Hillary Clinton secured the Democratic Party’s White House nomination, coming back from a stinging defeat in her first presidential run in 2008 and surviving a bitter primary fight to become the first woman to head the ticket of a major party in U.S. history.
It was announced today that State Street expects to pay a total of $530 million to resolve FX fraud allegations levelled against the bank.
- State Street to Pay $530 Million to Settle Foreign-Currency Allegations – WSJ (subscription)
- State Street to Pay $382 Million on Hidden Currency Markups – Bloomberg
- State Street to Pay $530 Million to Resolve Forex Fraud Claims – Reuters
For most people, SDR sounds like an odd disease. And yet, it could be the world’s next reserve currency, at least if China and the International Monetary Fund (IMF) get their way.
Former European Commissioner Michel Barnier will lead the European Union’s negotiations with the U.K. over its departure from the bloc.
Britain’s economy picked up speed in the three months up to its vote to leave the European Union, data showed on Wednesday, helped by the biggest upturn in industrial production since 1999.
A Miami-Dade judge ruled Monday that Bitcoin is not actually money, a decision hailed by proponents of the virtual currency that has become popular across the world
Deutsche Bank AG is nearing an agreement with the U.S. Department of Justice to settle a long-running investigation into its mortgage-backed securities business.
Sources tell Profit & Loss that four veterans of Barclays’ FX division have been made redundant by the bank as part of wider cuts across the business. Vincent O’Sullivan, Marek Robertson, Marcello Cavalcanti and Martin Richards have all left the bank in London, sources say. Barclays declines to comment.
The Global Markets division of Deutsche Bank has been one of the worst performing segments of the company’s business in the second quarter of 2016. Germany’s largest lender has continued reporting quarter after quarter of material declines in revenues and profits with the latest figures revealing that the bank’s net income was €20 million, compared to €818 million a year ago.
The yen fell on Wednesday, pressured by expectations of further monetary easing by the Bank of Japan and amid media reports that the Japanese government will soon unveil a $265 billion stimulus package.
As Federal Reserve officials signal potential interest-rate increases are possible this year, some investors aren’t convinced.
Most emerging Asian currencies rose slightly in volatile trade on Wednesday, ahead of central banks meetings in the United States and Japan, as well as expectations of massive economic stimulus from Tokyo.
European stocks slipped, with oil and gas shares leading losses after BP Plc’s profit missed estimates. Japan’s yen surged to the strongest level in more than a week against the dollar as investors looked for signals on the magnitude of any economic stimulus, while the British pound fell.
The Egyptian pound extended a record low on the black market, as tighter restrictions on the use of local debit and credit cards overseas and comments by the central bank governor stoked speculation of a devaluation.