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.
Swedish Finance Minister Anders Borg has said the country's banks have turned a deaf ear to repeated pleas for steeper capital requirements, with the government now ready to legislate to get them to comply.
In a move that drew the ire of legislators from Beppe Grillo's Movimento Cinque Stelle party, a law to create a new ownership structure for the Bank of Italy was coupled together with a provision that freed householders from having to pay the second installment of the household tax and railroaded through parliament. Opposition politicians have claimed that the change to the ownership structure is tantamount to a €7bn bailout of the shareholding banks, all of it taxpayer funded.
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