Lloyds Banking Group PLC is to cut 3,000 extra jobs as the British bank warned that Brexit will hit the U.K. economy in the months to come.
Households on the Hook for Italy’s Next Bailout – Bloomberg
Vincenzo Imperatore wants you to know he was just following orders: Selling risky bonds to customers seeking safe retirement nest eggs was only part of the job. When financial markets shut during the financial crisis, depositors were Italian banks’ most reliable source of funding.
The currency wars raging across global markets are entering a more dangerous phase. Japan and Europe are likely to further ease monetary policy in an attempt to weaken their currencies to address the lack of growth and low inflation. China, meanwhile, needs to devalue to help manage a slowing economy, property bubble, industrial overcapacity, fragile banking system and export-dependent, debt-based economic model.
It was started in the name of forging a greater sense of union among the disparate nations of Europe. It was supposed to enhance commercial ties, erode borders and foster a spirit of collective interest, furthering the evolution of former wartime combatants into fellow nations of a united Europe.
As client requirements evolve in response to changes in FX market structure, services providers need to be ready to adapt to these new demands, said panelists at Profit & Loss Forex Network Toronto conference last month.
The executive board of the International Monetary Fund (IMF) has amended its rounding methodology for determining currency amounts in the Special Drawing Right (SDR) basket.
Egypt’s largest listed bank, Commercial International Bank (CIB), told customers on Wednesday it was reducing the amount of foreign currency customers can spend and withdraw when using their debit and credit cards abroad.
Former Barclays head of spot voice FX trading Chris Ashton claims he was “scapegoated” by the firm in the wake of the investigations of the Financial Conduct Authority (FCA) into alleged manipulation of FX rates, and that he was first “put in the line of fire” and then sacked for repeatedly blowing the whistle, an East London employment tribunal heard Tuesday.
The Financial Stability Board (FSB), an international body composed of central bank officials and finance regulators, said in its latest annual report that it continues to assess opportunities and risks related to digital currencies.
Credit Suisse Group AG reported a surprise quarterly profit on Thursday as expenses fell, marking a rare bright spot for the Swiss bank that nonetheless failed to stir investor confidence.
Demand for new medicines helped GlaxoSmithKline grow earnings in the second quarter and the drugmaker is set for big gains in the rest of 2016 thanks to a weak pound, after Britain’s vote to leave the European Union.
European oil majors Royal Dutch Shell and Total reported a sharp decline in profits in the second-quarter of 2016, as the low oil price continued to weigh on earnings.
Diageo PLC reported weaker profit for the year amid currency volatility but the world’s largest spirits maker’s key U.S. business delivered strong second-half revenue and executives signaled they expect the growth to continue.
Spanish telecommunications giant Telefónica SA said second-quarter net profit fell by more than half from a year earlier on lower revenue and currency fluctuations.
For traders betting on a weaker yuan, the People’s Bank of China is turning from foe to friend.
Citi has forecast a “gradual shift towards helicopter money” by advanced economies, as countries struggle to boost growth and inflation in uncertain geopolitical climes.
The Brazilian real and Bovespa stock index were stable on Wednesday, after a session in which traders were attentive to a meeting of US Federal Reserve policymakers, who decided not to raise rates.