The British government will press other European nations at a meeting in Brussels on Saturday to block Russia from using the SWIFT banking network, Bloomberg reported, in what could be a dramatic expansion of sanctions.
British banking giant HSBC has been accused of racial profiling after closing accounts belonging to Syrian refugees and students living in the UK. Earlier, it emerged that the bank had shut down the accounts of high-profile UK-based Muslim organizations
Proper regulation of the “casino banking system” and an assurance that if they fail they won’t be bailed out by taxpayers is the best way to restrain the financial sector, says a leading political figure in Scotland.
Nobel Prize-winning economist Joseph Stiglitz has praised the new development bank founded this week by the BRICS countries for creating a financial institution that could counter the Western-dominated IMF and World Bank.
Top of the agenda at the sixth summit of the BRICS developing nations beginning Tuesday is the founding of two multilateral financial institutions designed to erode the dominance of the World Bank and International Monetary Fund as arbiters of the global economic system.
Whatever power plays are going on behind the scenes, it is increasingly clear that they are not serving we-the-people. The global central banking scheme is systemically flawed and needs to be radically overhauled.
American regulators want French bank BNP Paribas to pay over €7 billion in fines on charges it violated economic sanctions against countries like Iran and Cuba. A settlement is reportedly "weeks away."
Italy's two biggest banks, Intesa Sanpaolo and UniCredit, have signed a deal with US private equity firm KKR and restructuring adviser Alvarez & Marsal to create a vehicle for restructured loans, a statement said on Tuesday.
France’s economy minister, outraged by huge pay hikes the bosses of the country’s biggest banks have awarded themselves in the past year, called the chiefs to a meeting to “explain” their “indecent” pay.
After being found guilty of 10 counts of providing unlawful financial assistance to ten developers, former Anglo Irish Bank executives Pat Whelan and Willie McAteer will return for sentencing on 28 April.
The governor of the Central Bank of Norway (Norges Bank) has called for his country to intensify reforms so that the country's taxpayer will not have to bail out its banks in a future financial crisis.
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