Saturday, March 23, 2019

Tag: BNP Paribas

Two of Fed’s Own Primary Dealers Warn Shock Hike Awaits Markets

There’s uncommon dissent in the ranks of the Federal Reserve's primary dealers over the central bank’s interest-rate decision this week. Two of the Fed's 23 preferred bond-trading partners -- Barclays Plc and BNP Paribas SA -- are betting against their peers and the bond market by forecasting officials will raise...

China’s Pivot to Putin’s Friends

The Moscow-Beijing partnership is stalling. But Xi is winning over the Russian president’s inner circle with favorable loans and sweetheart energy deals. When Gennady Timchenko — a Russian oligarch and close friend of President Vladimir Putin — was appointed chair of the Russian-Chinese Business Council, an association of more than...

Seven big banks settle U.S. rate-rigging lawsuit for $324 million

Seven of the world's biggest banks have agreed to pay $324 million to settle a private U.S. lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market. The settlement made public on Tuesday, which requires court approval, resolves antitrust claims against Bank of America...

Too Big to Sanction

How the internationalization of China’s currency hurts Washington’s ability to punish human rights violators. In November 2015, when the International Monetary Fund announced it was adding China’s currency, the renminbi (RMB), to its basket of four reserve currencies known as Special Drawing Rights (SDR), the fund’s managing director, Christine Lagarde,...

How Europe’s Banks Got Hit by a Perfect Storm in Five Charts

A stock plunge by Europe's banks deepened Monday, while credit markets showed investors are most worried in years about lenders’ bond risks. “It’s a perfect storm,” said David Moss, who helps to oversee more than $237 billion of assets as head of European equities at BMO Global Asset Management in...

The World’s Favorite New Tax Haven Is the United States

Moving money out of the usual offshore secrecy havens and into the U.S. is a brisk new business. Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes. His...

Six Banks Pay $5.8 Billion, Five Guilty of Market Rigging

Six of the world’s biggest banks will pay $5.8 billion and five of them agreed to plead guilty to charges tied to a currency-rigging probe as they seek to wind down almost half a decade of enforcement actions. Citicorp, JPMorgan Chase & Co., Barclays Plc and Royal Bank of Scotland...

Iraq nets handsome profit by dumping dollar for euro

A bizarre political statement by Saddam Hussein has earned Iraq a windfall of hundreds of million of euros. In October 2000 Iraq insisted on dumping the US dollar - 'the currency of the enemy' - for the more multilateral euro. The changeover was announced on almost exactly the same day...

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