How British Firms Built a Pyramid Scheme in China That Lost Millions
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How British Firms Built a Pyramid Scheme in China That Lost Millions – Reuters
As David Byrne ate breakfast at the Tongli Lakeview Hotel outside Shanghai one Sunday in April, an angry customer was waiting for him.
UK Financial Regulation Faces Post-Brexit Equivalence Dilemma
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UK Financial Regulation Faces Post-Brexit Equivalence Dilemma – Profit & Loss
Financial regulations, particularly for benchmarks, are likely to be materially aligned in the UK and rest of Europe by the time Brexit is completed, however obtaining “equivalence” status for the UK might not be quite as straightforward, a number of sources close to the matter told Profit & Loss in recent weeks, with political reasons potentially playing a role in slowing down the process.
BOE to Press On With Gilt-Purchase Plan After Early QE Hiccup
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BoE to Press On With Gilt-Purchase Plan After Early QE Hiccup – Bloomberg
The Bank of England’s plan is to keep calm and carry on buying.
Barclays Settles Libor Claim in US
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Barclays Settles Libor Claim in US – Profit & Loss
New York Attorney General Eric Schneiderman has announced a $100 million, 44-state settlement with Barclays Bank and Barclays for “fraudulent and anticompetitive conduct” involving the manipulation of USD Libor (London Interbank Offered Rate) and other benchmark interest rates.
World’s Biggest Commodity User Pares Imports on Sluggish Growth
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World’s Biggest Commodity User Pares Imports on Sluggish Growth – Bloomberg
China’s imports of energy, including crude oil, coal and natural gas, slipped in July amid sluggish signs of growth in the world’s largest commodity consumer. Copper purchases also slowed.
Analysts Predict Further Rate Cuts After BoE Stimulus
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Analysts Predict Further Rate Cuts After BoE Stimulus – Profit & Loss
Expect further rate cuts from the Bank of England (BoE) as Governor Mark Carney shows that he is willing to let sterling continue depreciating, say analysts.
What to Watch as Carney Kicks Off Defense Against Brexit Fallout
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What to Watch as Carney Kicks Off Defense Against Brexit Fallout – Bloomberg
It’s the most hotly anticipated Bank of England decision since, well, three weeks ago.
Bitcoin Sinks After Hackers Steal $65 Million From Exchange
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Bitcoin Sinks After Hackers Steal $65 Million From Exchange – Bloomberg
Bitcoin plunged after one of the largest exchanges halted trading because hackers stole about $65 million of the digital currency.
More Fun and Games in AUD Around RBA Announcement?
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More Fun and Games in AUD Around RBA Announcement? – Profit & Loss
Market sources are reporting a flurry of trades in the seconds leading up to the release of the latest Reserve Bank of Australia (RBA) monetary policy decision today.
Italy’s Monte Paschi Flunks Stress Test, Plans to Raise Capital
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Italy’s Monte Paschi Flunks Stress Test, Plans to Raise Capital – Bloomberg
The world’s oldest bank is also Europe’s riskiest. Italy’s Banca Monte dei Paschi di Siena SpA was the only one of 51 lenders tested by European regulators to have its capital wiped out in the exam’s toughest scenario. The bank, which has been bailed out twice by the government since 2009, said it plans to sell as much as 5 billion euros ($5.6 billion) of stock if it can offload a bad-loan portfolio.