September, 2017

• 30 September

  Lehman Brothers, Citigroup settle US$2bn financial crisis-era dispute

  

  Bloomberg Citigroup Inc. and the wreckage of Lehman Brothers Holdings Inc. have resolved a fight over $2.1 billion that dates to the financial crisis, while quietly burying a key question about derivatives-trading practices. Citigroup agreed that it will give back $1.74 billion to the estate of the failed New York-based investment bank. Citigroup had kept about $2.1 billion that Lehman ...

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• 30 September

  Ex-Barclays trader dodged $1mn fine over ‘power disruption’

  

  Bloomberg A former Barclays Plc trader who bragged about disrupting the western U.S. power market more than a decade ago dodged a $1 million fine by a US regulator for alleged manipulation. Ryan Smith convinced a federal judge in Sacramento, California, that the Federal Energy Regulatory Commission waited too long to bring its case against him for allegedly scheming with ...

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• 30 September

  HSBC to pay $175mn to settle Fed probe of FX practices

  

  Bloomberg HSBC Holdings Plc has been fined $175 million by the Federal Reserve after a long-running probe found that foreign-exchange traders had been front-running client orders, sharing confidential customer details with dealers at other firms and attempting to rig currency benchmarks. The Fed order detailed multiple instances of improper behavior, including allegations that traders may have conspired with counterparts at ...

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• 30 September

  Morgan Stanley says ‘party’s just begun’ for Indian stock funds

  

  Bloomberg The recent flood of cash into Indian stock funds is just the beginning, as the nation’s growing savings chase equity returns amid decreasing appetite for gold, property and fixed income, according to Morgan Stanley. “We’ve just started, the party has just begun,” said Ridham Desai, managing director at Morgan Stanley India Co. Pvt. The nation’s total financial savings are ...

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• 30 September

  Cryptocurrencies drop as S Korea bans ICOs, margin trading

  

  Bloomberg Ethereum and bitcoin dropped after South Korea banned domestic initial coin offerings (ICOs) and margin trading in cryptocurrencies. The Financial Services Commission in Seoul said all forms of ICOs are prohibited in the country, including projects that share profits, rights, dividends, and other ‘coin-style’ offerings, according to a statement. The commission also banned practice of loaning funds to trade ...

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• 30 September

  Goldman Sachs sees China dominance in dollar bonds rising

  

  Bloomberg Chinese offshore dollar bond issuance will reach as much as 80 percent of the Asia ex-Japan market in three to five years as buying support from the region grows and the country continues its reform drive, according to Goldman Sachs Asset Management LP. Issuers from China accounted for about 60 percent of dollar-denominated bonds priced in Asia excluding Japan ...

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• 30 September

  Citi applies for French broker licence post-Brexit

  Bloomberg Citigroup Inc. applied for a backup license in France, hedging its bet on making Germany the headquarters for its new European Union broker-dealer after Brexit. Jim Cowles, the bank’s chief executive officer for Europe, the Middle East and Africa, told French newspaper Les Echos that the license is part of a plan to move positions across the continent. The ...

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• 30 September

  Southwest sends oldest 737s to graveyard as Max joins fleet

  

  Bloomberg Southwest Airlines Co. is set to pull off an aviation high-wire act as it sends 30 of its oldest planes to a desert graveyard just 24 hours before launching the newest version of its staple 737 jetliner. The changeover will usher in the latest fresh start for Boeing Co.’s bread-and-butter passenger plane, extending Southwest’s almost 50-year dedication to the ...

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• 30 September

  Bombardier nears $1.25 billion C Series deal with Air Baltic

  

  Bloomberg Bombardier Inc., the Canadian planemaker facing US import duties on its C Series jet, is nearing a deal to sell at least 14 of the planes to Air Baltic Corp. in an order with a list value of about $1.25 billion. The carrier is set to buy CS300 models “definitely before the end of next year,” Air Baltic Chief ...

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• 30 September

  Flights delayed around globe as Amadeus booking system fails

  

  Bloomberg Airlines worldwide were forced to delay flights as a global flight-bookings system operated by Amadeus IT Group SA suffered what the company called a “network issue.” Carriers including British Airways, Deutsche Lufthansa AG, Cathay Pacific Airways and Qantas Airways were among those impacted, with Dutch operator KLM delaying at least 24 departures. Singapore’s Changi airport said via Twitter that ...

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