Updated 4:49 am CDT, Thursday, May 16, 2019 BRUSSELS (AP) — European Union regulators have fined five banks a total of more than 1 billion euros ($1.1 billion) for allegedly colluding in the trade of large sums of foreign currency. The EU Commission said Thursday that investigators found that some bank employees in charge of spot trading in 11 currencies "exchanged sensitive information and trading plans." They sometimes coordinated strategies through online professional chat rooms. The commission fined Barclays, Royal Bank of Scotland, Citigroup and JPMorgan over 811 million euros ($909 million) for collaborating in a foreign exchange spot trading cartel dubbed "Forex - Three Way Banana Split." It also fined Barclays, RBS and MUFG Bank over 257 million euros ($288 million) for a separate cartel. UBS escaped fines for revealing the cartels. … [Read more...] about EU fines banks over $1 billion over foreign exchange cartel
Foreign exchange trading strategies
HONG KONG/LONDON (Reuters) - Standard Chartered PLC on Tuesday said it would cut $700 million (£532.7 million) in costs and exit smaller businesses over the next three years, as part of the lender's broader strategy overhaul to boost growth. The bank said it planned to achieve return on tangible equity of at least 10 percent by 2021, and intended to distribute to shareholders surplus capital not deployed to fund additional growth. Earnings growth and divestment are expected to generate additional surplus capital, it said. "We will achieve this through relentlessly focusing on where we have a distinct competitive advantage, attacking the residual causes of lower returns and ramping-up innovation and productivity," Chief Executive Bill Winters said in a statement. The 150-year-old British lender's new strategy comes at a time when its core emerging markets face increasing risk of slowdown due to the impact of a Sino-U.S. trade war as well as economic uncertainties in China and … [Read more...] about StanChart to reduce costs, divest businesses in new strategy to boost growth
Sections SEARCH Skip to content Skip to site index Politics Subscribe Log In Log In Today’s Paper Politics | As China Talks Begin, Trump’s Trade Negotiator Tries to Keep President From Wavering Supported by ByGlenn Thrush Jan. 1, 2019 In the middle of his crowded dinner in Buenos Aires with President Xi Jinping of China, President Trump leaned across the table, pointed to Robert Lighthizer, the United States trade representative whose skepticism of China runs deep, and declared, “That’s my negotiator!” He then turned to Peter Navarro, his even more hawkish trade adviser, adding, “And that’s my tough guy!” according to aides with knowledge of the exchange. Now, with talks between China and the United States set to begin this week in Beijing, Mr. Lighthizer, aided by Mr. Navarro, faces the assignment of a lifetime: redefining the trade relationship between the … [Read more...] about As China Talks Begin, Trump’s Trade Negotiator Tries to Keep President From Wavering
Sections SEARCH Skip to content Skip to site index Politics Log In Subscribe Log In Today’s Paper Politics | U.S. Oil Exports Are Rising. So Is the Trade Deficit. Supported by ByBinyamin Appelbaum and Jim Tankersley Dec. 6, 2018 WASHINGTON — The United States exported more oil and fuel than it imported last week for the first time in 75 years, a significant milestone in the resurgence of domestic energy production that comes as the Trump administration pushes to increase energy exports even further. To President Trump, increased sales of oil and gas are a way to rebalance trade and close the gap between what the United States buys from foreign countries and what it sells. So far, however, that strategy is not working. The rise in oil exports is not reducing the trade deficit. Instead, as Americans buy less foreign oil, they are buying more of other foreign goods and services. In October, the monthly … [Read more...] about U.S. Oil Exports Are Rising. So Is the Trade Deficit.
Sen. Elizabeth Warren took the stage Thursday afternoon at American University to deliver a wide-ranging speech on her vision for the country’s foreign policy, in yet another potential sign that she may be preparing to run for president in 2020. In her speech, the Massachusetts Democrat called for the United States to rein in “unsustainable” overseas involvements in conflicts “that sap American strength,” criticized the country’s support for Saudi Arabia, called for cuts to the “bloated defense budget,” and reiterated her opposition to President Donald Trump’s reworked North American trade agreement. At the same time, she also called for a reconsideration of the bipartisan embrace of the “gospel that free trade was a rising tide that would lift all boats.” “We can start our defense of democracy by fixing what has gone wrong with our international economic policies,” Warren said. “Policymakers … [Read more...] about Read the transcript of Elizabeth Warren’s big foreign policy speech