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FCA To Probe UK Banks Links To South African Money Laundering
Chancellor Philip Hammond said that he had written to the Financial Conduct Authority (FCA), the financial regulator in the United Kingdom (UK) and asked them to look into the allegations made by Lord Peter Hain, who is a former cabinet
Read MoreBofA beats Q3 2017 estimates on 9% rise in net interest income
After recording a 12-month low of $22.74, the stock of Bank of America (NYSE: BAC) has recovered to $25 levels. Notably, legendary investor Warren Buffett’s Hathaway Inc. became the largest shareholder in August. Buffett had also praised Brian Moynihan, CEO
Read MoreGreenback up on strong bounce back in Sep retail sales
The Greenback gained momentum against the Yen and other G10 currencies in the first-week of September, as expectations of a Fed rate hike in December increased. The market also pushed the US dollar upwards in anticipation of a tax reform
Read MoreUK Banks Cut Consumer Lending After BoE Issues Warning
The Bank of England (BoE) has cautioned banks in the UK to cut back on their consumer lending as rising credit could pose significant risks to the financial sector and also the wider economy. The BoE wants banks to make
Read MoreEuro up on strong German trade surplus
In the first week of September, the Euro dollar fell sharply against the Canadian dollar mainly due to a dovish statement made by the ECB president Mario Draghi and the unexpected rate hike by the Bank of Canada. However, NAFTA
Read MoreGE undergoes massive shakeup in top management
Industrial conglomerate General Electric Company (NYSE: GE), which faces heavy headwinds in several business segments, reported a 48% y-o-y decline in non-GAA earnings to $2.418 billion, or $0.28 per share, on revenues of $29.558 billion in Q2 2017. The company
Read MorePoor retail sales, Catalan referendum turns Euro weak
A strong Q2 employment growth in the Eurozone enabled the Euro dollar to rise against the Yen in early September. On the other hand, a downward revision of second-quarter GDP growth to 2.5%, from the first estimate of 4%, weakened
Read MoreIndian PM Under Pressure After Demonetization & GST Failures
Prime Minister Narendra Modi sent 1.2 billion people into shock on November 8, 2016 when his BJP Government announced a demonetization drive that was launched to eliminate black money and clean up corruption in the country. The finance ministry blacklisted
Read MoreVolkswagen’s ‘dieselgate’ scandal costs pile up to $30 bln
It is more than two years after the German automobile manufacturer Volkswagen AG (OTC: VLKAF) was caught using a software to fool pollution tests. Since then, the company had set aside about €22.60 billion ($26.7 billion) to buy back or
Read MoreBoC’s deputy governor talks down the Canadian dollar
The UK Office for National Statistics reported a better-than-anticipated inflation rate in August. That sparked hopes of a rate hike in November. Furthermore, Mark Carney, the Bank of England’s governor, had hinted about the possibility of a rate hike soon.
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