Banking News

France asks Switzerland to hand over 45,000 UBS accounts: report

By AFP

Paris - French tax authorities have asked Switzerland to hand over client information for some 45,000 bank accounts as part of a probe into alleged tax fraud, Le Parisien daily said Monday.

French 'rogue trader' Kerviel's legal rollercoaster

By AFP

Paris - A French appeal court on Friday ordered "rogue trader" Jerome Kerviel to pay one million euros ($1.2 million) to his former employer, Societe Generale, one of France's top three banks.

Yemen's president at UN hits out at Iran

By AFP

New York - Yemen's president hit out at Iran during his address to the United Nations on Friday, accusing Tehran of blocking peace moves through its support for Huthi rebels who continue to hold the capital."We shall extract Yemen from the claws of Iran.

French 'rogue trader' Kerviel must pay 1.0 mn euros to bank

By AFP

Versailles - A French appeals court on Friday ordered "rogue trader" Jerome Kerviel to pay a million euros to Societe Generale over the nearly five billion euros he squandered through his reckless risk-taking.

Greek central banker denies rift with government

By AFP

Atenas - Greece's central banker on Saturday denied that the leftist government of Alexis Tsipras was seeking to squeeze him out as he probes the loans of a politically sensitive bank.

Portugal seeks assurances over EU's treatment of Barroso

By AFP

Lisbon - Portugal's prime minister on Friday said he had called for "clarifications" from European Commission head Jean-Claude Juncker that there would be no "discriminatory treatment" of his EC predecessor Jose Manuel Barroso, whose decision to work for Goldma...

Graft trial ends for French ex-minister 'rooted in fraud'

By AFP

Paris - A French court on Thursday heard closing arguments in the stormy tax fraud trial of ex-budget minister Jerome Cahuzac, accused of stashing millions abroad while leading a crackdown on tax dodgers at home.

Juncker opposed Barroso joining Goldman Sachs

By AFP

Brussels - European Commission President Jean-Claude Juncker said Thursday he opposed his predecessor Jose Manuel Barroso's decision to work for Goldman Sachs because of the firm's role in the global financial crisis.

Italy's crisis-hit BMPS announces fresh management shake-up

By AFP

Milan - Italian bank BMPS named a new chief executive and announced the resignation of its chairman on Wednesday as part of a major management shake-up at the crisis-ridden lender.

Barroso slams 'discriminatory' EU over Goldman job: letter

By AFP

Brussels - Former European Commission head Jose Manuel Barroso on Tuesday accused Brussels of discrimination after it ordered an ethics probe into his new role at US investment bank Goldman Sachs.

Taiwan charges three foreigners over $2.6 mn cyberheist

By AFP

Taipei - Taiwan has charged three foreigners over a $2.6 million cyberheist that used malware to hack into a major local bank's ATM network, prosecutors said Tuesday, adding that they were seeking 12-year jail terms.

France backs EU ethics probe into Barroso's Goldman job

By AFP

Bucharest - French President Francois Hollande Tuesday threw his weight behind a Brussels probe into whether former European Commission chief Jose Manuel Barroso breached EU ethics guidelines by joining US bank Goldman Sachs.

I did it for my family, says 'tax-dodging' French ex-minister

By AFP

Paris - France's former budget minister Jerome Cahuzac told his tax evasion trial Monday that he had stashed millions abroad because he wanted to maintain his family's standard of living.

EU's Juncker launches probe into Barroso Goldman Sachs job

By AFP

Brussels - European Commission President Jean-Claude Juncker has opened a probe into whether his predecessor Jose Manuel Barroso breached EU ethics guidelines by joining US investment bank Goldman Sachs.

Bitcoin not money, US judge rules in victory for backers

By AFP

New York - Bitcoin, a Florida judge says, is not real money. Ironically, that could provide a boost to use of the crypto-currency which has remained in the shadows of the financial system.

Taiwan arrests three foreigners in $2.5m ATM cyberheist

By AFP

Taipei - Taiwan has arrested three foreign suspects over a $2.5 million cyberheist which used malware to hack into a major local bank's ATM network and steal bags of cash, police said Monday.

Hollande says Barroso's Goldman Sachs job 'morally unacceptable'

By AFP

Paris - French President Francois Hollande on Thursday described former European Commission chief Jose Manuel Barroso's new job advising US banking giant Goldman Sachs on the consequences of Brexit as "morally unacceptable".

Thieves force Taiwan cash machines to churn out $2 mn

By AFP

Taipei - Thieves suspected of installing a computer programme that forced cash machines in Taiwan to churn out more than $2 million were being hunted by police on Tuesday, officials said.

Barroso must not divulge secrets to Goldman Sachs: EU

By AFP

Brussels - The European Commission said Monday its former head Jose Manuel Barroso will be bound by EU rules of professional secrecy at his controversial new job for US investment bank Goldman Sachs.

Barroso slammed over Goldman Sachs Brexit job

By AFP

Paris - Former European Commission president Jose Manuel Barroso faced a wave of criticism Saturday after it emerged that he will advise US investment bank Goldman Sachs on the fallout from Brexit.

Lagarde on Tapie payout case: 'I always had a good conscience'

By AFP

Washington - International Monetary Fund chief Christine Lagarde, facing a possible trial in France over a huge payout to tycoon Bernard Tapie, says her conscience is clear in the case, whatever happens.

Bank Of England relaxes rules as Brexit risks 'crystallise'

By AFP

London - The Bank of England on Tuesday relaxed commercial banks' capital requirements to boost lending to businesses and households, and warned that financial stability risks "have begun to crystallise" after Brexit.

Emergency measure that feeds Greek crisis

By AFP

Atenas - Call it the law of unintended consequences -- a measure to save Greece from the abyss of a default and crashing out of the eurozone now holds its economy in a stranglehold preventing its recovery.

Blow for IMF's Lagarde in French Tapie payout case

By AFP

Paris - A French prosecutor on Friday said IMF chief Christine Lagarde should stand trial for her handling of a massive state payout to tycoon Bernard Tapie in 2008 when she was France's finance minister.

French prosecutors seek UBS tax fraud trial: legal source

By AFP

Paris - French finance prosecutors have asked for Swiss bank UBS to face trial for allegedly orchestrating a vast system of tax fraud in France, a legal source said Monday.

French rogue trader Kerviel heads back to court

By AFP

Versailles - French rogue trader Jerome Kerviel, whose actions almost bankrupted one of Europe's biggest banks, headed back to court Wednesday as Societe Generale seeks to recover 4.9 billion euros ($5.5 billion) in losses and interest.

Societe Generale ordered to pay damages to rogue trader Kerviel

By AFP

Paris - A French tribunal on Tuesday ordered Societe Generale to pay 450,000 euros in damages for firing rogue trader Jerome Kerviel -- whose actions almost bankrupted one of Europe's biggest banks.

US acts to further isolate North Korea from global banking

By AFP

Washington - The United States took steps Wednesday to further lock North Korea out of the world financial system as it officially labeled the country a "global money laundering concern.

Woman charged over $3.4 mn Australian 'handbag spree'

By AFP

Sydney - Australian police have charged a 21-year-old woman with fraud after she allegedly spent US$3.4 million that her bank mistakenly gave her, with much of the money reportedly lavished on handbags.

Malaysia PM names new bank chief amid funding scandal

By AFP

Kuala Lumpur - Malaysia's scandal-plagued prime minister on Wednesday appointed a new central bank governor, who will take over from respected longtime chief Zeti Akhtar Aziz amid a contentious financial scandal.