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Former FX Traders Challenge Citi over Dismissal

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Former FX Traders Challenge Citi over Dismissal – Financial Times (subscription)
Four former Citigroup traders look set to be the first of the dozens of people fired over the FX-rigging scandal to challenge their dismissals in court. Carly McWilliams, Perry Stimpson, David Madaras and Robert Hoodless have filed unfair dismissal claims at the East London Employment Tribunal. Hearings are scheduled in the four cases between next week and November.
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What China’s Yuan Move Means for the Fed’s Liftoff

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What China’s Yuan Move Means for the Fed’s Liftoff – Wall Street Journal (subscription)
China’s tumult hasn’t dissuaded Wall Street of its view that liftoff could come this September…at least not yet.

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China Cuts Yuan Rate Against US Dollar for Second Day

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China Cuts Yuan Rate Against US Dollar for Second Day – AFP
China cut the yuan’s value against the dollar for the second consecutive day Wednesday, roiling global financial markets and driving expectations the currency could be set for further falls.

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Surprise China Devaluation Marks Escalation of Currency War

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Surprise China Devaluation Marks Escalation of Currency War – Financial Times (subscription)
Beijing has launched the latest attack in a growing currency war by devaluing its currency by almost 2% on Tuesday morning. The one-day move, done in a bid to boost failing exports, was the biggest since 1993 and may, analysts warn, be hard to reverse.

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Basel IV is the Buzzword as Europe’s Banks Brace for Costs

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Basel IV is the Buzzword as Europe’s Banks Brace for Costs – Bloomberg

“Basel IV is coming.” Laurent Mignon, chief executive officer of Natixis SA, sounded that alarm on July 31, referring to the mass of regulatory work in the pipeline at the Basel Committee on Banking Supervision. The issue was raised on more than a dozen other European banks’ earnings calls in recent weeks.
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