November 10, 2013
US seeks $864m from Bank of America in mortgage trial
The US government has said it is seeking $864m (£540m) in compensation from Bank of America for losses over home loans sold to it by the bank's Countrywide Financial unit. US attorney Preet Bharara made the request in documents filed late Friday in…
November 10, 2013
Digicel invests in Haiti’s leading micro lender
Digicel has invested US$2million in Haiti's largest microfinance institution, Sèvis Finansye Fonkoze, which states that it will use the funds to expand its microcredit and other financial service offerings through its network of 46 full-service…
November 10, 2013
China trade data adds to recovery hopes
China's exports and imports rose in October, the latest in a series of figures indicating a recovery. Exports, a key driver of its growth, rose 5.6% from a year earlier, while imports jumped 7.6%. This follows data released this month which showed…
November 2, 2013
Unemployment in Eurozone reaches new record high
The number of unemployed in the 17-nation eurozone reached a record high in September as the bloc’s nascent recovery failed to generate jobs, official data showed. The ranks of the jobless swelled by 60,000 to a record 19.45 million, according to…
November 2, 2013
Barclays suspends currency traders
UK bank Barclays has suspended six traders as part of a probe into suggestions that currency markets could have been rigged, the BBC has learnt. On Thursday, Royal Bank of Scotland suspended two traders in connection with the investigation. The…
November 2, 2013
Sony shares plunge as it cuts profit forecast
Shares in Japanese electronics giant Sony plunged 11% to 1,668 yen on the Tokyo Stock Exchange after the firm cut its profit forecast. The firm lowered its full-year profit forecast by 40% on Thursday as it reported a loss for the July-to-September…
November 2, 2013
RBS shares lose 7% after it decides against ‘bad bank’ split
Royal Bank of Scotland shares have lost 7.5% following news the 81% state-owned bank will not split itself into separate so-called good and bad banks. RBS will create an internal "bad bank", ring-fencing £38bn of poor quality assets, such as loans…
November 2, 2013
China’s manufacturing activity at 18-month high
China's manufacturing activity grew at its fastest pace in 18 months in October, adding to signs of a recovery in the world's second-largest economy. The official Purchasing Managers' Index (PMI), a gauge of the sector's health, rose to 51.4 from…
October 30, 2013
Rabobank fined $1bn over Libor
Dutch bank Rabobank says it has agreed to pay fines of 774m euros ($1bn; £662m) imposed by US, UK and Dutch regulators over the Libor interest rate-fixing scandal. The bank added that its chief executive, Piet Moerland, had stepped down. Libor…
October 30, 2013
Nokia telecoms division profits down by a third
Operating profit at Nokia's telecoms solutions and networks - its main business once its phones division is sold - fell 33% in the third quarter to 218m euros ($300m; £186.6m). The Finnish firm forecasts the business's profit margin will rise…