Deutsche Bank has primarily agreed settling lawsuit centering ‘Silver Fix’ scam on Wednesday. Under the agreement, the German bank will have to count monetary penalty while helping the plaintiff investors in suits with other banks. Both the agreed parties have declined to elaborate terms and conditions for this accord.
Industry
BlackRock reports 20% decline in Q1 net income
BlackRock on Thursday announced a 20% fall in its earnings for the first quarter that ended March 31, 2016. The company registered a restructuring cost of $76 million in the current period with regard to its organization simplifying plan.
China and Hong Kong Indexes Retracted Following Latest Economic Data
China's stock market slipped on Friday, as the country reported the economic growth is in accordance with analysts prediction. While investors expected a stronger result.
Financial Sector Led Rally in Wall Street as Global Stocks Peaked to Highest Level
Wall Streel indexes continued to stay in positive territory as financial sector was catching up. Global stock market responded and climbing to the highest level in 2016.
U.S. Securities and Commodities Agencies Demanded a Boost in Budget, Cited Growing Fintech Markets
The U.S. securities and commodities regulatory agencies pushed the congress to increase their budget. They argued that more fund is needed to do their functions in the growing financial markets and technology in recent years.
Latest News
China Securities Finance Corp (CSF), usually called by its nickname King, has disclosed trading secrets. CSF has invested in over 600 firms, ranking among the top 10 shareholders.
WP29 on Wednesday was calling for changes in the commercial data transfer agreement between US and EU. The agency said it does not provide enough protection for privacy for European users.
US safety regulator announced Wednesday that Takata still need to recall its defective airbags. NHTSA said unless Takata proved them to be safe, all remaining airbags in US vehicles must be recalled eventually.
SEC has filed a lawsuit against former ConvergEx exec Basilly on Tuesday on the allegation of defrauding traders. Prior to that, ConvergEx has admitted wrongdoing through its several units and counted penalty of $150 million to the regulators. However, his lawyer claims innocence rejecting all allegations and cites that Bassily has acted as per ConvergEx approved business model.
The largest coal miner in the US has sought protection under bankruptcy law on Wednesday ending speculations over its future. The filing has been acknowledged as the largest bankruptcy case by liabilities during this year. With this filing, a century old publicly traded company is going to shutting down its operations in the US.
Demand for steel across the globe is expected to decline 0.8% to 1,488 million tonnes in 2016, according to the World Steel Association. The association expects steel demand in China, the largest consumer, to fall 4% in 2016 tailed by a 3% decline in 2017, reaching 626.1 million tonnes in 2017.
Cellcom Israel Ltd on Tuesday announced that regulators opposed its merger plan with Golan. However, Antitrust Authority will invite the companies representative to discuss the deal before making final decision.
The U.S. Congress has delayed work on Puerto Rico debt bill. Originally, the bill was scheduled to be the subject of hearing on Wednesday before receiving final amendments on Thursday. After that, it will be sent for debate on the House.
The IMF calls banks, policy makers, and other key players in both advanced and emerging markets to address economic problems immediately. IMF warned that current issues and uncertainty could lead to a new financial crisis or economic stagnancy in a global sense.
