LONDON: ‘ FIVE OF THE WORLD’S BANKS FINED UNDER RIGGING FOREX MARKET ‘

#AceFinanceNews – LONDON – Nov.12 – Five of the world’s biggest banks have today been handed fines totalling more than £2billion for rigging the £3.5trillion-a-day foreign exchange market.

' Five of world's biggest banks are fined record £2BILLION over rigging foreign exchange markets - but no bankers are prosecuted '

‘ Five of world’s biggest banks are fined record £2BILLION over rigging foreign exchange markets – but no bankers are prosecuted ‘

British, US and Swiss authorities all launched an onslaught after an 18-month investigation as regulators today revealed the latest scandal to rock the industry.

State-owned Royal Bank of Scotland has been fined £217million ($344million) by the London-based Financial Conduct Authority (FCA) as well as £182million ($290million) by the US Commodity Futures Trading Commission (CFTC).

The others involved in the settlement are Citibank, HSBC, JPMorgan Chase and UBS, who will also pay up to £500million each. Barclays said it continues to hold discussions with regulators.

More than 30 traders have been fired, suspended, put on leave, or resigned since the probes started, and the Serious Fraud Office has launched a criminal investigation – but there have been no arrests.

The FCA said today that bankers, who referred to themselves as the ‘A-Team’ and ‘Three Musketeers’, colluded on-line by sharing information about foreign exchange orders so they could make cash for their banks and bag big bonuses themselves.

The FCA has said it issued the record fines because five banks were failing to control business practices in their foreign exchange trading operations.

Barclays will be next to be punished.

Its penalties dwarf the £532 million imposed by the regulator on banks and City brokers over the previous big regulatory scandal involving the manipulation of the interbank lending rate, Libor.

RBS chief executive Ross McEwan said: ‘To say that I am angry about the misconduct would be an understatement.

‘We had people working at this bank who did not know the difference between right and wrong, or worse, didn’t care about the distinction.’

The FCA said traders at different banks formed tight-knit groups in which information was shared about client activity, including using code names to identify clients without naming them.

Names given to these groups included ‘the players’, ‘the 3 musketeers’, ‘1 team, 1 dream’, ‘a co-operative’ and ‘the A-team’. Traders shared the information obtained through these groups to help them work out their trading strategies.

FCA chief executive Martin Wheatley said: ‘Today’s record fines mark the gravity of the failings we found and firms need to take responsibility for putting it right.

‘They must make sure their traders do not game the system to boost profits or leave the ethics of their conduct to compliance to worry about.’

An inquiry by the Bank of England found that no official was involved in any unlawful or improper behaviour in the forex market.

#AFN2014 

#banks, #fined, #forex, #traders

` Vladamir Putin appeals to ` European Nations ‘ Interested in Bolstering Ukraine’s Economy ‘

#AceFinanceNews – MOSCOW – April 19 – President Putin has appealed to all European nations interested in bolstering Ukraine’s economy to come up with feasible programs for the country’s budget, RIA Novosti reports.

The President sent communications to European leaders last week regarding Ukraine’s gas debt, which Russia had eased by reducing prices and subsidizing it with $35.4 million as a result.

#AFN2014

#european, #moscow, #president-putin, #ukraines

` Kerry takes offence to critical comments made by `Israel's ' defence minister the US Foreign Policy Agenda '

#AceWorldNews – US Secretary of State John Kerry took offence to critical comments made by Israel’s defence minister, calling Prime Minister Benjamin Netanyahu on Wednesday to vent his anger.

According to State Department spokeswoman Jen Psaki, Kerry “protested” the remarks by Defence Minister Moshe Yaalon, who criticized the United States for projecting a feeble image throughout its foreign policy agenda, from the negotiations over Iran’s nuclear program to the escalating tensions in Ukraine.

Psaki said Yaalon’s comments were “not constructive,” adding that Kerry told Netanyahu they were not consistent with America’s “unshakeable commitment” to Israel.

#ANS2014

#afn2014, #americas, #iran, #israel, #israels, #prime-minister-benjamin-netanyahu, #ukraine, #united-states, #us-secretary-of-state-john-kerry

` Russian Foreign Ministry continues with `Sanctions ‘ on US and EU’s under ` Tit-for Tat ‘ Response ‘

#AceWorldNews – Moscow – March 21. – Russia’s Foreign Ministry will propose to the country’s leadership to take retaliatory measures in response to sanctions of the United Stated and European Union, as measures that are left without response fuel appetites, State Secretary and Deputy Foreign Minister Grigory Karasin stated at a meeting at the Federation Council upper house of parliament.

“I doubt that the Western partners will get it retaliatory sanctions right, there is the term a ‘tit-for-tat response’, we are considering this the further response ” Karasin said. “

Sanction regimes are applied to us for the first time, so we will propose to the government to take retaliatory measures, as measures left without response fuel appetites. Sanction regimes are absolutely illegitimate,” he added.

#ANS2014

#afn2014, #european-union, #federation-council, #moscow, #russian-foreign-ministry, #united-states

#AceNewsGroup says to all my reader and followers…

#AceNewsGroup says to all my reader and followers have just completed adding an Ace Guest News and Views box on Ace Finance News ‘ just add your news, views and videos by copying and pasting short URL from and post as easy as that. When you add your first post l will approve and after that just add whenever you like. Enjoy http://wp.me/zTwj

#AFN2014

#acefinancenews, #aceguestnews, #aceguestviews

` European Union offers 15 Billion Euro’s to Ukraine and Yatsenyuk is asking for 35 Billion over Two Years ‘

#AceFinanceNews says that the decision by the European Union to provide massive economic aid to Ukraine comes after the crisis around Crimea began.

Huge figures have been mentioned, the European Commission talks about 15 billion euros. The new Ukarinian government wants more, however: new prime minister Arsenyi Yatsenyuk is asking for 35 billion euros over the next two years.

Meanwhile, few people would argue that the crisis around Crimea was a direct result of the disturbances that have enveloped Ukraine since its failure to sign an Association Agreement with the EU in November last year.

Back then, in November, it was not signed because Ukraine’s president Yanukovich did not secure from the EU that same 15 billion euros in the short term and 35 billion euros over the next two years.

Courtesy of :Dmitry Babich

#AFN2014

#arseniy-yatsenyuk, #crimea, #eu, #european-union, #ukraine

` Nakamoto denies he is the creator of `Bitcoin ‘ despite earlier reports ‘

#AceFinanceNews says that Dorian Prentice Satoshi Nakamoto has denied that he is the creator of Bitcoin, despite an earlier report.

Newsweek claimed Nakamoto is the person who wrote the computer code underpinning Bitcoin.

However, he denied in an interview with AP that he had anything to do with the digital currency. Nakamoto, 64, said he had never heard of Bitcoin until his son told him he had been contacted by a reporter three weeks ago.

Bitcoin has become increasingly popular because it allows people to make one-to-one transactions, buy goods and exchange money without involving banks, credit card issuers or other third parties.

#AFN2014

#ap, #bitcoin, #nakamoto

` @GSElevator loses his book deal as he goes down to ground level ‘

#AceFinanceNews says that the man behind a popular Twitter account that appeared to provide a rare insider look at Goldman Sachs has lost his book deal after revelations the former banker never actually worked at the firm.

Banker John Lefevre gained Internet fame through his @GSElevator account, where he posted dialogue he claimed to have overheard in the elevators of the top global investment firm, angering many at Goldman Sachs and other Wall Street executives.

Lefevre, formerly of Citibank, had remained anonymous for three years, until The New York Times revealed his identity last week.

“In light of information that has recently come to our attention since acquiring John Lefevre’s ‘Straight to Hell,’ Touchstone has decided to cancel its publication of this work,” the division of Simon & Schuster said in a statement.

Goldman responded to the news with some humour. “Guess elevators go up and down,” it posted on its Twitter account.

#AFN2014

#gselevator, #goldman-sachs, #john-lefevre, #mes, #new-york-times, #simon-schuster, #touchstone, #twitter, #wall-street

` Crimea `Autonomy within the Ukraine’ will join `Ruble Zone’ if admitted to Russia ‘

#AceFinanceNews says that according to latest news from Crimea (autonomy within Ukraine) will join the Ruble Zone if admitted to Russia, the peninsula’s First Deputy Prime Minister Rustam Temirgaliyev told a news conference on today – Itar-Tass

“As a part of Russia we will be in the Russian economic environment and therefore in the Ruble Zone” – he said.

#AFN2014

#crimea, #itar-tass, #ruble-zone, #ukraine

` European Central Bank leaves `Key Interest Rates ‘ steady with ` Refinancing ‘ rate at 0.25 Percent’

#AceFinanceNews says that the European Central Bank held its key interest rates steady as largely expected on Thursday.

The ECB left its central “refi” or refinancing rate unchanged at 0.25 percent at its monthly policy meeting, it said in a statement.

The central bank also held its other two key rates — the marginal lending rate and the deposit rate — unchanged at 0.75 percent and zero percent respectively.

There had been speculation that the central bank might ease monetary conditions in the 18 countries that share the euro given the worryingly low level of inflation.

ECB President Mario Draghi was scheduled to explain the reasoning behind the latest decision at a news conference.

This decision is key to the strategy adopted by the European Central Bankers and will largely prevent inflation rises, but it will eventually lead to a slow down in the economy of the Western Nations. this is due mainly to the huge indebtedness and risk factor in the Asia-Pacific Investment markets.

More soon ………………………………………………………………………………….

#AFN2014

#asia-pacific, #european-central-bank-ecb, #president-mario-draghi, #western-nations

` While Americans pay their `Taxes ' Corporations like `Apple ' avoid theirs by moving billions to `Tax Havens '

#AceFinanceNews says Apple has shifted billions in untaxed profits from its Australian operations to Ireland over the past decade, a report said on Thursday.

The Australian Financial Review obtained 10 years’ worth of financial accounts for Apple Sales International – an arm of the organization it described as the “secretive” Irish company at the heart of the group’s global tax arrangements, AFP reported.

The newspaper said the US tech giant moved an estimated US$8.1 billion in untaxed profits from Australia to a tax haven structure in Ireland, paying just 0.7 percent of its turnover in tax.

Apple in Australia has previously said it has done everything required by the tax office.

#AFN2014

#afp, #apple, #australian, #ireland

` Banking World changes as `Japan’s biggest brokerage `Nomura Holdings’ has chosen a `Woman’ to head its Banking Arm’

#AceFinanceNews says in a world dominated by men this happens Japan’s biggest brokerage Nomura Holdings said Wednesday it has chosen a woman to head its banking arm, in what is believed to be a first for the country’s male-dominated financial sector.

Chie Shimpo, 48, will next month become president of Nomura Trust and Banking, as Japanese Prime Minister Shinzo Abe calls for more women to join the labour force and for companies to bring female employees into the boardroom.

None of the nation’s three biggest banks — Mitsubishi UFJ, Sumitomo Mitsui and Mizuho Financial — have top female executives, according to a government survey.

The central bank, Bank of Japan, has just one woman on its nine-member board.

In an interview last year with a Japanese business on-line magazine, Shimpo dismissed her gender as a factor at the office.

#AFN2014

#ace-banking-news, #afp, #bank-of-japan, #chie-shimpo, #japan, #japanese-prime-minister-shinzo-abe

` Bank of England suspends worker over possible manipulation in `Forex’ or `Sharing of Confidential Client Data’

#AceFinanceNews says that the Bank of England has suspended a worker amid a probe into the suspected rigging of foreign exchange trading but added there was no evidence of collusion, it said Wednesday.

The central bank said in a statement that the suspension was linked to an investigation into whether officials “were informed of manipulation in the foreign exchange market or the sharing of confidential client information”.

#AFN2014

#afp, #bank-of-england, #foreign-exchange-market-forex

` Jamie Olivier announces opening of `Italian Restaurant ‘ for city in Cantonese ‘

#AFN2014 says really funny watching him practising Cantonese on the Video

 

Enhanced by Zemanta

#cantonese, #jamie-olivier

` Bitcoin storage site `Flexcoin ' is closed after hackers robbed it of `$600.000 ' from its Hot Wallet '

#AceFinanceNews says that Bitcoin storage site Flexcoin announced Tuesday that it has closed after hackers robbed it of some $600,000 worth of digital currency.

“On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet.

The attacker made off with 896 BTC,” the bitcoin bank said on its website.

“As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately.”

The stolen 896 bitcoins come to a loss of around US$600,000, depending on current bitcoin trading value. Bitcoin is not backed by deposit insurance since it is a crypto-currency.

Flexcoin kept bitcoins offline, or in “cold storage,” to remain secure.

Cold storage is separate from a hot wallet, or a bitcoin wallet which is on-line and connected to the internet.

RT News and #AFN2014

#bitcoin, #crypto-currency, #digital-currency, #flexcoin, #rt-news

` IMF : Pressures mounts to give `Green Light’ to an `Aid Program ‘ for Kiev ‘

#AFN2014

#acefinancenews, #imf, #kiev

` First there was a `New Currency ‘ called `Bitcoin’ then came `Greed ‘ now comes Taxation ‘ allowing `Greed ‘ to have its own Reward’s

#AceFinanceNews says according to latest news Japan is looking at ways to tax Bitcoin transactions, a report said Tuesday, in the wake of the spectacular failure of the Tokyo-based MtGox exchange after a half-billion-dollar theft.

The finance ministry and the national tax agency are studying possible rules that could govern transactions using the digital currency, the Yomiuri Shimbun newspaper said.

Authorities believe purchases made with Bitcoin can be subject to consumption and corporate taxes, even though the unit is not a legal currency, the Yomiuri said without citing sources.

This latest case of irregularities that has lead to an the recent investigation as cites by Reuters in saying Mt Gox, once the world’s largest bitcoin exchange, filed for bankruptcy in a Tokyo district court on Friday, the company’s lawyer citing ‘outstanding debts of $63.2 million, after mysteriously going offline on Monday.
Investors may have lost all of their virtual coins, as the exchange’s computer system was exposed to fraudulent transactions and technical failures. More on this story at http://wp.me/pzTwj-2tk

Has allowed a way for countries to tax Bitcoin transactions and bring them in line with many other the Monetary Systems controls, as was always wanted by the a number of countries.

This latest round of investigations, has only added fuel to the fire.

#AFN2014

#afp, #bitcoin, #finance, #japan, #mt-gox, #reuters, #taxation

` Fifty Million Americans live in Poverty even though they receive Benefits’ the Year 2013′

#AFN2014

#acefinancenews

` Super Rich Taxation could Boost the Economic Growth according to IMF ‘

#AFN2014

#acefinancenews

` Excess and Greed has its own way of showing People the Truth'

#AFN2014

#acefoodnews, #greed, #excess