Tag Archives: bank

Europe Bank Cleanup Driving $1.72 Trillion of Asset Sales

Europe’s largest banks are finally putting hundreds of billions of dollars of unwanted assets up for sale amid mounting competition among buyers and regulatory pressure. A wave of deals could be a boon to the region’s economy if the banks free up capital to increase lending.

Banks led by London-based Barclays Plc (BARC) and including UniCredit SpA in Milan and Credit Suisse Group AG (CSGN) in Zurich, have shunted more businesses, bad loans and spoiled investments into units to be sold or wound down. Such assets jumped by 65 percent since the end of 2013, to more than $1.72 trillion, according to data compiled by Bloomberg.

http://www.bloomberg.com/news/2014-08-25/europe-bank-cleanup-driving-1-72-trillion-of-asset-sales.html

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    The Swiss National Bank (SNB) has set a minimum exchange rate of 1.20 francs to the euro, saying the current value of the franc is a threat to the economy. http://www.bbc.com/news/business-14801324 "The Japanese example with yen intervention teaches us that intervention can work in the very short term but changing…
    Tags: bank, trading, europe
  • 73
    George Soros is 84 today. His career is remarkable both for its longevity and its returns – his Quantum fund has generated $39.6 billion in profits over the last four decades, making Soros the most successful hedge fund manager in history. How has Soros managed to stay at the top for so long?…
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  • 71
    It is with sadness I read that one more J.P. Morgan banker died. One thing is that Ryan was the head at the program trading desk. Meaning he over saw all of the trades and was familiar with all of the software (trade platforms) that these trades were done in. This…
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  • 65
    Imagine Fed Governor Rip van Winkle started his nap at the beginning of 2007 and just woke up to find that inflation is close to the Fed’s objective and the unemployment rate is at its 30-year average. You could forgive him for expecting the federal funds rate to be close…
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  • 65
    Citigroup's head of European spot foreign exchange trading, Rohan Ramchandani, has left the global bank, a spokesperson told Reuters on Friday. "He is no longer with Citi," bank spokeswoman Danielle Romero-Apsilos told Reuters. Asked if Ramchandani, who has been based in London, had been fired amid a global investigation into…
    Tags: amid, bank, trading

Mobile-Only Bank Osper Raises $10M To Aim At UK Youth Market

Osper, a new UK startup, has come up with an innovative way to create a banking service than can be used by children, combining prepaid debit cards and smartphone apps controlled by both them and their parents. The approach could potentially reach a market underserved by most banks, but which may also be embraced by parents keen to educate their children early on about how to manage money.

The startup has also announced it’s closed a $10m (£6m) funding round, led by London’sIndex Ventures (which has backed SoundCloud and Etsy among others). Previously Osper had raised a seed round of £800,000 in June last year as an alumni of the Techstars Londonaccelerator. The cash will be used by founder Alick Varma to launch the service out of beta, roll out in the UK and eventually expand abroad. It’s also enrolled the backing of major UK TV celebrity, Davina Mccall.

Other investors include Horizons Ventures (Li Ka-Shing’s venture capital arm – investor in Spotify, Facebook and Skype); Peter Jackson (CEO of Travelex), and Darren Shapland (ex-Chairman of Sainsbury’s Bank); as well as the entrepreneurs behind businesses including Streetcar, Lastminute.com, Jawbone, SoundCloud, Skyscanner and Funding Circle.

http://techcrunch.com/

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    Square’s recent troubles are not exactly a secret. The Wall Street Journal published a detailed analysis on April 21, detailing Square’s financial troubles and its rapidly shrinking cash position. Square took on a $100 million debt financing option earlier this year, but even with that option, WSJ and The Verge reported that the…
    Tags: startup, economy
  • 60
    Venture capitalists are spending their money on more established companies rather thanyoung startups, according to data from the first quarter of this year. According to the latest MoneyTree report--which was put together by the National Venture Capital Association and consulting company PricewaterhouseCoopers--there were only nine seed-stage investments in the Bay Area during…
    Tags: venture, capital, year, well, money, market, early, startup, economy
  • 59
    In case you needed more proof that all our jobs will one day be occupied by robots, a Hong Kong V.C. firm has just named an artificial intelligence tool to its board of directors. The company’s also insisting the tool will be treated as an “equal” to the other board members.…
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  • 56
    Some of the biggest names in Silicon Valley have been buzzing on Twitter over the last 24 hours about reinventing retail banking with better software. “I am dying to fund a disruptive bank,” venture capitalist Marc Andreessen tweeted yesterday. Other Valley heavyweights chimed in, including Chris Dixon (a colleague at Andreessen Horowitz), Keith Rabois (Khosla Ventures),…
    Tags: including, capital, ventures, bank, venture, banking, economy
  • 55
    For a decade, starting in the late nineteen-eighties, Ramesh Ramanathan worked his way up the executive ladder at Citibank in the United States. Then he led its corporate-derivatives branch in London. In 1998, however, he quit and returned to India, his country of birth. He had a new goal: finding…
    Tags: london, led, bank, will, economy

Heartbleed Leads Experts to Recommend #Password Changes

Security experts are urging consumers to change their Web passwords after the recent disclosure of a vulnerability touching wide swaths of the Internet, even as Google Inc. , Facebook Inc. and large banks said they weren’t affected.

The flaw to OpenSSL, an open-source software that runs on as many as two-thirds of all active websites, was reported on April 7, by researchers who pushed out a fix.

Dubbed Heartbleed, the bug could have allowed hackers to access encrypted e-mail messages, banking information, user names and passwords.

The flaw involving a two-year-old programming mistake was discovered by researchers from Google and Codenomicon, a security firm based in Finland, and reported to OpenSSL, according to a blog post from Codenomicon.

Google and Facebook said they addressed the problem before it was made public and saw no signs of vulnerabilities, while Yahoo! Inc. (YHOO) made the requisite fixes.

Yahoo’s Patch

“A vulnerability, called Heartbleed, was recently identified impacting many platforms that use OpenSSL, including ours,” Yahoo said in an e-mailed statement.

Before Yahoo issued its fix, security researcher Mark Loman from the Netherlands demonstrated Tuesday on Twitter that he was able to force the site to leak usernames and passwords.

“It wasn’t Yahoo’s fault, yet they’re very slow at installing the critical fix,” Loman wrote on his Twitter Inc. (TWTR) account. “Bug disclosure was flawed too.”

Extra Protection

Many large consumer sites running OpenSSL aren’t vulnerable to being exploited because they use specialized encryption equipment and software.

“The security of our users’ information is a top priority,” Google said in a statement yesterday.

In a statement, Facebook said it “added protections for Facebook’s implementations of OpenSSL before this issue was publicly disclosed, and we haven’t detected any signs of suspicious activity on people’s accounts.”

Tests on the home pages of other large technology, e-commerce and banking companies including Microsoft Corp., Amazon.com Inc. and Bank of America Corp. indicated they weren’t vulnerable.

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    When Gabriel Weinberg launched a search engine in 2008, plenty of people thought he was insane. How could DuckDuckGo, a tiny, Philadelphia-based startup, go up against Google? One way, he wagered, was by respecting user privacy. Six years later, we're living in the post-Snowden era, and the idea doesn't seem…
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WILL BANK ACCOUNTS CATCH ON IN INDIA?

For a decade, starting in the late nineteen-eighties, Ramesh Ramanathan worked his way up the executive ladder at Citibank in the United States. Then he led its corporate-derivatives branch in London. In 1998, however, he quit and returned to India, his country of birth. He had a new goal: finding a way to curb poverty in the nation’s cities.

http://www.newyorker.com/

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    The global financial crisis did not start in 2008 but in 2007 when BNP Paribas and UBS AG suspended withdrawals from some of their funds. If the world is once again buffeted by a similar crisis thanks to the enormous splurge in Chinese lending and fears about the quality of…
    Tags: will, bank, economy, asian
  • 70
    China's banks disbursed the most loans in any month in four years in January, a surge that suggests the world's second-biggest economy may not be cooling as much as some fear. Chinese banks lent 1.32 trillion yuan ($217.6 billion) worth of new yuan loans in January, beating a 1.1 trillion…
    Tags: bank, economy, asian
  • 63
    Some of the biggest names in Silicon Valley have been buzzing on Twitter over the last 24 hours about reinventing retail banking with better software. “I am dying to fund a disruptive bank,” venture capitalist Marc Andreessen tweeted yesterday. Other Valley heavyweights chimed in, including Chris Dixon (a colleague at Andreessen Horowitz), Keith Rabois (Khosla Ventures),…
    Tags: bank, economy
  • 60
      Feb 8 (Reuters) - If Greece is forced out of the euro zone, other countries will inevitably follow and the currency bloc will collapse, Greek Finance Minister Yanis Varoufakis said on Sunday. Greece's new leftist government is trying to re-negotiate its debt repayments and has begun to roll back…
    Tags: will, united, bank, economy
  • 60
    With its proposed deal to buy Viber Media, Japanese e-commerce company Rakuten is stepping into a war zone. The world of smartphone communications apps is fiercely competitive with many powerful players, and Viber’s success isn’t guaranteed. So why is Rakuten paying $900 million to get into this market? http://blogs.wsj.com/  
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What’s going on with JPM Bankers

It is with sadness I read that one more J.P. Morgan banker died.

One thing is that Ryan was the head at the program trading desk. Meaning he over saw all of the trades and was familiar with all of the software (trade platforms) that these trades were done in. This job works closely with guess what? That’s right the London desk and who died last week in London? The one who jumped off the 33rd floor. What was his post? Head of IT and trade platforms meaning he had access to info that Ryan  would have.

They knew each other and uncovered something they were about the same age and these hits happen when two big announcements by JPM. One they are out of commodities and two the wholesale selling of their HQ downtown.

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    Europe’s largest banks are finally putting hundreds of billions of dollars of unwanted assets up for sale amid mounting competition among buyers and regulatory pressure. A wave of deals could be a boon to the region’s economy if the banks free up capital to increase lending. Banks led by London-based Barclays…
    Tags: jumped, bank, trading
  • 68
    George Soros is 84 today. His career is remarkable both for its longevity and its returns – his Quantum fund has generated $39.6 billion in profits over the last four decades, making Soros the most successful hedge fund manager in history. How has Soros managed to stay at the top for so long?…
    Tags: selling, bank, trading
  • 60
    When we wait for ECB and BOE we get this news : BANK OF GHANA RAISES BENCHMARK RATE BY 200BPS TO 18%    
    Tags: bank
  • 60
    Imagine Fed Governor Rip van Winkle started his nap at the beginning of 2007 and just woke up to find that inflation is close to the Fed’s objective and the unemployment rate is at its 30-year average. You could forgive him for expecting the federal funds rate to be close…
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  • 59
    The dollar is stronger today following the slightly hawkish stance of the FOMC Minutes, which hinted at the potential for an earlier-than-expected hike in interest rates. Nothing is likely to happen any time soon though, and equities liked that idea in continuing their positive trend, with the S+P regaining its…
    Tags: happen, trading, bank

Nr 4 Deutsche Bank fires Argentine trader in wake of FX probe

Deutsche Bank has fired a currency trader in Argentina amid investigations by global regulators into alleged manipulation of the foreign exchange market, according to a source familiar with the matter, bringing to four the number of traders the bank has dismissed.

Ezequiel Starobinsky, a vice president, at Deutsche office in Argentina, is no longer working at the bank, the source said on Wednesday, after investigations into the fixing rate of the Argentine peso against the U.S. dollar.

http://uk.reuters.com/

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    Deutsche Bank has fired three currency traders in New York as regulators worldwide ramp up their investigations into potential manipulation of the $5-trillion-a-day foreign exchange market, according to a person briefed on the matter. The three employees include the head of Deutsche Bank’s emerging markets foreign exchange trading desk in…
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    Benjamin Lawsky, New York's financial services superintendent, has opened an investigation into manipulation of the currency markets by large banks and is requesting documents from more than a dozen institutions, according to a source familiar with the matter. The source said Lawsky has asked for documents from Barclays BARCR.UL, Credit…
  • 51
    It is with sadness I read that one more J.P. Morgan banker died. One thing is that Ryan was the head at the program trading desk. Meaning he over saw all of the trades and was familiar with all of the software (trade platforms) that these trades were done in. This…
    Tags: familiar, bank
  • 42
    The move in March by the People’s Bank of China (PBOC) to double the RMB’s daily trading band from 1 percent to 2 percent has coincided with a new era of exchange rate volatility. This year, the long running trend of RMB appreciation has reversed course with it losing 3.4 percent against…
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  • 39
    Currency traders are having their worst start to a year since 2010 as a dearth of trends in major foreign-exchange markets crushes their investment strategies. Deutsche Bank AG’s Currency Returns Index has dropped 0.3 percent since Dec. 31, dragged down by momentum trading, where investors looks for consistent moves in…
    Tags: currency, traders, bank, deutsche