives between banks and regulators and authorities to combat money laundering, after saying in its first quarter statement that it couldn't guarantee it would never be used for criminal activity.
Nordea's shares were down 3 percent after its results, while shares in SEB fell 2.6 percent.
A confidential EU document, seen by Reuters, showed that Russia's central bank sent warnings to Estonian and Danish regulators in 2007 and 2013 about suspect transactions at Danske Bank's Estonian branch, but they were largely ignored.
Danske said expenses in the first quarter were 9 percent higher than a year ago, primarily due to investments in regulatory requirements, compliance and anti-money laundering efforts.
"Some of the increased cost is Estonia-related, but in my mind something all banks have to go through to increase their general activities around fighting financial crime," Chief Financial Officer Christian Baltzer told Reuters in an interview.
The bank had seen "very little" effect on its financial result from 8,500 retail customers in Denmark leaving the bank in the first quarter, Baltzer said.
The bank said it has spent considerable resources hosting around 750 town hall meetings with customers.
"When we meet business customers, they are no longer talking about (money laundering). So we're starting to see some light at the end of the tunnel," Baltzer said.
Profit before tax fell 35 percent to 4.01 billion Danish crowns in the period, below the 4.47 billion forecast by analysts in a Reuters poll. ($1 = 0.8961 euros) ($1 = 6.6779 Danish crowns) (Reporting by Jacob Gronholt-Pedersen, additional reporting by Stine Jacobsen, editing by Louise Heavens and Susan Fenton)