Global Reserve Currency May No Longer Be US Dollar The issue of when a global reserve currency begins or ends is not an exact science. There are no press releases announcing it, and neither are there big international conferences that end with the signing of treaties and a photo shoot. Nevertheless, we can say with confidence that the
Compliance In Trade Finance Due Diligence Companies involved in international trade have for many years used trade finance instruments as tools to manage risk when importing and exporting internationally. The trade finance deal structure, when engineered correctly, goes a long way towards ensuring that cross-border transactions are structured to protect our clients against late payments, political risk, delayed delivery,
Global Shortage Of Trade Finance Is Crushing Small Business The worldwide shortage of trade finance has reached $1.6 trillion US according to a recent study by the Asian Development Bank. A shortage of trade finance of this magnitude is having a crushing effect on small businesses worldwide, many of whom cannot find trade finance for their business. The International
NEW YORK/FRANKFURT Deutsche Bank has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis. The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was hit hard
LONDON European stocks edged higher on Friday helped by banks after two regional bellwethers settled U.S. mortgage securities probes, while oil and the dollar were on the back foot in light trading ahead of the Christmas break. In another boost to European financials, a bailout for Italy's oldest bank Monte dei Paschi was approved as the country's government looks to
NEW YORK The U.S. Department of Justice on Thursday sued Barclays Plc (BARC.L) and two former executives on civil charges of fraud in the sale of mortgage-backed securities during the run-up to the 2008-09 financial crisis. The lawsuit was filed after Barclays resisted a penalty the U.S. government had sought in settlement negotiations, a person familiar with the matter said.
The Asian Infrastructure Investment Bank (AIIB) is to co-finance two infrastructure projects in the Philippines. The China-backed development bank is to contribute loans to a flood management project on the Manila metro system and a rapid transit bus system in the Filipino capital. The loan amounts are yet to be revealed, but the AIIB’s participation has been confirmed by the
As the dollar value of global merchandise reduces, the value of cross-border services is rising, creating new opportunities for banks to innovative by embracing the change. In an analysis of bilateral trade between 25 key trading nations, Global Trade Forecast, HSBC and research partner Oxford Economics found that growth in services exports has outstripped growth in goods trade since the
Morgan Stanley faces a $7.5 million fine from the Securities and Exchange Commission, the SEC announced Tuesday, for using illegal levels of customers’ cash and securities in swap trading. From March 2013 to May 2015, the megabank used its affiliate, Morgan Stanley Equity Financing Ltd., to serve as a client to its U.S. securities brokerage, the SEC said. In doing
ZURICH/NEW YORK The U.S. Department of Justice has asked Credit Suisse to pay between $5 billion and $7 billion to settle a probe over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, a source with knowledge of the matter said, but the bank has resisted settling for that amount. The size of the suggested settlement
