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U.S. fines HSBC $175 million for lax forex trading oversight

U.S. fines HSBC $175 million for lax forex trading oversight

HSBC failed to monitor chat rooms where traders swapped information about investment positions, the U.S. central bank said, echoing findings by other regulators investigating the $5 trillion-a-day foreign exchange or FX market. WASHINGTON: The U.S. Federal Reserve fined HSBC Holdings PLC (HSBA.L) $175 million on Friday for “unsafe and unsound practices” in its foreign exchange […]

September 29, 2017 | By | Reply More
New Uber CEO to meet London transport boss in license battle

New Uber CEO to meet London transport boss in license battle

Transport for London (TfL), which regulates and operates the transport network in one of the world’s richest cities, stunned the taxi-app firm last week when it said it would not renew its license after the end of September. LONDON: The new chief executive of Uber Technologies [UBER.UL] will meet the head of London’s transport system […]

September 29, 2017 | By | Reply More
UK growth slows to four year low as BoE prepares rate rise

UK growth slows to four year low as BoE prepares rate rise

The world’s fifth-biggest economy was just 1.5 percent bigger than a year earlier in the second quarter, the weakest year-on-year expansion in more than four years and down from a rate of 1.8 percent in the first three months of the year. LONDON: Britain’s economy grew at its slowest pace since 2013 in the 12 […]

September 29, 2017 | By | Reply More
Bullish oil streak means strongest third quarter Brent price gain in 13 years

Bullish oil streak means strongest third quarter Brent price gain in 13 years

Global benchmark Brent crude LCOc1 closed up 13 cents or 0.2 percent to $57.54 a barrel, notching up a third-quarter gain of around 20 percent. On the week, Brent was up 1.2 percent. NEW YORK: Oil prices closed up on Friday after a rally in prices on geopolitical instability in Iraqi Kurdistan helped Brent make […]

September 29, 2017 | By | Reply More
S&P 500, Nasdaq hit records on tech lift

S&P 500, Nasdaq hit records on tech lift

Technology .SPLRCT was the best performing of the major S&P sectors, up 0.75 percent, its fourth straight day of gains to recover from a selloff earlier in the week. The S&P 500 and the Nasdaq advanced to record levels on Friday, buoyed by gains in technology stocks, while each of the major indexes closed out […]

September 29, 2017 | By | Reply More
U.S. to continue probe into stainless flanges from China, India

U.S. to continue probe into stainless flanges from China, India

The Department of Commerce announced on Sept. 6 preliminary phase antidumping and countervailing duty investigations into the products. WASHINGTON: The U.S. International Trade Commission said on Friday it voted to continue investigations into possible dumping and subsidization of stainless steel flanges from China and India. The Department of Commerce announced on Sept. 6 preliminary phase […]

September 29, 2017 | By | Reply More
VW takes new US$3 billion hit over diesel emissions scandal

VW takes new US$3 billion hit over diesel emissions scandal

Volkswagen said the extra provisions would be reflected in its third-quarter operating results, which are due to be published on Oct 27. BERLIN: Volkswagen added provisions of around 2.5 billion euros (US$3 billion) on Friday to the mounting total from its diesel emissions scandal, which has already cost the company around 20 billion euros. “The […]

September 29, 2017 | By | Reply More
BlackBerry shares soar as software sales hit record

BlackBerry shares soar as software sales hit record

Quarterly software and services revenue was buoyed by a sharp increase in licensing fees, to US$56 million from US$16 million a year earlier. TORONTO: Canada’s BlackBerry Ltd reported stronger-than-expected quarterly profit on Thursday as high-margin software sales hit a record, boosting investor confidence in its turnaround and sending shares up 14%. Software and services revenue […]

September 29, 2017 | By | Reply More
Toronto at biggest risk of housing bubble among global cities, UBS says

Toronto at biggest risk of housing bubble among global cities, UBS says

Property markets in Boston, Singapore, New York and Milan appear fairly valued, UBS said. TORONTO: Toronto, where home prices have risen 50% over the past five years, faces the highest risk of a housing bubble among 20 global financial centers, according to a UBS report released on Thursday. Canada’s biggest city tops the UBS Global […]

September 28, 2017 | By | Reply More
Backers withdraw two proposals to list US bitcoin funds

Backers withdraw two proposals to list US bitcoin funds

The Bitcoin Investment Trust is currently traded “over the counter” in less formal exchanges than those used for typical stocks and at far higher prices than the bitcoin it holds. NEW YORK: An effort to allow investors to trade digital currencies as easily as stocks stumbled when backers withdrew two proposals to list bitcoin funds. […]

September 28, 2017 | By | Reply More