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Financial Services

Bankia reports profits surge

Jul 28 2014 15:00

Spain's last big nationalised bank, Bankia, says its first-half net profit rose by almost half as its losses from bad loans dropped.

Financial Services

Commerzbank plans more cost-cutting

Jul 28 2014 16:33

Commerzbank, Germany's second-largest bank, is planning further cost-cutting measures that could lead it to axe several hundred jobs.

Financial Services

Ireland to approve hedge funds for lending

Jul 28 2014 09:44

Ireland, one of Europe's biggest hubs for funds, will allow hedge funds based in the country to lend to companies under new rules drawn up by the central bank.

Financial Services

SEC seeks $1.4bn from Wyly brothers

Jul 27 2014 11:32

The US says Texas tycoon Sam Wyly and the estate of his late brother should pay damages totalling $1.4bn for their role in a fraudulent scheme.

Economy

19 Cabinet members have business interests

Jul 27 2014 10:37

A City Press report shows a total of 19 members of President Jacob Zuma’s new Cabinet, including the president, have private business interests.

Financial Services

China approves three private banks

Jul 25 2014 13:16

China has approved the setting up of three private banks, including one by internet giant Tencent, in a long-awaited economic reform.

Financial Services

Britain's RBS records sharp earnings rise

Jul 25 2014 10:15

Royal Bank of Scotland has made a pre-tax profit of $1.7bn in the second quarter, far better than analysts expected.

Financial Services

US judge: Ex-Madoff employees' convictions stand

Jul 25 2014 09:55

A US judge has refused to overturn the convictions of five associates of imprisoned swindler Bernard Madoff for helping him run a huge Ponzi scheme.

Financial Services

Libor rigging: Lloyds expects fine

Jul 25 2014 12:10

The long-awaited fine on Britain's Lloyds Banking Group in relation to the benchmark interest rate fixing allegations will be announced soon, sources say.

Financial Services

BNP Paribas to pay $80m for defrauding US

Jul 25 2014 09:20

The US Justice Department has announced that a Federal court entered judgment against French bank BNP Paribas for $80m for defrauding a programme.

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Financial Services

Zuma: Brics bank will boost SA

Jul 24 2014 20:02

The establishment of the Brics bloc's New Development Bank is a forward step for South Africa and the continent, says President Jacob Zuma.

Financial Services

Alexander Forbes surges to R10.5bn valuation

Jul 24 2014 20:15

Shares in Alexander Forbes surged 12% on their return to the JSE, valuing the company at almost R10,5bn as it dazzled investors with the prospect of steady earnings and growth.

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