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Credit News

Michaels Stores: 2.6million cards affected by security breach

US arts and crafts chain store Michaels has confirmed that on Thursday around 2.6 million cards - over 7% of payments taken on Thursday - used in its stores may have been affected in a security breach.
In the Media by James Walker

Bank of America to pay for illegal credit-card actions

Washington - Bank of America will pay $772 million over illegal credit-card practices that lured consumers into signing up for added products and services, US regulators said Wednesday.
In the Media by AFP

EU takes another step towards capping credit card fees

Brussels - The European Parliament on Thursday appeared set to fast-track a cap on fees paid on credit card transactions, in a vote which was welcomed by consumer advocates.A plenary session of parliament sitting in Brussels voted to impose a fee ceiling of 0.
In the Media by AFP

Moody's puts Russia on review for downgrade

Washington - Moody's put Russia's credit rating on review for a possible downgrade Friday, saying the Ukraine crisis could exacerbate its already troubled economy.
In the Media by AFP

Moody's puts Russia on review for downgrade

Washington - Moody's put Russia's credit rating on review for a possible downgrade Friday, saying the Ukraine crisis could exacerbate its already troubled economy.
In the Media by AFP

Walmart sues Visa for $5 bn for rigging card fees

Washington - The world's largest retailer Walmart has sued credit card giant Visa for more than $5 billion for conspiring with banks to fix fees that merchants pay for accepting Visa card payments.In the suit filed this week in Arkansas, where Walmart is based, th...
In the Media by AFP - 1 comment

Credit Suisse to pay $885 million in FHFA mortgage fraud case

Credit Suisse Group AG <CSGN.VX> has agreed to pay $885 million to resolve claims by a U.S.
In the Media by Nate Raymond and Silke Koltrowitz (Reuters)

Abu Dhabi extends period of $20 bn loans to Dubai

Dubai - Oil-rich Abu Dhabi and the UAE central bank agreed Sunday to extend the period of loans worth $20 billion accorded neighbouring Dubai when it was hit by the global financial crisis in 2009.The government of Abu Dhabi agreed to roll over a loan of $10 b...
In the Media by AFP

Credit Suisse's German offices searched in insider trading probe

Credit Suisse's <CSGN.VX> headquarters in Germany was one of the offices raided by German authorities last month as part of an invest...
In the Media by Reuters

Spanish banks' bad loans hit record high in December

Madrid - Spanish banks reported on Tuesday record-high bad loans in December as lenders continued to pay for the country's real estate bust even as the financial sector prepared to exit a 41-billion-euro ($56 billion) bailout.Doubtful loans -- those at risk of ...
In the Media by AFP
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Credit Blogs

FESCO announces pricing of $800 million dual-tranche senior secured notes

Far-Eastern Shipping Company (FESCO) announces that its indirect wholly owned subsidiary Far East Capital Limited S.A....
Apr 25, 2013 by Bill Pradi

How Easy is it Really to guess a PIN?

How easy would it be for a thief to guess your four-digit PIN? If he were forced to guess randomly, his odds of...
Sep 20, 2012 by Callum Stewart

Macedonian Banks are Safer than West Europe's Banks

By Sam Vaknin Editor in Chief of Global Politician Even under the best case scenario (in which banks take a 50%...
Nov 8, 2011 by Sam Vaknin

It's the Same Banking Crisis, Stupid!

The crisis that started in 2008 is a banking crisis and it is still going strong. Banks all over the world...
Oct 15, 2011 by Sam Vaknin

Crisis of Growth, Crisis of Measuring Growth

The sovereign debt crisis of 2010-2 emanated from the realization that lower growth rates throughout the industrialized...
Aug 26, 2011 by Sam Vaknin
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