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EU strikes deal on stricter regulation for derivatives

Brussels - The European Union took another step Thursday towards tighter regulation of financial markets, as new rules were agreed for derivatives, a common tool for speculative trading that has been blamed for contributing to the 2008 financial crash.

EU commission proposes stricter rules for auditing firms

Brussels - Financial auditing firms should be subject to tighter regulation, the European Union's executive proposed on Wednesday, stressing the sector's responsability for failing to spot the 2008 financial crisis.

EU proposals on credit rating agencies watered down

Brussels - Draft European Union proposals to curb the activities of credit rating agencies were watered down Tuesday, as the plan to shield bailout-threatened EU countries from downgrades was abandoned.

LEAD: EU takes aim at credit rating agencies with tighter regulation

Brussels - The European Union's executive planned Tuesday to propose tighter regulations for credit rating agencies - including ways of shielding EU countries on the brink of a bailout from downgrades - following accusations that they have played a key role in aggravating the eurozone's debt crisis.

EU takes aim at credit rating agencies with tighter regulation

Brussels - The European Union's executive planned Tuesday to propose tighter regulations for credit rating agencies - including ways of shielding EU countries on the brink of a bailout from suffering a credit rating downgrade - following accusations that they have played a key role in aggravating the eurozone's debt crisis.

Australia's Westpac bank raises profits 10 per cent

Sydney - Westpac Banking Corp, Australia's second-largest bank, Wednesday reported a full-year net profit of 6.9 billion Australian dollars (7.1 billion US dollars).

Troubled Wall Street firm investigated for shortage of client cash

New York - MF Global Holdings, which filed for bankruptcy earlier this week, is being investigated over a possible shortfall of client funds, The Wall Street Journal reported Tuesday.

US bank files for bankruptcy after betting on EU debt

New York - MF Global Holdings Ltd, a broker-dealer firm, and its finance unit, MF Global Finance USA, Monday filed for reorganization under US bankruptcy law after losing its bets on European sovereign debt.

Brussels wants EU-wide criminal sanctions on rogue traders

Brussels - Fines are not enough to dissuade rogue traders, the European Union's executive warned Thursday, while calling for the introduction of bloc-wide criminal sanctions for insider trading and market manipulation.

Brussels calls for EU-wide criminal sanctions on rogue traders

Brussels - Fines are not enough to dissuade rogue traders, the European Union's executive was expected to warn Thursday, while calling for the introduction of bloc-wide criminal sanctions for insider trading and market manipulation.

EU bans 'naked' bets on bonds, launches derivatives probe

Brussels - Traders will no longer be able to buy credit default swaps (CDS) - a form of insurance on government bonds - if they do not own the bonds in question, the European Union agreed in an overnight deal.

Australian yokels take on Gordon Gekko moguls

Sydney - It is not the most famous line from the 1987 greed-is-good movie Wall Street, but Gordon Gekko's observation that a 'fool and his money are lucky enough to get together in the first place' could see service over the next two months in a closely watched courtroom contest in Sydney.

Beer in clear, not so for liquor on stock ticker, says church group

Berlin - If you want to be a good Christian while investing your money, avoid businesses that trade in hard liquor, pornography and weapons, advised a German church group Wednesday.

Carlyle Group seeks IPO

New York - Investment company Carlyle Group on Tuesday filed for permission to sell shares in an initial public offering (IPO) in a bid to join ranks with several competitors in an industry put on virtual hold by the international financial crisis.

Pentagon chief warns against further 'doomsday' cuts

Washington - The new US defence secretary, Leon Panetta, Thursday warned against further cuts in the US military budget beyond those included in the debt ceiling compromise, saying they would present a 'dangerous' threat to the nation's security.

Morgan Stanley loses 558 million dollars in second quarter

New York - US brokerage concern Morgan Stanley reported Thursday a loss of 558 million dollars in the second quarter of 2011, less than what analysts had been projecting, reflecting the costs of converting Mitsubishi UFJ's holding.

EU wants to protect bailout countries from credit rating agencies

Paris/Brussels - Eurozone countries under a bailout programme such as Greece, Portugal and Ireland should no longer face the threat of a downgrade from credit rating agencies, the European Union's top official for market regulation said on Monday.

Price of Warren Buffett charity lunch heads for 2 million dollars

New York - The price for joining legendary US investor Warren Buffett in a charity 'power lunch for eight' at a New York steakhouse topped 1.5 million dollars on Monday and was rising by the hour.

EU hedge fund rules get final seal of approval

Brussels - European Union governments on Friday gave their final seal of approval to regulation on hedge funds and private equity firms - a plank of the bloc's efforts to tame markets in the wake of the financial crisis of 2008-2009.

Lobbyists trying to thwart financial regulation efforts, EU says

Brussels = The financial services industry is trying to thwart European Union efforts to introduce tighter regulation on hte industry, an EU official said Thursday.

Palestinians mull appeal to UN on Israel tax freeze

Ramallah - Palestinian Prime Minister Salam Fayyad Wednesday said that taking the issue of Israel's withholding of Palestinian tax revenues to the United Nations Security Council was a good idea.

MasterCard profits rise 24 per cent in first quarter

New York - Credit card giant MasterCard Inc on Tuesday reported a 24-per-cent increase in first quarter profits for 2011, to 562 million dollars, as more consumers used credit cards in lieu of cash or cheques.

EU opens antitrust probes into JP Morgan, 15 other investment banks

Brussels - The European Union on Friday opened antitrust investigations into JP Morgan, Goldman Sachs and 14 other investment banks over a type of financial insurance that some believe to have exacerbated the eurozone's sovereign debt crisis.

IMF: Confidence in banking system not fully restored

Washington - Confidence in the banking system has yet to be restored, nearly four years after the start of the global financial crisis, the International Monetary Fund said Wednesday.

Watchdog wants less flesh and more facts in prospectuses

Sydney - Australia's corporate regulator is telling companies seeking funds from investors to take glossy photographs of fashion models out of their prospectuses and put easier-to-understand financial models in their place.

IMF calls for greater efforts to fight deficits

Washington - The International Monetary Fund (IMF) called Tuesday on developed countries to take more definitive steps to rein in their budget deficits.

Lebanon disputes US claims of money laundering by bank

Beirut - Lebanon's Central Bank Governor, Riad Salameh, Friday disputed claims by the United States that a Lebanese bank is laundering money for drugs traffickers.

US accuses Lebanese bank of money laundering, ties to Hezbollah

Washington - The US government on Thursday announced it was taking measures against a Beirut-based bank suspected of laundering hundreds of millions of dollars in drug money and having ties to Hezbollah.

'Groupthink' at IMF: Lender failed to warn of financial crisis

Washington - An internal inquiry slammed the International Monetary Fund (IMF) on Wednesday for serious management failings that prevented the crisis lender from spotting a global financial disaster that in late 2008 helped plunged the world into recession.

US authorities widen insider trading scandal over technology firms

Washington/New York - US authorities on Tuesday charged a group of hedge fund managers with making millions of dollars by allegedly stealing private financial details from some of the United States' top technology companies.

US authorities charge six 'experts' with insider trading

Washington - US authorities on Thursday charged six financial 'experts' with insider trading for helping a group of hedge funds make billions of dollars off shares in technology companies.

Visa profits from renewed spending

New York - Visa saw profits rise 16 per cent in the first quarter as consumer spending picked up, the credit card company said Wednesday.

Russia's two largest stock markets merge in friendly takeover

Moscow - Russia's two largest stock exchanges were set to merge after major shareholders of the RTS exchange agreed to a friendly takeover offer by the rival MICEX exchange on Wednesday.

US inquiry warns: Wall Street unchanged, 2008 crisis avoidable

Washington - A US inquiry on Thursday found that the 2008 financial crisis could have been prevented and that many of the conditions that led to Wall Street's near collapse have yet to be addressed.

Obama panel to spread the blame for 2008 financial crisis

Washington - A US inquiry into the 2008 financial crisis will release its final report on Thursday and is likely to spread the blame across banks and government regulators for failing to heed the many warning signs ahead of Wall Street's near collapse.

American Express benefits from renewed spending

New York - Increased credit card spending pushed American Express earnings up 48 per cent to 1.1 billion dollars in the fourth quarter, the company said Monday.

Citigroup disappoints analysts in final quarter earnings

New York - US bank Citigroup reported quarterly earnings Tuesday that fell far short of analysts' expectations, driving down shares as trading resumed after a long weekend.

Madoff victims closer to relief: 7.2-billion deal approved

Washington - A federal judge has signed off on an agreement that will recover a major chunk of the losses sustained by victims of disgraced financier Bernard Madoff, according to media reports Friday.

Wife of Madoff investor gives back profits of 7.2 billion dollars

New York- US government officials have recovered a major chunk of the losses sustained by victims of disgraced financier Bernard Madoff, reaching a 7.2-billion-dollar settlement Friday with one of Madoff's top beneficiaries.

Madoff son found hanged in New York (Roundup)

New York - The eldest son of convicted fraudster Bernard Madoff was found dead Saturday in his New York apartment, after apparently committing suicide.

Madoff son found hanged in New York

New York - The eldest son of convicted fraudster Bernard Madoff was found dead Saturday in his New York apartment, after apparently committing suicide, US media reports said.

Citigroup pays back US bailout: 12 billion dollars profit for US

Washington - Shares in Citigroup rallied Tuesday a day after the US government recouped the last of the bank's bail-out money, bringing its profit for US taxpayers to a total of 12-billion-dollars over the past months.

US targets financial fraud in sweeping national probe

Washington - US justice officials on Monday announced the arrests of more than 500 people accused cheating thousands of investors out of a combined 10.4 billion dollars across the country, as part of a federal government crackdown that began in August.

Federal Reserve releases details of financial bailout

Washington - The Federal Reserve on Wednesday released details of its financial bailout programmes at the height of the financial crisis that show the extent to which international firms benefited from the US assistance.

Standard & Poors's downgrades Irish banks ratings

London/Dublin - Ratings agency Standard & Poor's disclosed Friday a drastic downgrading of the creditworthiness rating for Anglo Irish Bank and a lowering for three other Irish banks as well.

Bernard Madoff's piano, diamond ring sold at New York auction

New York - Some of the possessions of disgraced billionaire financier Bernard Madoff and his wife Ruth were auctioned off in New York Saturday, including a diamond ring and a grand piano.

Report: Citigroup under probe for role in financial bust

New York - The list of Wall Street giants under probe for deceiving investors in the lead up to the 2008 financial crisis appears to have grown little longer.

MasterCard profits rise 15 per cent in third quarter

New York - Credit card giant MasterCard Inc. reported Tuesday a 15 per cent rise in third-quarter profits, to 518 million dollars amid higher consumer outlays using credit and debit cards.

US government hopes for profit as bailed-out AIG repays more loans

Washington/New York - The US government said Monday that it could yet see a profit from its massive investment in troubled US insurer American International Group (AIG), one of the companies that failed most spectacularly during the 2008 financial crisis.

Deutsche Boerse relocates to Frankfurt suburb (News Feature)

Frankfurt - The company which operates the Frankfurt Stock Exchange, Deutsche Boerse, is to this week inaugurate an office building in a Frankfurt suburb where the 2,000 staff have already settled in.

IOC hoping to break billion-dollar mark for sponsorship by 2012

Acapulco, Mexico - The International Olympic Committee (IOC) hopes to break the billion-dollar mark for revenue from top sponsors by the time of the London Olympics in 2012, IOC marketing head Gerhard Heiberg said Tuesday.

American Express profit up 70 per cent; more prompt payments

New York - American Express Thursday reported a profit boost of 70 per cent in its third quarter over the same period last year, saying well-heeled card holders were spending more and paying their bills more often on time.

Fannie, Freddie bailouts could reach 363 billion dollars

Washington - The US government-backed mortgage companies Fannie Mae and Freddie Mac could end up costing taxpayers 363 billion dollars, a government regulator said Thursday.

Morgan Stanley reports drop in profits

New York - Morgan Stanley, operator of the world's largest brokerage, Wednesday indicated its profits had fallen to 313 million dollars from 936 million dollars in the third quarter.

Goldman Sachs reports lower profits, but better than forecasts

New York - US investment firm Goldman Sachs Group Inc. reported Tuesday third quarter net income of 1.9 billion dollars, down 40 per cent year-on-year but better than analysts's forecasts.

Large banks warn of consequences of financial reform

Washington - A coalition of large international banks warned Sunday of possible unintended consequences and regulations as a result of the financial crisis.

Estimate shows massive bailout plan less costly than expected

Washington - The US Treasury Department now estimates that the massive government intervention enacted two years ago to bail out the finance and automotive industries will be much less costly than first estimated.

IMF: Financial sector remains 'Achilles heel' of recovery (Roundup)

Washington - The eurozone debt crisis has spilled over into private banks and set back the global financial sector's recovery from the near collapse of late 2008, the International Monetary Fund (IMF) said Tuesday in a six-monthly report on the financial industry.

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