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Geneva, Switzerland | AFP | by Robin MILLARD Credit Suisse announced a string of radical measures Thursday aimed at turning around the beleaguered bank following huge third quarter losses, including revamping its investment banking unit, slashing 9,000 jobs and raising fresh capital. Switzerland’s second-biggest bank launched a strategic review aimed at putting an end to a series of scandals that have shaken the institution, saying the new plan was intended to create “a simpler, more […]
BEIJING, China (AFP) — Chinese regulators have promised to repay more victims of one of the country’s biggest-ever banking scandals, after hundreds of thousands of customers were left without access to funds, triggering rare mass protests. China’s rural banking sector has been hit hard by Beijing’s efforts to rein in a property bubble and spiralling debt, in a financial crackdown that rattled the world’s second-largest economy. Four banks in Henan province froze cash withdrawals in […]
BEIJING, China (AFP) — Customers of rural Chinese banks whose withdrawals have been frozen will begin to get some of their money back Friday, regulators said, after depositors clashed with authorities at a rare protest over the weekend. China’s rural banking sector has been hit hard by Beijing’s efforts to rein in a property bubble and spiralling debt, in a financial crackdown that has had ripple effects across the world’s second-largest economy. Four banks in […]
BEIJING, China (AFP) — Members of a “criminal gang” accused of taking control of local banks have been arrested in central China after rare protests over alleged financial corruption sparked violent clashes between customers and authorities. Hit hard by the country’s economic slowdown, four banks in Henan province have since mid-April frozen all cash withdrawals, leaving thousands of small savers without funds and sparking sporadic demonstrations. In one of the largest such rallies yet, hundreds […]
The White House announced sanctions Wednesday targeting Russia’s top public and private banks and two daughters of Vladimir Putin, adding pressure on the country’s economy and its elite over the invasion of Ukraine. The new sanctions targeted Maria Vorontsova and Katerina Tikhonova, two adult daughters of Putin’s with his former wife Lyudmila Shkrebneva. Also hit with new sanctions were the wife and daughter of Russian Foreign Minister Sergei Lavrov and members of Russia’s Security […]
Japan will join Western nations in removing selected Russian banks from the SWIFT messaging system, the country’s prime minister said Sunday, piling further pressure on Moscow over its invasion of Ukraine. “In what was released this morning by the Western nations, steps are taken to isolate Russia from the international financial system and the world economy including exclusion of specific Russian banks from SWIFT,” Prime Minister Fumio Kishida said. “Western nations have requested Japan participate. […]
LONDON, United Kingdom (AFP) – European banks, while pledging to tackle carbon emissions, are heavily financing companies involved in the expansion of oil and gas production, activist group ShareAction said on Monday. A total 25 lenders, led by HSBC, Barclays and BNP Paribas, last year provided fossil fuel groups with a total of $55 billion (48.5 billion euros), ShareAction said in a report. The activist group urged investors to use their shareholder rights to push […]
ZURICH, Switzerland (AFP) – The top international banking supervisory authority on Tuesday said lenders should account for climate risks when managing their business, suggesting a list of 18 “principles” to guide banks and national supervisors. Banks should “consider the potential impacts of climate-related risk drivers on their individual business models and assess the financial materiality of these risks,” the Basel Committee on Banking Supervision said in a consultation document. The BCBS is charged with creating rules […]
WELLINGTON, New Zealand (AFP) – New Zealand passed a law Thursday forcing banks to reveal the impact of their investments on climate change, describing it as a world-first move to make the financial sector’s environmental record more transparent. Climate Change Minister James Shaw said the law meant banks, insurance companies and investment firms would make mandatory disclosures about their portfolios’ global warming record from next year. Shaw, who will head to Glasgow later this month […]
by Joseph SOTINEL Agence France Presse LONDON, United Kingdom (AFP) — Bitcoin’s rally above $15,000 has reignited debate over whether the cryptocurrency is so-called digital gold or a perilously risky bet as investors grapple with the coronavirus pandemic. The world’s most popular virtual unit has gained over 30 percent in value in almost three weeks up to Friday (November 6), taking it close to its December 2017 peak when it reached nearly $20,000. After […]
by Andrew BEATTY / with Holly Robertson in Brisbane Agence France-Presse SYDNEY, Australia (AFP) — Australia’s ANZ became the country’s last major bank to walk away from thermal coal investments Thursday, delivering a fresh blow to a sector facing export market upheaval and widespread public hostility. The bank said that from 2030 it would no longer finance thermal coal mines or coal-fired power stations, joining Australia’s other “big four” banks who have already made similar […]
KUALA LUMPUR, Malaysia (AFP) — Malaysia rejected a compensation offer of “less than $2 billion” from Goldman Sachs for the role of its subsidiaries in the multi-billion-dollar 1MDB scandal, an aide to the country’s prime minister said Saturday. Huge sums were stolen from Malaysian state fund 1MDB in a fraud allegedly involving former prime minister Najib Razak and his cronies, and spent on everything from high-end real estate to a luxury super-yacht. Goldman’s role has […]
