Banking

Bloomberg Deutsche Bank AG agreed to pay more than $130 million to settle criminal and civil charges that it bribed foreign officials and manipulated the market for precious-metals futures through a trading tactic known as spoofing. The Frankfurt-based bank agreed to a deal in which it won’t be prosecuted as long as it doesn’t engage in the practices again for ...

Bloomberg Commerzbank AG will take an additional 2.1 billion-euro ($2.6 billion) hit in the fourth quarter as the pandemic weighs on interest rates and drives up bad loans, pushing the lender deeper into the red as it readies a new turnaround plan. Commerzbank will write off 1.5 billion euros in goodwill on its books and set aside about 630 million ...

Bloomberg After three years of savings, top US banks could face an increased tax bill of as much as $11 billion a year if President-elect Joe Biden moves forward with corporate rate hikes he campaigned on. That would follow $42 billion of savings by the six biggest banks thanks to outgoing President Donald Trump’s 2017 tax cuts, which have boosted ...

Bloomberg China sentenced Hu Huaibang, a former chairman of the nation’s biggest policy bank, to life imprisonment on charges of corruption, the second harsh punishment doled out this week in a sign President Xi Jinping is escalating a campaign to crack down on lawbreaking state officials. Hu was found guilty of taking bribes totaling 85.5 million yuan ($13 million) during ...

Bloomberg In one of the world’s busiest regions for green debt issuance, Danske Bank A/S has taken a clear lead. After arranging $4.3 billion of sustainable bond sales for Nordic borrowers in 2020, more than any other bank, Danske now expects the primary market to expand by 25% over the coming 12 months, which would be the most ever. “We ...

Bloomberg Bitcoin held near a record a day after breaching $34,000 for the first time while Ether, another digital currency, also surged as the crypto rally continues. Ether climbed as much as 22% to about $1,163 following a 30% advance on Sunday. Bitcoin held onto most of its weekend gains, dipping about 1.6% to $33,060 as of 6:53 am on ...

Bloomberg Shares of Chinese banks and developers tumbled on Monday after regulators made an unprecedented move to cap loans for the real estate sector, the latest effort to snuff out systemic risks. The CSI 300 Financials Index dropped 1.2%, while the gauge of Shanghai-listed property developers falls 2.3% to the lowest in six months. Under new rules, the nation’s largest ...

Bloomberg Finland’s financial watchdog is trying to figure out how to respond after a lender it oversees explicitly disregarded European Central Bank’s (ECB) guidelines on shareholder rewards. The decision by Alandsbanken Abp, announced on January 1, to pay almost four times the dividend cap set by the ECB is “unfortunate,” Jyri Helenius, head of banking supervision at the Finnish Financial ...

Bloomberg Poland’s central bank moved to weaken the zloty for the first time in a decade, delivering on a warning that it won’t tolerate a stronger currency as the economy tries to recover from the Covid-19 pandemic. Sales by the bank helped push the zloty down by as much as 1.7% against the euro in low-volume trading. The step comes ...

Bloomberg Egypt’s central bank has extended two debt relief initiatives for another 6 months which were launched earlier to help companies and tourism firms struggling as a result of the coronavirus’ impact on the economy. In a statement, the regulator said the move affects companies with bank debt of less than 10 million Egyptian pounds and tourism firms with debts ...