Finance Banks

  • *UBS hit with 4.5 billion euros of penalties. PARIS, Feb 20- A French court found Swiss bank UBS AG guilty of illegally soliciting clients and laundering the proceeds of tax evasion, ordering it to pay 4.5 billion euros in penalties. "The court can only conclude that consistently put its own financial interests over the sovereign rights of the French state," the...

  • CAIRO, Feb 20- Bank Audi SAE has begun due diligence on buying National Bank of Greece's branches in Egypt, a banker involved in the process said. The website of National Bank of Greece's Egyptian unit lists 18 branches in Cairo and elsewhere in the country. There is an ongoing process, Bank Audi is looking at it, "another banker close to the procedure told Reuters in...

  • A sign of Swiss banking giant UBS is seen at a branch in Zurich on October 26, 2018.

    A French court on Wednesday found Swiss bank UBS AG guilty of illegally soliciting clients in France and laundering the proceeds of tax evasion.

  • The People's Bank of China will also attempt to prevent any economic risks stemming from overly tight monetary conditions and "flood-like stimulus," the central bank official said in an interview with the Financial News, which is run by the central bank.

  • President Donald Trump steps off Air Force One upon arrival at Andrews Air Force Base in Maryland on January 14, 2019.

    The Trump Organization had about $340 million in outstanding loans that were to come due in 2023 and 2024, or potentially in the president's second term.

  • PARIS, Feb 20- A French court will rule on Wednesday whether UBS, Switzerland's largest bank, helped wealthy French clients evade taxes between 2004 and 2012 and launder the proceeds. The French trial follows a similar case in the United States, where UBS accepted a $780 million settlement in 2009 and in Germany, where it agreed to a 300 million euro fine in 2014.

  • BEIJING, Feb 20- China has not and will not change its prudent monetary policy and will not resort to "flood-like" stimulus, Premier Li Keqiang said on Wednesday. China slashed RRR by 100 basis points in January- its fifth cut in the past year- as it looks to reduce the risk of a sharper slowdown in the world's second-biggest economy. China's banks doled out a record 3.23...

  • Regulators 'comfortable' with Lloyds' capital as Brexit uncertainty looms, analyst says

    Fahed Kunwar, banking analyst at Redburn, discusses the U.K. banking sector.

  • BEIJING, Feb 20- China has not and will not change its prudent monetary policy and will not resort to "flood-like" stimulus, Premier Li Keqiang said on Wednesday. A cut in banks' reserve requirement ratio in January reflected ample room for such reductions, Li was quoted in a statement on the government's website. China slashed RRR by 100 basis points in January-- its...

  • CAIRO, Feb 20- Bank Audi SAE has begun due diligence on buying National Bank of Greece's branches in Egypt, a banker involved in the process said. The due diligence will be completed by the end of February, the banker said. The website of National Bank of Greece's Egyptian unit lists 18 branches in Cairo and elsewhere in the country.

  • *CEO says UK economy resilient despite Brexit. Britain's biggest mortgage lender posted a 24 percent rise in net profits to 4.4 billion pounds, below expectations of 4.6 billion pounds, according to a company-provided average of analyst forecasts. Britain's largest domestic bank resisted any suggestion of complacency in its outlook for the economy, saying...

  • Swedish television (SVT) said on Wednesday it had uncovered documents linking Swedbank to a money laundering scandal involving Denmark's Danske Bank.

  • LONDON, Feb 20- China's yuan rose on Wednesday after the United States pressed Beijing to prevent sharp weakening of its currency as part of any trade deal, while the dollar paused as traders positioned ahead of the release of Federal Reserve policy minutes. The yuan has been a strong performer in 2019, helped by the recovery in emerging market assets broadly and...

  • DUBAI, Feb 20- Bahrain's sovereign wealth fund Mumtalakat started marketing its planned five-year U.S. dollar Islamic bonds, or sukuk, with an initial yield guidance of around 6.25 percent, a document issued by one of the banks leading the deal showed. The sukuk, which is expected to price later on Wednesday, will be of benchmark size, which generally means upwards...

  • MOSCOW, Feb 20- Russia's central bank is meeting Vostochny Bank minority shareholders following the detention on fraud charges last week of its majority U.S. investor, a banking source and a senior Russian official told Reuters on Wednesday. Russia's 35th biggest lender by assets, which is majority owned by private equity fund Baring Vostok Capital Partners,...

  • MOSCOW, Feb 20- Russia's central bank is on Wednesday meeting minority shareholders in Vostochny Bank, whose majority shareholder, a U.S. investor, was detained last week on fraud charges, a banking source and a senior Russian official told Reuters. Vostochny Bank declined to comment when contacted by Reuters, and the central bank said it would not comment, citing...

  • WEDNESDAY, FEBRUARY 20 JOHANNESBURG, South Africa- South Africa Finance Minister Tito Mboweni to present 2019 budget to parliament- 1200 GMT KINGSTON- Bank of Jamaica holds interest rate announcement and monetary policy report. JAKARTA- Indonesia Central Bank holds board of governors' meeting. SYDNEY- Appearance by Philip Lowe, Reserve Bank of Australia...

  • Dan Schulman, CEO of PayPal

    "We live in the space of digital commerce and digital commerce is exploding still around the world ... and we're riding that wave," PayPal CEO Dan Schulman says.

  • Marcus Agius, called as a prosecution witness in the fraud trial of four former senior colleagues, said the bank had hoped to secure partnerships that would reinforce the bank's global ambitions by granting Barclays "favored nation status" for future business opportunities with investors such as Qatar. Prosecutor Edward Brown alleges the men did not...

  • LONDON, Feb 19- European shares dipped on Tuesday as a disappointing update from HSBC hit the heavyweight banking sector and a rally fuelled by optimism about a possible Sino-U.S. trade deal ran out of steam. A new round of talks between the United States and China was taking place in Washington on Tuesday. After touching its highest level since Oct. 10 on Monday, the...

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