November 10, 2014
‘Too big to fail’ bank rules unveiled by global regulators
The rules, created by the Financial Stability Board (FSB), a global regulator, will require big banks to hold much more money against losses. Mark Carney, FSB chairman and governor of the Bank of England, said the plans were a "watershed" moment. He…
November 7, 2014
Scotiabank to close several branches in the Caribbean
Canada’s Scotiabank has announced plans to shut or shrink 120 branches, largely in Mexico and the Caribbean, in a bid to save CAN$120 million (One Canadian dollar =US$0.87 cents) annually. The bank said it would close down 35 of its 200 branches in…
October 30, 2014
Barclays sets aside £500m in currency probe
Barclays has set aside £500m to cover potential costs from investigations into currency trading. Barclays is among several banks being probed relating to alleged rigging of currency markets. It also set aside an extra £170m to compensate customers…
October 28, 2014
Chiquita okays US$681m Brazilian bid
Chiquita has sealed a deal to be acquired by two Brazilian companies for about US$681 million, with the US-based banana producer expected to go private by the end of this year or early next. The deal comes just days after the fresh produce company's…
October 27, 2014
France in new pledge to cut budget deficit
France's finance minister says the country plans to cut its budget deficit by €3.6-3.7bn (£2.84bn, $4.6bn) next year in a bid to meet European Union rules. The minister, Michel Sapin, made the promise in a letter to the European Commission. The plan…
October 24, 2014
Cameron says UK won’t pay £1.7bn EU bill
David Cameron has angrily insisted the UK will not pay £1.7bn being demanded by the European Union. "If people think I am paying that bill on 1 December, they have another think coming," the prime minister said in Brussels. "It is not going to…
October 21, 2014
Microsoft boss Satya Nadella gets $84m pay package
Microsoft boss Satya Nadella has been given a pay package worth $84.3m (£52m), making him one of the top earners in the tech industry. The total pay package is largely made up of share awards, and most of the payments will be made over several…
October 20, 2014
Apple earnings beat expectations
Apple reported third-quarter earnings of $8.47bn (£5.24bn), a 13% rise from the same period a year earlier, beating analysts' expectations. Profits at the technology giant were helped by sales of its new iPhone 6 models, which were on sale for ten…
October 20, 2014
IBM pays $1.5bn to offload chip unit as profit falls
IBM is to pay $1.5bn (£930m) in cash to offload its loss-making chip manufacturing division to Abu Dhabi owned GlobalFoundries. IBM, which wanted to avoid the cost of upgrading the unit's technology, said it would now focus on cloud computing,…
October 20, 2014
TCI receives support from the World Bank for National Risk Assessment
The Turks and Caicos Islands (TCI) is undertaking a National Risk Assessment (NRA) this year in line with the Financial Action Task Force (FATF) recommendations that each country assesses its own money laundering and terrorist financing risks.The…