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Global Markets Overview - 23 May 2013

Thu, 23 May 2013 11:37:41 +1000

Stocks ended Wednesday broadly lower after a rollercoaster day of trading, as investors sorted through mixed signals from the Federal Reserve on the outlook for monetary policy.

Monte Paschi director accused of insider trading-source

Thu, 23 May 2013 02:21:02 +1000

A board member at Italy's troubled lender Monte dei Paschi di Siena is being investigated over allegations of breaking insider trading rules and has been suspended, a judicial source said on Wednesday.

Credit Suisse replaces Morgan Stanley as No. 2 Asia prime broker

Tue, 21 May 2013 18:00:03 +1000

The Asian prime brokerage unit of Credit Suisse has replaced Morgan Stanley as the second largest firm servicing the region's $148 billion hedge funds industry, a survey showed.

Greece's Piraeus hire banks to advise on share issue: sources

Sun, 19 May 2013 00:14:04 +1000

Greece's second-largest lender Piraeus Bank has hired four international investment banks as advisers on its 7.33 billion euro (£6.2 billion) share issue, two bankers close to the procedure told Reuters on Saturday.

Europe banks hesitate to join rush for new share capital

Thu, 16 May 2013 20:28:02 +1000

A wave of investor demand that has allowed Deutsche Bank and two other lenders to raise six billion euros (5 billion pounds)in new share capital in the past month is unlikely to prompt other European banks to go to their shareholders for more cash.

City of London Finance Jobs Fall in April as Firms Stall Hiring

Thu, 16 May 2013 16:02:45 +1000

City finance jobs decline to 5,922 in April from 7,661 in the same month, a year ago

Deutsche Bank names head of wealth in Americas

Thu, 16 May 2013 04:14:02 +1000

Deutsche Bank AG said on Wednesday it has named Jerry Miller to run the German bank's asset and wealth management business in the Americas.

JPMorgan, Portugal in talks to resolve swaps tussle-source

Thu, 16 May 2013 02:28:01 +1000

The Portuguese government and JP Morgan Chase & Co are attempting to resolve a tussle over potentially costly derivative contracts sold by the U.S. investment bank to state-owned companies.

For Japan lenders, Abenomics' pain comes first, gain later

Wed, 15 May 2013 19:00:04 +1000

Japan's top three banks forecast weaker annual earnings as aggressive monetary easing squeezes them out of a profitable government bond trade and forces them to rely more on bread-and-butter lending where margins remain razor-thin.

Insight: Bank documents portray Cyprus as Russia's favorite haven

Wed, 15 May 2013 18:21:02 +1000

When the Cyprus bank run began earlier this year, Russians set much of the pace. Documents seen by Reuters show that as the Mediterranean island headed towards financial meltdown in March, most notable among companies transferring money from the country's two main banks were Russians and East Europeans.

Barclays US Libor Fixing Lawsuit Dismissal: Will It Hurt Guardian Care Homes Case?

Wed, 15 May 2013 16:03:36 +1000

Following the dismissal US shareholders lawsuit against Barclays, Lianna Brinded takes look at the effect on GCH case

Libor Fixing Scandal: Barclays Wins US Lawsuit Dismissal

Tue, 14 May 2013 15:57:26 +1000

Bank, Bob Diamond and others win dismissal of shareholder lawsuit which claim investors lost money on rate rigging.

Barclays wins dismissal of U.S. shareholder lawsuit over Libor

Tue, 14 May 2013 07:28:01 +1000

Barclays Plc , the first bank to settle with authorities over alleged manipulation of the Libor interest rate, on Monday won the dismissal of a U.S. lawsuit by shareholders who claimed they lost money because of the British bank's activity.

Private equity owners pick IPO banks for Grohe

Tue, 14 May 2013 02:42:02 +1000

Investor TPG Capital and the private equity arm of Credit Suisse are speeding up preparations to divest Europe's biggest bathroom equipment maker Grohe , sources said.

SocGen CEO's 2012 bonus rises 75 percent

Tue, 14 May 2013 01:28:02 +1000

Societe Generale Chief Executive Frederic Oudea's bonus rose 75 percent last year to 1.2 million euros ($1.56 million), even as France's No. 2 bank moved to cut costs and sell assets.

Commerzbank to start share sale mid-week - sources

Tue, 14 May 2013 00:28:01 +1000

Commerzbank AG will start its 2.5 billion euro (2.0 billion pounds) share sale this week, offering a hefty discount in a move designed to help repay state aid, two people familiar with the transaction told Reuters.

Dollar rise hits oil, gold; euro sags on ECB cut bets

Mon, 13 May 2013 20:28:02 +1000

The dollar continued to power higher on Monday, leaving oil and gold prices in its wake, after the Group of Seven gave a green light to Japan's efforts to spur growth with aggressive monetary easing.

Western Union shares could rise in coming years - Barron's

Mon, 13 May 2013 03:35:02 +1000

Western Union Co. , which facilitates long-distance money transfers between consumers and businesses, could see its shares rise to the low $20 range in the next few years, according to a Barron's report.

Goldman hires Deutsche analyst to co-head software team

Fri, 10 May 2013 00:42:02 +1000

Goldman Sachs Group Inc has hired Deutsche Bank senior equity analyst Tom Ernst as a managing director to co-head its software banking team, a company spokesman said late on Wednesday.

HSBC profits nearly double as costs and bad debts fall

Tue, 07 May 2013 22:28:02 +1000

HSBC aims to keep the pressure on costs after first-quarter earnings nearly doubled due to the bank's three-year efficiency drive and a halving in bad debts charges.

French banks battle economy with more cost cuts

Tue, 07 May 2013 19:21:03 +1000

French banks Societe Generale and Credit Agricole vowed on Tuesday to keep cutting costs after asset sales and lending cutbacks helped to offset a weak domestic economy in the first quarter.

SocGen eyes 900 million euro savings after profit fall

Tue, 07 May 2013 15:35:03 +1000

Societe Generale , France's No. 2 listed bank, is to cut 900 million euros (759.03 million pounds) in costs over the next three years after a weak domestic economy and one-off charges halved quarterly earnings.

Insight - How Singapore's currency club fell apart

Tue, 07 May 2013 07:28:04 +1000

Mukesh Kumar Chhaganlal said he tried to warn his manager at UBS AG about the "increasingly unrealistic" currency rates being set last year for the Indonesian rupiah against the dollar.

Insight: How Singapore's currency club fell apart

Tue, 07 May 2013 07:28:03 +1000

Mukesh Kumar Chhaganlal said he tried to warn his manager at UBS AG about the "increasingly unrealistic" currency rates being set last year for the Indonesian rupiah against the dollar.

Assured says to be paid $358 million as it settles UBS suit

Mon, 06 May 2013 22:35:04 +1000

Bond insurer Assured Guaranty Ltd said it reached a settlement with UBS AG in a lawsuit that accused the bank of falsely representing the quality of the loans underlying 958.13 million pounds ($1.49 billion) of mortgage-backed securities.

Banks paint wider targets after early misses

Sun, 05 May 2013 23:42:02 +1000

It has taken banks years to rein in their optimism and start setting targets they have some chance of meeting, finally chastened by conspicuous failure in meeting the unrealistic expectations they touted.

U.S. judge blocks $383 million arbitration case against Citigroup

Sat, 04 May 2013 04:21:02 +1000

Citigroup Inc has won an injunction blocking a $383 million arbitration case filed by a Saudi Arabian investor who accused the bank of "virtually wiping out" his family's wealth.

FERC finds JPMorgan manipulated power trading: report

Sat, 04 May 2013 02:49:04 +1000

Investigators from the agency that regulates power markets have found a unit of JPMorgan Chase & Co manipulated trading in the California and Michigan electricity markets, the New York Times reported, in what would be the latest government crackdown on trading abuses in the markets.

Glencore Xstrata: Analysts' Ratings Snapshot

Fri, 03 May 2013 18:24:17 +1000

IBTimes UK delivers a snapshot of what the analysts recommend on the commodities giant's stock market debut.

BNP Paribas pledges cuts after profits fall

Fri, 03 May 2013 16:21:02 +1000

French bank BNP Paribas pledged to keep cutting costs and staff amid a lacklustre economic environment after reporting a 45 percent drop in first-quarter net income on Friday.