International Banking News
Belgium accused of mishandling billions of dictator Gadaffi's assets

An investigation is underway into the billions of euros missing from Belgian banks that belonged to the late Libyan strongman Muammar Gaddafi. This comes after Belgian authorities were accused of paying out interest and dividends on Libyan frozen bank accounts. Belgium is now under fire to explain why unknown recipients received millions of euros from these frozen accounts in Brussels. “UN documents confirm that Belgium failed to comply with a UN resolution on freezing Libyan assets,” Belgian member of parliament… (Continua a leggere)

Swiss bank UBS says 'business as usual' in China

Swiss banking giant UBS said Tuesday it was “business as usual” in China following reports that the company restricted travel there as an employee had to delay her return home after being asked to meet with authorities. The wealth manager, who focuses on China, delayed her return from Beijing to Singapore last week after she was asked to meet with local officials on an unknown matter, Bloomberg News reported, citing a personal familiar with the issue. News reports said the incident prompted UBS… (Continua a leggere)

Danske, la Russia e il riciclaggio: la banca che fa crollare il mito danese

Nemmeno la Danimarca è immune agli scandali finanziari. Danske, prima banca del Paese, è sotto inchiesta per riciclaggio. Un clamoroso avvertimento per l’Europa «L’opinione pubblica è scioccata dal fatto che la più importante banca danese sia stata coinvolta nel riciclaggio di denaro per conto della criminalità organizzata e di regimi dittatoriali». Rispondendo alle domande di Valori, Pelle Dragsted, deputato della sinistra ecologista al parlamento di Copenhagen, non usa mezzi termini. Danske Bank, principale istituto del Paese, è nell’occhio del ciclone… (Continua a leggere)

Banca Centrale: i dati del sistema al 31 marzo 2018

Ancora in calo la raccolta del risparmio e quella indiretta che al 31 marzo 2018 tocca quota 5 miliardi e 710 milioni di euro, circa 70 milioni in meno rispetto al 31 dicembre scorso San Marino. La Banca Centrale della Repubblica di San Marino ha diffuso nei giorni scorsi i dati trimestrali del sistema bancario sammarinese, i primi per quanto riguarda il 2018. Ancora in calo la raccolta del risparmio e quella indiretta che al 31 marzo 2018 tocca quota… (Continua a leggere)

How parliament can reform its ailing public sector banks

India needs a strategy to get the government out of banking. Non-performing loans among state-owned banks — a legacy of India’s socialist past which account for nearly 70 percent of deposits — have crossed 5 percent of GDP. The central bank has restricted lending at 11 of them and forced one, IDBI Bank Ltd., to sell itself to the government-owned Life Insurance Corporation of India. State banks have repeatedly been a burden on the exchequer and will almost certainly continue… (Continua a leggere)

SoftBank's Son says Japan is 'stupid' for not allowing ride-sharing

TOKYO  – SoftBank Group Corp Chief Executive Masayoshi Son slammed on Thursday the Japanese government’s ride-sharing ban and said the country had fallen behind overseas rivals in areas such as artificial intelligence and fintech. “Ride-sharing is prohibited by law in Japan. I can’t believe there is still such a stupid country,” said Son at an annual company event aimed at customers and suppliers. The comments reflect Son’s frustration with Japan where he built the cash engine that has powered his… (Continua a leggere)

BofA profit beats estimates on higher interest rates, loan growth

By Sweta Singh and Elizabeth Dilts (Reuters) – Bank of America (BAC.N) reported a 34 percent rise in first-quarter profit on Monday, topping Wall Street estimates, as the lender benefited from higher interest rates and growth in loans and deposits. Revenue rose at three of BofA’s four major businesses. In consumer banking, its biggest business, revenue increased 9 percent as higher interest rates helped BofA charge more for loans while keeping deposit rates low. Profit also got a boost from Chief… (Continua a leggere)

ECB Asks Deutsche Bank to Model Wind Down of Trading Book

By Steven Arons and Nicholas Comfort Source: Bloomberg.com Deutsche Bank AG has been asked by the European Central Bank to simulate an orderly wind-down of its trading book, Chief Financial Officer James von Moltke told Bloomberg Monday. “There’s no novelty about the exercise per se; the novelty is that we’re doing this with the ECB,” von Moltke said. The exercise will take several months, being “broader in scope” than previous ones done for U.K. and U.S. supervisors, he said. Modeling the wind-down of… (Continua a leggere)

UCO Bank Falls to 11-Year Low as India Probes Former Chairman

By Anto Antony Source: Bloomberg.com Former chairman, others allegedly cheated bank of $95 million Bank reported losses for nine straight quarters through Dec. UCO Bank dropped to its lowest in 11 years after India’s federal investigative agency registered a case against UCO’s former chairman for cheating the state-run lender. Shares of the Kolkata-based bank fell about 6 percent to 20.90 rupees in Mumbai on Monday, the lowest close since April 12, 2007. The 10-member Bankex index rose 0.3 percent. The Central… (Continua a leggere)

Goldman Sachs Says Emerging Markets Now Look Like Rich Countries

By Selcuk Gokoluk Source: Bloomberg.com Many emerging market economies have begun to resemble developed markets as inflation rates fall and the risk of currency crises recedes, according to Goldman Sachs Group Inc. The weakening relationship between emerging-market policy and U.S. rates suggests that Federal Reserve normalization is unlikely to result in a sharp hiking cycle by developing nations, Goldman Sachs analysts including Jan Hatzius and Jari Stehn wrote in a report. Emerging-market policy makers face a quandary as growth has picked… (Continua a leggere)