BofA knocks UBS off top spot in private banking league
Financial Times (Free subscription) | yesterday
Bank of America has overtaken UBS in the private banking league tables following its tie-up with Merrill Lynch
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Banking Industry: How to Buy Friends and Alienate People
SeekingAlpha.com (Free subscription) | yesterday
The Baseline Scenario submits: By Simon Johnson The banking industry is exceeding all expectations. The biggest players are raking in profits and planning much higher compensation so far this year, on the back of increased market share (wouldn’t you like two of your major competitors to go out of business'). And banks in general are managing to project widely a completely negative attitude towards...
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Banks Sign Agreements on Yuan Trade
Law Blog - WSJ.com (Free subscription) | 5 hours ago
Bank of Communications and Bank of China have signed agreements with HSBC to settle cross-border trade in yuan.
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Citi shakes up its Asian, European leadership
Market Watch (Free subscription) | 53 minutes ago
LOS ANGELES (MarketWatch) -- Citigroup Inc. said Monday said it has appointed new leaders for its Asia-Pacific and Europe, Middle East and Africa divisions. North Asia credit card and consumer bank chief Stephen Bird will share the role of Asia-Pacific chief executive with Shirish Apte, formerly Citi's Central & Eastern Europe chief. Ex-president of Asia Pacific, Shengman Zhang, will be moved...
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Teleprinter tale
Indian Express (Free subscription) | 3 hours ago
A recent report said that the State Bank of India has taken possession of prime properties in Chennai, owned by Hindustan Teleprinters because the company and its guarantor, Mahendra Nahata failed to pay up debt of over Rs 103 crore in time.
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SBIs Chicago unit gets a rap in US body report
Indian Express (Free subscription) | 3 hours ago
A US government body created to restore confidence of the public in the country's banking system feels that Indian lender State Bank of India's Chicago unit has to improve to meet the local credit needs.
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NAB looks on upside of crisis
News.com.au (Free subscription) | 3 hours ago
NATIONAL Australia Bank wants to exploit the uncertain environment to extend its dominance in business banking.
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Wells Fargo to Beef Up Securities Business
Law Blog - WSJ.com (Free subscription) | 2 hours ago
Wells Fargo is expanding the securities business it inherited from Wachovia.
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Online Scams Jump as More Africans Go Online
TechChuck (Free subscription) | 6 hours ago
Online scams targeting the financial sector are on the rise in Africa as more people access online banking services and mobile banking. Phishing attacks are mainly occurring in South Africa where online banking is common, while mobile money theft is common in other parts of Africa where Internet penetration is still low. As a result of the increase, South Africa's Absa bank, the largest in Sub Saharan...
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UKFI rules out quick sale of bank shares
The Telegraph (Free subscription) | 5 hours ago
There will be no quick exit for the taxpayer from its multibillion pound stakes in Lloyds Banking Group and Royal Bank of Scotland the body that controls the investments will warn this week.
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Uganda: Zain has launched its mobile money service, ZAP, for cash transfers and paying bills
3wan.net (Free subscription) | 6 hours ago
[The Monitor] Zain customers will be relieved of the hassle of moving with huge sums of money, as the company today, starts a mobile commerce service dubbed Zap. Zap will enable Zain subscribers to use their phone handsets to transfer money, pay their bills, top up airtime and buy goods without physically using cash. The service provides customers with increased security and flexibility, there-by reducing...
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MTN: growth in subscribers in Iran, Sudan and Syria
3wan.net (Free subscription) | yesterday
[zawya] A big jump in the number of cellphone subscribers in Iran last quarter was welcome news for MTN, but potentially troublesome for US banks eying a role in its planned 20 billion-plus merger. When MTN and India's Bharti Airtel first discussed a tie-up more than a year ago, MTN had about 6 million users in Iran, Business Day wrote. Its business there, and in Sudan and Syria, has since grown a...
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Unions and firms call for people's bank
The Guardian (Free subscription) | yesterday
Northern Rock would form foundation of state-backed 'Post Bank' Unions and business groups are calling on the government to use Northern Rock as the foundation for a state-backed bank, that would also operate through the Post Office branch network. The coalition published detailed proposals it said would give a boost to the post office network and prevent further closures. A "Post Bank"...
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SMEs get cash boost
New Vision (Free subscription) | yesterday
STANDARD Chartered Bank has lowered transaction costs on its trade financing services for small-and-medium enterprise (SMEs) customers in a bid to facilitate international trade.
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Goldman buoyed by 140% fee forecast (cut n paste in browser)
Cara Community - Comments (Free subscription) | yesterday
In reply to Cara's Commentary & Community Chat, Thursday, Jul 2, 2009 : "Goldman Sachs has recorded the largest quarter-on-quarter increase in investment banking revenues among its global rivals this year, according to new research, with fee income more than doubling in the three months to the end of June compared to the first quarter. Revenues from debt and equity underwriting, and mergers...
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What is a reserve currency and why is it important?
integrityfx | 03/07/2009
Background… A reserve currency is a currency that is stored in large quantities by foreign central banks and financial institutions as part of their foreign exchange reserves as a means to pay off international debt obligations, or to influence their domestic exchange rate. The U.S. dollar is the primary reserve currency. A reserve currency is generally the international pricing currency for goods
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Australia's Attorney General calls for action in Britain's Biggest Fraud - FBI SOCA Carroll One Billion Dollars Embezzlement Case
carrolltrust | 29/06/2009
Australia's Attorney General's office has called for action in Britain's biggest ongoing organised criminal conspiracy and corruption case The Carroll Foundation Charitable Trust Australasia operations have also been a victim in this "cross-border" international crime case. Carroll Global Corporation and Carroll Australasia Corporation owned vast sheep stud estate and food processing interests in the
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Please, stop “helping” the economy!
integrityfx | 11/06/2009
Back in October 2008, then US Treasury Secretary Henry Paulson met with CEOs of the 9 largest US banks. During that meeting, it was reported that Paulson required the CEOs to take TARP money whether they wanted the money or not. In May, Judicial Watch released talking points taken from official documents from those meetings. The talking points used by Paulson in that meeting include the comment that