Banking

Fed’s Clarida dismisses weak retail sales, says outlook solid

Bloomberg Federal Reserve Vice Chairman Richard Clarida brushed aside news of weaker-than-expected retail sales in November and said the US economy looks headed for a solid 2020 based on a strong labour market and a robust consumer. “The US consumer’s never been in better shape in my professional career,” Clarida said in an interview with Fox Business Network, repeating an ...

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‘Homes are for living in,’ PBOC warns developers

Bloomberg China’s central bank warned property speculators that “homes are for living in” as the regulator pledged to properly regulate the real estate market. The People’s Bank of China also said it will be “flexible” and “appropriate” in setting prudent monetary policy, and will boost financial support to manufacturers and the private sector, according to a statement after a meeting. ...

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HSBC agrees to pay $192m to resolve US tax investigation

Bloomberg HSBC Holdings Plc will pay $192 million to resolve a decade-long US tax investigation and admitted that it helped American clients cheat the Internal Revenue Service, (IRS) according to a US judge. Prosecutors filed a charge of conspiracy to defraud the US against a unit of the bank, HSBC Private Bank (Suisse) SA, but agreed to drop it in ...

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UBS banker fired for improper transaction

Bloomberg Barry Zamore, the head of loan trading at UBS Group AG, was terminated after engaging in an allegedly improper transaction. Zamore, 50, was dismissed at the end of October for violating firm policies, UBS said in a regulatory filing. The Swiss bank terminated him for buying back a loan at the same price from a counterparty, cancelling that transaction ...

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‘Traders recovering from brutal 2018 finish’

Bloomberg JPMorgan Chase & Co and Citigroup Inc won’t be repeating 2018’s rough close to the year. Fourth-quarter trading revenue will rise “meaningfully” from a year earlier, driven by the fixed-income business, JPMorgan Chief Financial Officer Jennifer Piepszak said at an investor conference. Citigroup CFO Mark Mason said at the conference that the bank’s trading revenue in the period is ...

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Uganda’s interests could hit project spending: IMF

Bloomberg Uganda will spend as much as a fifth of government revenue on interest payments in this financial year and the International Monetary Fund (IMF) warned this could reduce expenditure on human capital and infrastructure projects. That’s equivalent to what countries that are close to or in debt distress spend on servicing credit, according to the IMF’s country Resident Representative ...

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ECB policy makers all set to discuss digital currency

Bloomberg European Central Bank (ECB) policy makers meeting in Frankfurt this week will discuss the prospect of launching their own digital currency, according to euro-zone officials familiar with the matter. Governing Council members were expected to talk about the topic informally at dinner on Wednesday, a day before their policy meeting under new President Christine Lagarde, the people said, asking ...

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Powell steers for economic soft landing thwarted twice

Bloomberg Maybe the third time Jerome Powell will get lucky. The Federal Reserve chairman looked close to pulling off a soft landing of the ebbing US economy twice this year — at the start of May and the end of July. Each time though he saw his plans blown off course via an escalation of trade tensions by president Donald ...

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Deutsche Bank vows to avoid capital raise as ECB cuts burden

Bloomberg Deutsche Bank AG Chief Executive Officer (CEO) Christian Sewing vowed that the bank will execute one of the largest restructurings in its history without the need for extra shareholder funds as he seeks to build credibility with investors. The lender’s common equity Tier 1 ratio — a key metric of financial strength — will be above 13% throughout the ...

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Morgan Stanley fined $22mn by France

Bloomberg Morgan Stanley was fined 20 million euros ($22.1 million) by French regulators after the bank’s London desk was accused of using “pump and dump” tactics to manipulate sovereign bond prices. The enforcement committee of the Autorite des Marches Financiers (AMF) said the bank manipulated the prices of 14 French government bonds and 8 Belgian bonds in June 2015. The ...

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