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Banking Business News
EU: Banks hide key info from customers Europe’s banks frequently hide key information from potential account holders and hit them with unexpected fees, the European Union’s executive said on 22 September as it called for more transparency in the consumer banking market. Swiss and French bank war of words over assets A senior private banker has sparked a row with foreign financiers in Switzerland at a time when the entire sector is at a tipping point, suggesting they would sell their assets and branches in Switzerland. Solving the EU’s recession isn’t easy  Greece’s Minister of Economy and Finance Yiannis Papathanasiou was in Brussels last week to attend meetings and seminars of his peers and financial analysts and economists to explain how their countries are handling the recession German finance minister sees global inflation threat  First the governments of the United States, European Union and the world said injecting trillions of currencies into saving banks and businesses was necessary to prevent a worldwide economic collapse, and now comes a warning Austria blasts Krugman’s economic meltdown picture Austrian officials and politicians have protested comments by US economist Paul Krugman that Austria risked bankruptcy owing to its large exposure in Eastern Europe. There was no need for “unqualified statements based on inadequate information, Economic wrestling pits the EU vs. Bundesbank The tension’s getting to everyone it seems, as a war of words erupted between the European Union’s executive and the head of its largest member’s central bank as officials accused one another of “surprising” acts This week: poor funds and emerging economies  If ever there was a measure of a boom in financial services it must be the growth of investment funds. Since 2002 there was a rise of 31.6 percent to a huge 32,941 funds in Cleaning up banks EU’s last best hope, IMF says Europe must do better in cleaning up its banking sector should the continent have any hopes for recovery from a devastating recession, the International Monetary Fundwarned amid signals that some of the continent’s economies may Barack Obama: A time for global action  WASHINGTON: We are living through a time of global economic challenges that cannot be met by half measures or the isolated efforts of any nation. Now, the leaders of the Group of 20 have a Bernanke US banks won’t be nationalised, but Obama’s worried  While US central bank head Ben Bernanke has rejected the idea that the government plans to nationalise major US banks in danger of collapse, President Barack Obama said the government may yet have to take Swiss bank EFG’s profit down off a very bad year The Swiss-based private bank EFG International said its profit in 2008 dropped 33 percent compared to the previous year, a report would led to its stock dropping 35 percent. EFG said its profit for 2008 Erste Bank profits fall 27% on CEE write-downs  Austria's Erste Group Bank has reported that its net profit declined by 26.8 percent to 860 million Euro in 2008, as it wrote down premiums on asset values in three Central and Eastern European daughter Dexia posts 3.3 billion Euro losses for 2008  Dexia, the bailed out Franco-Belgian bank, recently published its full year figures for 2008 reporting a larger than expected 3.3 billion Euro (4.2 billion dollar) net loss, attributable to US sub-prime toxic assets.Dexia suffered 3.326 Banks not impacted by economic crisis here  The global economic crisis, fortunately, has not affected the banking system of Cyprus, said Cypriot President Demetris Christofias, on March 1, while speaking at in an informal Meeting of EU Heads of State and Government. Credit Agricole profits plunge, more bad times coming  French bank Credit Agricole said that its profits for 2008 fell by 74.7 percent over the previous year, to 1.024 billion Euro (USD 1.28 billion.) The sharp downturn was primarily caused by risk provision write-offs UniCredit still positive, despite raft of bad news  Since the entry of the foreign bank UniCredit Group in the Kazakh banking sector in 2007 through the acquisition of Kazakhstans sixth-largest lender ATF Bank, the countrys banking sector and the economy underwent dramatic changes, After scandal, Swiss bank secrecy veil may lift  Switzerland will not give up its banking secrecy laws, but some concessions may need to be made to appease objectors, Swiss President Hans-Rudolf Merz has said. Banking secrecy is anchored in Swiss law but "we A rockslide for Northern Rock as losses mount  The nationalised United Kingdom bank Northern Rock, whose failure started the near-collapse of the countrys banks, has reported pre-tax losses of GBP 1.36 billion (1.53 billion Euro) and held a total of 3,620 repossessed homes Gripping recession forces a record-low interest rate  The European Central Bank (ECB) has cut interest rates for the fifth time in six months, lowering borrowing costs to an historic low and signaled further reductions were likely in the coming months amid a EU wants tax haven ended, the Swiss want secrets Even as Switzerland said its reputation of bank secrecy would remain – despite turning over the names of hundreds of American investors to US tax officials who said Swiss bank UBS had helped them evade |
EU-Russia energy game EU budget: Naming and Shaming of Member States allowing fraud A message for Turkey: tear down Cyprus’ wall now! India says global warming is not to blame for Himalayan glacier melt A misled Merkel takes a swipe at GM over its Opel U-turn Lesbian Bisexual Gay and Transexual (LBGT) organisations across Europe cooperate under the umbrella of the International Lesbian and Gay Association This coming Thursday evening, November 19 during the “Last Supper,” the 27 heads of the EU Member States will decide The end of World War II found the United Kingdom winners, but literally bankrupt. The After months of networking, secret briefings, it seems that the candidates for the Council President In a meeting in Washington with the current Swedish Presidency of the European Union, US President Barack Obama said that As the United States and NATO have urged European countries to take a bigger role Europe must step up its efforts in Afghanistan if it wants to avoid straining relations Six months after they met in London and established a $1.1 trillion-dollar support package for As the first top British diplomat to visit Moscow in recent five years, British Foreign Secretary David Miliband wrapped up Despite French carmaker Renault’s earlier statement that it will not invest any more money in The United States and Russia on 9 November began another round of talks over nuclear Russian Prime Minister Vladimir Putin said the government will continue to adopt measures to better The worldwide economic recession has had European Union businesses keenly eyeing China for continuing markets, and the EU’s Chamber of Showing there is still some major differences between the European Union and China in areas Just as the 60th anniversary of the founding of the People’s Republic of China passed |
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