ClearMyMail, the company that specialises in anti-spam, anti-virus and anti-phishing protection, has published a list of the 10 financial services companies whose customers are most likely to be targeted by spam and fraud by “phishing”. NatWest heads the list, with 41% of all “phishing” emails blocked by ClearMyMail aimed at the bank. The emails purport [...]
Merrill Lynch has released a report indicating that Saudi Arabia could see its inflation reach 6% in 2008, up from 4% in 2007. The report also predicts that the second largest Arab economy, the United Arab Emirates, could see prices rise by 12%, compared to 10% over the last year. The inflation of economies with [...]
It is speculated that Chinese regulators will soon receive an application from Citigroup Inc and Central China Securities to launch a joint venture investment bank. Should the deal go through it would be the first investment banking operation that Citigroup would have in China. At present Citigroup assists Chinese companies list in Hong Kong, and [...]
Over the course of a year UK investment funds have seen a reversal of £2bn. Open-ended investment companies saw an investment of £1.7bn in December 2006, but December 2007 saw an outflow of over £350m. The news comes from figures released by the Investment Management Association. The statistics also reveal that the credit cunch impact [...]
The scandal surrounding French bank, Société Générale, and its rouge trader Jérôme Kerviel, is deepening. Mr Kerviel has admitted that he conducted secret deals worth billions of euros but maintains that despite a €5 billion loss, he was acting in the bank’s best interests. He also claims that other employees conduct business in a similar [...]
A key parliamentary committee has found the Financial Services Authority to be partly to blame for the Northern Rock collapse, highlighting a “systematic failure of duty” in overseeing the running of companies within its regulation following a report into the event released over the weekend. The Treasury committee highlighted the glaring discrepancies within the Northern [...]
The chief executive of the largest mortgage lender in the US has today announced he is forfeiting some £19 million owed to him by the bank, which has been suffering widespread and much publicised liquidity problems as a result of the downturn in the housing market and the sub-prime slump, in an unprecedented move within [...]
Jean Francois Mercier, Citigroup economist, has said that focusing on energy efficiency is a part of the solution to South Africa’s energy problems. Mercier has also said that co-generation with the private sector could be an option. The world’s largest international banks have warned of economic growth forecasts could need massive revision following the closure [...]
Outperforming predictions, Abu Dhabi Islamic Bank has recorded its largest ever quarterly profit, after increasing lending and selling off some investments. Following its succes, the bank intends to expand its operations overseas. According to Reuters, the bank’s profits soared by 73.4% in the three months to December 31, reaching Dh287.82m. Full year profits rose by [...]
Reports in a Chinese state-owned newspaper that a major Chinese bank is to buy a $5bn stake in West Africa’s largest lender have been denied. The report stated that the China Development Bank was to purchase a minority stake in the Nigeria’s United Bank for Africa. However, there has been neither official nor unofficial confirmation [...]
Robert Zoellick, the World Bank’s president, is to commence his first official visit to Africa. During his journey he is expected to visit Mauritania, Liberia, Ethiopia, and Mozambique. Recently the International Development Association has been replenished, allowing the World Bank to increase its African support. In Ethiopia, Zoellick will become the first World Bank president [...]
The worldwide subprime difficulties will cure itself, according to an optimistic prediction by Jamie Dimon, the chairman and chief executive of JP Morgan Chase. Dimon made the remarks whilst addressing the World Economic Forum held at Davos. During his speech he lauded the intervention of the central banks, and stated his belief that the subprime [...]
Alan Greenspan, formerly the Federal Reserve’s chairman, has said that he believes the odds on a recession hitting the US is now 50%, or higher. Speaking to an audience in Vancouver, he said that his previous estimate of a one in three chance made a year ago had definitely worsened. Greenspan has acknowledged that predicting [...]
The volume of mortgages approved for new home buys over the month of December fell significantly according to figures released today, indicating the real impact of the credit crunch on consumer borrowers and retail banks nationwide. According to a report from the British Bankers’ Association, the major UK retail banks approved just 42,088 mortgages for [...]
Investment bank Credit Suisse Group has today announced that it is to cut back some 500 jobs in its investment divisions as a measure of cutting costs and in response to the slowing demand for investment services as a result of the current market conditions. The bank today said it had been forced to cut [...]
Industry insiders are claiming that the State Bank of India will form a business tie-up with Mizuho Financial Group, Japan’s second largest lender. Japanese newspapers Nikkei and Yomiuri have reported that the corporate banking arm of Mizuho are to sign a deal later on Friday, in Mumbai. It is not expected that the two firms [...]
The Philippine government has been advised by the World bank not to relent under pressure to remove VAT from petroleum products. The World Bank and the International Monetary Fund both call on the government to retain VAT on petrol, as removing it could compromise the government’s revenue generation. In addition, the IMF has described the [...]
The High Court has today heard that the Office of Fair Trading’s arguments against consumer bank charges have a number of “flaws”, according to a statement made by Nationwide QC Geoffrey Vos in the high profile bank charging test case. The suggestion came as the QC respresenting Nationwide, Geoffrey Vos, laid out the building society’s [...]
Chancellor Alistair Darling has today shocked analysts by announcing an embarrassing U-turn on the proposed capital gains tax changes scheduled to come into force in April, in a move that has been met with approval from private equity and entrepreneurial sectors. The Chancellor today made the unprecedented announcement that he would turn back on initial [...]
Citigroup is shedding between 300 and 400 London-based jobs, as part of a global redundancy programme that will see the world’s largest bank reduce staff numbers by 4,200 in total. Last month the bank recorded a $9.83 billion net loss for the fourth-quarter of 2007, caused by an $18.1 billion exposure to bad mortgage debt. [...]
