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India's federal investigators close bank branch at heart of fraud
MUMBAI/NEW DELHI (Reuters) - Indian investigators closed down a branch of a state-run bank that is at the heart of a $1.77 billion fraud and questioned more of its employees as they probed the biggest scam in the country's banking history, police sources said on Monday.
Russia's Sistema says gets Sberbank loan of up to 105 bln roubles
Russia's Sistema conglomerate said in a statement on Monday that Sberbank had agreed to loan it up to 105 billion roubles for five years and that it had put up shares in MTS as collateral. Sistema said that 40 billion roubles of the loan would be used to meet its obligations under a settlement with oil major Rosneft, Bashneft and the Republic of Bashkortostan.
Judge approves Takata's U.S. bankruptcy plan
Takata Corp's U.S. unit received court approval for its bankruptcy exit plan, a plaintiffs' law firm said on Saturday, clearing the way for a $1.6 billion sale of Takata assets and providing compensation for those injured by the company's deadly air bags. Takata and its U.S. unit, TK Holdings Inc, filed for bankruptcy last year in the wake of the largest automotive recall in history.
Banks may take a hit of at least Rs 176 bn from PNB scam: I-T Dept
But the total hit to Indian banks 'may well exceed' that amount, the I-T department said in its note
Three held as $1.8 billion fraud ripples through Indian banks
India's federal police detained two employees of Punjab National Bank , the state-run lender that says it has been the victim of a $1.77 billion fraud, in the first arrests in a fast-widening probe into the country's biggest-ever bank scam.
Exclusive: Indian banks may take more than $3 billion hit from PNB fraud - tax dept
Indian banks could take a hit of more than $3 billion from loans and corporate guarantees provided to diamond companies at the center of a massive alleged fraud at the state-run Punjab National Bank, the tax department has estimated.
PNB scam: 2 bank officials, Nirav Modi's company executive arrested by CBI
People detained including PNB's former deputy manager Gokulnath Shetty, bank's single window operator Manoj Kharat, and Hemant Bhat, who is authorised signatory of the Nirav Modi group firms
Rs 114-billion fraud: Other banks did not raise an alarm, says PNB
The PNB also named the banks in the complaint, which included the Frankfurt and Mauritius branches of the State Bank of India
Narendra Modi, Hassan Rouhani may discuss rupee investment mechanism today
Banking hurdles in way of rupee investment route
Winn-Dixie owner Bi-Lo preparing for bankruptcy filing - sources
Supermarket company Bi-Lo LLC, which owns the Winn-Dixie chain, is planning to close at least 100 stores in a potential bankruptcy, two people familiar with the matter said on Friday. One of the people said the filing could come as soon as next month.
BRIEF-Bank Of Montreal Amends Its Normal Course Issuer Bid To Repurchase For Cancellation Up To An Additional 7 Million ...
Bank Of Montreal(BMO): * BANK OF MONTREAL AMENDS ITS NORMAL COURSE ISSUER BID TO REPURCHASE FOR CANCELLATION UP TO AN ADDITIONAL 7 MILLION OF ITS COMMON SHARES. * Bank Of Montreal(BMO) - RECEIVED APPROVALS FROM TORONTO STOCK EXCHANGE AND OFFICE OF SUPERINTENDENT OF FINANCIAL INSTITUTIONS CANADA TO AMEND EXISTING NCIB.
BRIEF-HomeTown Bankshares Reports Q4 Earnings Per Share $0.07
HomeTown Bankshares Corp(HMTA): * Q4 EARNINGS PER SHARE $0.07. * âEPS ON A FULLY DILUTED BASIS OF $0.07 FOR Q4 2017â. * âCORE REVENUES FOR Q4 OF $6.1 MILLION IN 2017, UP 6% OR $341,000 OVER Q4 2016â. * âNET INTEREST INCOME IN Q4 2017 INCREASED $323,000 TO $4.5 MILLION FROM Q4 OF 2016â Source text for Eikon: Further company coverage:
Federal Reserve Board seeks to fine and bar Barclays banker over FX manipulation
The Federal Reserve Board is looking to fine and permanently bar former Barclays employee Peter Little over manipulation in the currency market. Little, the former head of Barclays' foreign exchange spot trading desk in New York, is "alleged to have engaged in unsafe and unsound practices by using electronic chat rooms to coordinate with traders and competitor banks to influence FX pricing benchmarks," the Fed said in a statement on Friday. Little is also being accused of failing to supervise his subordinates. The Fed is seeking to fine him $487,500 and bar him from working in the banking industry. This is the third time the central bank's board of governors has taken action against Barclays or its employees, following the barring of former FX traders Christopher Ashton and Michael Weston. The move to censure Little comes after domestic and U.K. regulators have slapped foreign-exchange traders at prominent banks with hefty fines over the past several years for allegedly using chat rooms to manipulate currency closing prices, or fixes, for everything from the U.S. dollar to the Japanese yen .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Citigroup raises CEO Corbat's pay 48 pct to $23 mln
Citigroup Inc(C) raised Chief Executive Officer Michael Corbat's annual compensation by 48 percent to $23 million for 2017, a year in which the bank made more money from operations but still fell short of earlier targets. Directors considered recent progress toward new targets when setting Corbat's pay, according to a public filing on Friday.
PNB scam won't affect recap plan, bank can take Rs 114-bn hit: Govt sources
'The bank will get its recapitalisation share of Rs 50 billion, as allocated earlier,' stated the FinMin sources
Allianz Q4 profit down 22 pct on U.S. tax hit, weak dollar
* One-off sale of bank, catastrophes also weigh. * Meets operating profit target for the full year. * Combined ratio rose in '17 but CEO vows to improve in '18. By Tom Sims. The German insurer Allianz posted a 22 percent decline in net profit in the fourth quarter of 2017 after a U.S. tax overhaul, a weak U.S. dollar, other one-off costs and natural disasters weighed on earnings.
Bank of Japan Gov. Haruhiko Kuroda set to serve 2nd term
Bank of Japan Gov. Haruhiko Kuroda nominated for second five-year term as the head of the central bank
Nikkei rises on relief over Kuroda's BOJ reappointment
TOKYO, Feb 16 (Reuters) - Japanese stocks rose on Friday
morning, with investors relieved to see the government appoint
Bank of Japan Governor Haruhiko Kuroda for another term and
choose an advocate of bolder monetary easing as one of his
Rs 114-bn PNB fraud: People, not processes, responsible, say bankers
Bankers say it is the nature of the business of public sector banks that makes them susceptible to fraud
Codorus Valley Sets Up New Share Buyback Program
Codorus Valley Bancorp(CVLY), parent company of PeoplesBank, a Codorus Valley Company, said after markets closed on Thursday that it has set up a new treasury stock repurchase program. Under the newly approved stock repurchase program, the company is authorized to buy back up to 4.9% of the company's issued and outstanding common stock at Feb. 13.
China's Treasury holdings in 2017 climbed by the most in seven years
China's holdings of U.S. government paper rose the most in seven years last year, according to recently published data from the widely-watched Treasury International Capitol Report. The second-largest economy's stockpile of Treasurys climbed more than $120 billion in 2017 to $1.185 trillion as of December. As pressure on the yuan abated last year, it began to accumulate U.S. government paper. The People's Bank of China buys Treasurys, a mainstay of its foreign-exchange reserves, to stabilize the currency . Earlier in January, reports suggested the Chinese government would diversify away from U.S. bonds amid a flare-up in its trade relations. The reports were later refuted, but underlined bond investors' concerns the U.S. was ramping up issuance of debt at a time when its largest foreign holder appeared unwilling to absorb this increase in supply.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
U.S. Bancorp hit with $613M in penalties for lax money laundering controls
Bank ignored red flags on millions of dollars linked to race car driver and payday lender Scott Tucker, who was later convicted of money laundering
US Bank pays $613 million over money laundering charges
U.S. Bancorp is paying $613 million to settle allegations the bank had poor anti-money laundering controls, which put the bank repeatedly at risk of being used as a conduit for criminals.
Russia's Yandex and Sberbank may form e-commerce JV in March - Ifax
MOSCOW, Feb 15 (Reuters) - Russia's top search site Yandex
and Sberbank may complete a deal to set up a
joint venture on the basis of Yandex's e-commerce platform in
March, the Interfax news agency quoted the state bank's chief
executive as saying on Thursday.
PNB shares reeling, but other Indian banks stabilise after giant fraud shock
Indian bank shares broadly recovered on Thursday a day after being hit by news of the country's biggest ever bank fraud, although Punjab National Bank - the lender at the centre of a $1.77 billion scam - has lost a fifth of its market value.
REFILE-PNB shares reeling, but other Indian banks stabilise after giant fraud shock
MUMBAI, Feb 15 (Reuters) - Indian bank shares broadly
recovered on Thursday a day after being hit by news of the
country's biggest ever bank fraud, although Punjab National Bank
- the lender at the centre of a $1.77 billion scam - has lost a
fifth of its market value.
$1.8 Billion in India Bank Fraud Raises Fears of Ripple Effects
The scandal at Punjab National Bank, a state-controlled lender, risks drying up the loans small and medium-size businesses need to power the country’s growth.
Appaloosa ups investments in Micron, Facebook, Apple, adds new bets in Caesars, MGM in 4th quarter
Billionaire hedge-fund investor David Tepper's Appaloosa Management was a buyer of technology, energy and bank shares in the fourth quarter, according to a Wednesday regulatory filing. Between the end of the third and fourth quarter, Appaloosa boosted its stake in Bank of America Corp. , upping his position by 170% to 10.8 million shares. He also increased his stake in Apple Inc. , raising that investment to 3.2 million shares and raising his stake in Micron Technology Inc. to 10.45 million shares, representing his largest holding according to WhaleWisdom.com. The hedge-fund luminary also lifted his position in Facebook Inc. by about 70% to 2.2 million shares, while adding to his holdings in the tech-heavy PowerShares QQQ Trust Series 1 to 4.3 million shares. Meanwhile, Tepper took a long position in the exchange-traded Financial Select Sector SPDR ETF , purchasing $280 million worth, though the fund also sold call options in the ETF worth $35 million. Call options give the holder the right but not the obligation to buy an asset a set price and time. Appaloosa also made bullish bets in the energy-centered Energy Select Sector SPDR ETF for $35 million. The investor was a buyer in gambling assets, with new stakes in Caesars Entertainment Corp. , about 5.86 million shares, and MGM Resorts International , where he picked up 2.3 million shares, from the end of the third quarter. Tepper notably divested his entire stake in Kinder Morgan Inc. , Chesapeake Energy Corp. , Whirlpool Corp. and General Motors , recent filings showed. Large investors are required to reveal their long equity holdings at the end of each quarter in filings with the Securities and Exchange Commission.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-1St Constitution Bancorp Receives Regulatory Approval For Merger With New Jersey Community Bank
1St Constitution Bancorp(FCCY): * 1ST CONSTITUTION BANCORP RECEIVES REGULATORY APPROVAL OF THE PROPOSED MERGER WITH NEW JERSEY COMMUNITY BANK. * 1St Constitution Bancorp(FCCY) - âCLOSING OF TRANSACTION IS ANTICIPATED TO TAKE PLACE DURING Q2 OF 2018â Source text for Eikon: Further company coverage:
Amazon and Bank of America have partnered for lending: report
Amazon.com Inc. has partnered with Bank of America Corp. to provide sellers on its platform access to credit so they can buy more inventory, according to a CNBC report. Bank of America stock is up 1% to $32.34 and Amazon stock is flat after hours. Citing anonymous sources, the report said allows Amazon to reduce its risk and the program offers loans of $1,000 to $750,000 for firms that may have trouble borrowing money through more traditional sources. The lending program is invite only, has no website, and is geared toward helping sellers move more inventory, not turning a large profit on interest payments from the loans, the CNBC report said.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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