#AceFinanceReport – Nov.25: Barclays Plc has agreed to pay $14 million (£9.2 million) to settle litigation by holders of its American depositary shares that it conspired with rivals to rig the Libor benchmark interest rate, causing its share price to be inflated.
The preliminary accord filed in Manhattan federal court on Tuesday evening resolves claims that Barclays “turned a blind eye” before and after the financial crisis when its traders manipulated Libor to boost profits, and that senior management condoned the deception to enhance Barclays’ reputation in the marketplace.
Autumn Statement (Picture: PA)
#AceFinanceNews – Nov.25: Proposed cuts to tax credits will be abandoned altogether because of ‘improved’ public finances, George Osborne has said.
The Chancellor detailed £20billion of cuts to Whitehall budgets and £12billion cuts to welfare in the Autumn Statement and Spending Review today.
Speaking in the House of Commons, Mr Osborne said it was the job of the Conservatives to ‘rebuild the country’ and make the UK ‘the most prosperous’ of the major nations of the world.
The Chancellor said debt would fall this year and every year that followed until the end of the current Parliament.
PARIS: ‘ Climate change deal as energy companies may have to pay trillions by action on global warming, so time to bring out a study ‘
#AceNewsReport – Nov.25: Climate change deal could render oil, gas and coal projects worthless with US, Canada, China and Australia most vulnerable to losing billions.
Fossil fuel companies risk wasting up to $2tn (£1.3tn) of investors’ money in the next decade on projects left worthless by global action on climate change and the surge in clean energy, according to a new report.
The world’s nations aim to seal a UN deal in Paris in December to keep global warming below the danger limit of 2C.
The heavy cuts in carbon emissions needed to achieve this would mean no new coal mines at all are needed and oil demand peaking in 2020, according to the influential thinktank Carbon Tracker.
It found $2.2tn of projects at risk of stranding, ie being left valueless as the market for fossil fuels shrinks.
#AceFinanceReport – Nov.24: Analysis of 105 banks by European Banking Authority raises concerns over ‘drag on profitability’ from non-performing loans
European banks are sitting on bad debts of €1tn – the equivalent to the GDP of Spain – which is holding back their profitability and ability to lend to high street customers and businesses.
According to a detailed analysis of 105 banks across 21 countries in the European Union conducted by the European Banking Authority (EBA), the experience of Europe’s banks to troubled customers is worse than that of their counterparts in the US.
#INVESTIGATION ‘ Hilton says some payment systems hit by malware though they say PIN numbers and personal data ‘
#AceFinanceNews – Nov.24: Hotel chain operator Hilton Worldwide Holdings Inc said on Tuesday it identified unauthorized malware in some payment systems that targeted payment card information.
A third-party investigation found that the malware targeted specific payment card information, that included cardholder names, payment card numbers, security codes and expiration dates, Hilton said.
The information targeted, however, did not include addresses or personal identification numbers (PINs), the company added.
Hilton said customers who used their cards during a 17-week period – from Nov. 18 to Dec. 5, 2014 or April 21 to July 27, 2015 – were advised to check their bank statements.
The owner of the Conrad and Double Tree hotel chains did not provide details on the number of cards affected.
Iran said on Thursday that the process to switch to national currencies in transactions between Moscow and Tehran may be completed very quickly.
#AceFinanceNews – Nov.24: Iran’s Deputy Trade Minister Mojtaba Khosrowtaj has told the Russian media that the two countries could start to trade in their national currencies within the next 2-3 weeks.
Khosrowtaj has told the Russian media that the policy will start to take effect as soon as the central banks of Iran and Russia give the required go-ahead.
“I am certain that, regardless of sanctions, we must rely on national currencies. This formula is essential for our foreign policy in regard to a number of partners,” Sputnik news agency has quoted him as telling RIA Novosti.
“As soon as the banks make the relevant decisions, it is a matter of two-three weeks. We don’t need much time for this,” Khosrowtaj said.
The official further criticized that the central banks both in Tehran and Moscow need to expedite the procedures to enable the two countries start trading in their transactions.
“The business community has always criticized central banks because they are too slow when it comes to transitioning to national currencies and creating a system that could be used in difficult times,” he said.
“Our side tries to influence the central bank, Russian partners are doing the same thing, but the banks still operate slowly, so work on this matter is not complete yet.”
Iran’s Ambassador to Russian Mehdi Sanaei said in late January that Tehran and Moscow are working on a plan to switch their bilateral trade to national currencies for which he said the two countries will create a joint bank or a mutual account.
Officials said in Tehran on Wednesday that Iran has approved a proposal by Russia to establish a joint bank between the two countries. The bank is expected to facilitate trade between the two countries in their own currencies – a mechanism that is seen to have been specifically designed to enable both countries dodge the US-led economic sanctions.
#MARKETS European markets finish sharply lower after #Turkish fighter jets shot down a #Russian warplane near the #Syrian border; STOXX 600 closes off 1.3% – @CNBC
#AceMarketsNews – Nov.24: European markets finish sharply lower after Turkish fighter jets shot down a Russian warplane near the Syrian border; STOXX 600 closes off 1.3% – @CNBC
Original Article: http://www.cnbc.com/2015/11/24/european-markets.html
#AceNewsReport – Nov.24: Russian President Vladimir Putin says Moscow is ready to provide a $5 billion state loan to Tehran to promote industrial cooperation.
Another €2 billion export loan will be granted to Iran by Russian state lender Vnesheconombank.
#AceFinanceNews – Nov.24: European, Turkish and Russian markets plunged after confirmation that Turkey had shot down a Russian jet near its border with Syria and Moscow warning Ankara of “serious consequences”.
FEATURED: BRITAIN: ‘ Cameron pushes for higher defence budget & Osborne to bump up UK borrowing target by 5 billion pounds to pay for the cost – with higher interest payments funded by taxpayers ‘
#AceFinanceNews – Nov.24: British finance minister George Osborne will have to borrow 5 billion pounds more this financial year than he planned in July, according to a Reuters poll conducted before a budget statement he is due to deliver on Wednesday.
Government borrowing in the 2015/16 financial year is 11 percent less than it was at the same point in 2014, but progress in cutting the deficit has been slower than Osborne might have hoped, in part reflecting slower economic growth mid-way through the year.
Strategists and economists polled by Reuters generally think the government is unlikely to achieve its target of cutting headline borrowing to 69.5 billion pounds this financial year, part of a plan to return the budget to a surplus by the end of the decade.
Osborne is likely to announce a new, higher target for public sector net borrowing, excluding banks, of 74.7 billion pounds, according to the median finding from a poll of 11 analysts – who stressed the final figure was still far from clear.
Local government borrowing, responsible for much of the overshoot this year, can be subject to large revisions.
And a reclassification of housing associations into the public sector is also likely to bump up the Office for Budget Responsibility’s estimate of headline public borrowing.
The Office for National Statistics said such a change, had it been introduced in the 2014/15 financial year, would have increased the deficit by around 4.5 billion pounds.
The government’s central government net cash requirement is likely to increase by around 3 billion pounds, according to the poll. Most strategists expect this will be financed with sales of extra treasury bills rather than gilts.
Still, strategists at UBS said this was not the case the last time Osborne had to announce a higher borrowing forecast in an autumn budget statement.
“In November 2011, there was a 13.8 billion pound rise in the funding remit announced by the Debt Management Office, of which 11.4 billion pounds was financed by an increase in gilt supply,” they said.
(Reporting by Andy Bruce; editing by John Stonestreet)