December, 2021

• 13 December

  London court orders JPMorgan to reinstate trader at six-figure job

  

    Bloomberg JPMorgan Chase & Co was ordered by a London judge to give a trader that it fired during a market spoofing probe a near $600,000 job at the investment bank. The bank must rehire Bradley Jones, a cash equities trader, who won his unfair dismissal case earlier this year. Jones successfully argued that he was only fired because ...

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• 13 December

  Philippines probes online fraud complaints at banks

    Bloomberg The Philippine central bank is looking into complaints that some clients of BDO Unibank Inc, the country’s largest lender by assets, lost money to an online fraud in which funds were channeled to accounts at Union Bank of the Philippines. “We are in close coordination with BDO as well as UBP on this incident to ensure that remedial ...

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• 13 December

  Deutsche haunted by control lapses as US warns of breach

  

    Bloomberg Deutsche Bank AG’s control lapses keep haunting Christian Sewing. The Chief Executive Officer of Germany’s largest lender has spent his almost four years in the role trying to mend relations with regulators and restore a path to sustainable profitability. While he’s made progress on the latter, a slew of recent legal and regulatory headaches threaten to overshadow those ...

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• 13 December

  ‘Banks must keep better tabs on risks’

    Bloomberg The Federal Reserve, in a review of the massive losses banks incurred in the collapse of Archegos Capital Management, told lenders they must maintain sufficient margin when dealing with investment funds and are responsible for understanding their positions. The regulator is still reviewing specific firms’ weaknesses and may take further action, the Fed said in a letter to ...

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• 13 December

  China seeks to curb relentless yuan gains with surprise fix

  

    Bloomberg China’s central bank took further steps to limit the yuan’s strength, a day after policy makers made their most substantial move yet to rein in the currency’s surge against the dollar. The People’s Bank of China (PBOC) set its daily yuan fixing at the weakest relative to estimates since Bloomberg began publishing the forecasts in 2018. The fixing ...

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• 13 December

  Europe stocks, US futures up before central banks meet

  

    Bloomberg European stocks and US futures rise on Monday as traders prepared for a wave of central bank decisions this week amid concerns about economic risks from the omicron virus variant. Miners led an advance in Europe’s Stoxx 600 Index as the price of iron ore jumped on expectations that China will move to increase the stimulus next year. ...

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• 13 December

  Stock-market bravado tested as bonds flash Fed policy danger

  

    Bloomberg The fastest inflation print in nearly 40 years is rattling nerves on Wall Street where economically sensitive trades are hitched to an ultra-accommodative Federal Reserve. The spread between five- and 30-year Treasury yields has narrowed relentlessly this quarter, with that curve now near the flattest since March 2020. It’s a sign bond traders are betting faster rate hikes ...

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• 13 December

  UAE, Russia foreign trade to hit $4bn by end of this year

  

    ABU DHABI / WAM Total foreign trade between Russia and the UAE is set to reach around $4 billion by the end of this year, said Sergey Cherimin, Minister of the Government of Moscow, head of the Moscow Department for Foreign Economic Activity and International Relations. In 2020, this figure stood at $3.3 billion. In an exclusive interview with ...

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• 13 December

  Sheikh Khalifa receives letter from president of Azerbaijan

    ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan received a letter from President of the Republic of Azerbaijan Ilham Aliyev, regarding bilateral relations and ways to further develop them. In his message, president Aliyev wished the UAE continued progress and prosperity, expressing his eagerness to develop partnerships and advance cooperation between two countries in ...

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• 13 December

  UAE, Mauritius to boost bilateral cooperation

  

    DUBAI / WAM Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, met Dr Renganaden Padayachy, Minister of Finance, Economic Planning and Development of Mauritius, at the Ministry of Finance’s (MoF) headquarters in Dubai. The meeting sought to discuss means of bolstering bilateral cooperation to achieve mutual benefit for both countries. Abdullah Ahmed Al Obaidly, Director of Relations ...

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