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
WASHINGTON A federal judge said on Thursday that Volkswagen AG (VOWG_p.DE) has reached an agreement in principle to provide "substantial compensation" to the owners of about 80,000 3.0-liter polluting diesel vehicles, a key hurdle to resolve the German automaker's emissions scandal. U.S. District Judge Charles Breyer did not disclose the amount of owner compensation, which is not included in a
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.
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
The police force in Sweden wants hire a greater number of immigrants to adjust to the increasingly diverse population in the country. Law enforcement authorities are optimistic Swedes seeing more immigrants in police uniforms will give the force new “street cred.” The initiative called the World Integrated into Swedish Police Project aims to increase ethnic diversity in every level of
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
Carbon emissions have a clear impact on Earth’s atmosphere, trapping heat and contributing to global warming, which is one of the various facets of climate change. However, a lot of that carbon also gets absorbed by the water bodies on Earth, especially the oceans, where it contributes to increasing the acidic component of their waters. Oceans cover 70 percent
The Arctic got its report card Tuesday and it looks like someone is due for detention. It showed the Arctic is in failing health with temperatures at their highest since recordkeeping started more than a century ago, leading to a decline in snowpack and sea ice, ocean acidification and other environmental ills. “What happens in the Arctic doesn’t stay
A pro-trade agenda set out by G20 leaders after their Hangzhou Summit in China has been welcomed by leading trade figures. While there were few concrete details revealed in the official communique, the world’s 20 most powerful nations aligned to slam protectionism, to call for inclusive growth and to use innovation to spur trade growth, as opposed to a fiscal
