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ZURICH, Switzerland (AFP) — In Switzerland, one of the world’s wealthiest countries, financial planning starts young. The country’s number two bank Credit Suisse on Tuesday unveiled a piggy bank with built-in apps allowing children under 12 to set savings goals, check their balance and make payments. “The financial education of children is a concern to people in Switzerland,” Credit Suisse said in a statement, citing a recent study showing that 90 percent of parents in […]
WASHINGTON, United States (AFP) — Files released by the mysterious hacker Shadow Brokers suggested Friday the United States National Security Agency had penetrated the SWIFT banking network and monitored a number of Middle East banks. The files, according to computer security analysts, also showed the NSA had found and exploited numerous vulnerabilities in a range of Microsoft Windows products widely used on computers around the world. Analysts generally accepted the files, which show someone exploiting so-called […]
PANAMA CITY, Panama (AFP) — Banks based in Panama managed a record level of assets last year — $121 billion — despite fallout from the “Panama Papers” scandal, an industry body in the Central American country said Thursday. The International Banking Center, which represents Panamanian and foreign banks, said members’ assets “reached the record level of $121.075 billion” — a jump of 3.3 percent over 2015. Panama has come under intense international tax scrutiny since […]
LONDON, United Kingdom (AFP) – HSBC profits plunged last year on huge writedowns and restructuring charges, the banking titan said Tuesday, warning of uncertainty over Brexit and Donald Trump’s economic policies. The London-headquartered bank with a focus on Asia said net profit tumbled to $1.29 billion (1.22 billion euros) in 2016, down 90 percent on a year earlier. Profit before tax stood at $7.1 billion, down 62 percent after HSBC slashed the value of its […]
WASHINGTON, United States (AFP) — Banking giant JP Morgan Chase has agreed to pay more than $264 million to resolve allegations it bribed officials in China by giving prized jobs and internships to friends and relatives, officials announced. “Awarding prestigious employment opportunities to unqualified individuals in order to influence government officials is corruption, plain and simple,” Leslie Caldwell, chief of the US Justice Department’s criminal division, said in a statement. Over a seven-year period, between […]
LONDON, United Kingdom (AFP) – HSBC shares rallied Monday in a positive response to quarterly profits after the British banking giant underwent a radical cost-cutting exercise. Adjusted pre-tax profit — which strips out one-off items and unfavourable currency movements — rose seven percent in the three months to September to $5.59 billion from a year earlier, beating analysts’ expectations. Reported pre-tax profit, however, plunged 86 percent from a year earlier to $843 million. That figure […]
