Net whiz kids now take aim at big banks

Feb 16, 2014

Net whiz kids now take aim at big banks

Irked by the high bank fees that are applied to international money transfers, two Estonian IT whizzes who helped engineer Skype and Paypal have hatched Transferwise, a global Internet platform that coordinates currency swaps between individuals. “Hey, hidden fees. Your secret’s out,” taunts the ...

U.S. banks get OK to let pot dealers open accounts

Feb 15, 2014

U.S. banks get OK to let pot dealers open accounts

U.S. regulators on Friday told banks they can allow marijuana dealers to open accounts, as states around the country begin to legalize the drug for medical and in some cases even recreational use. Wary of being caught up in “drug money” crimes, banks had ...

Feb 10, 2014

Nigerian politics roiled by missing oil money

Africa’s biggest oil producer, Nigeria, is facing questions about where billions of dollars in oil money is going amid suspicions of fraud and it being siphoned off to fund political campaigns. The issue has been rumbling since September, when the governor of the Central ...

Feb 6, 2014

Nation's big banks beef up overseas presence with boosted lending

Japan’s big banks are increasing their presence abroad, mainly in Asia, by expanding overseas lending to meet brisk demand for funds. Profit margins from lending operations at home have narrowed due to prolonged ultralow interest rates, while relatively high earnings can be expected on ...

Feb 4, 2014

Banks' record earnings mask actual profit prospects

The nation’s biggest banks, poised to achieve record annual earnings after last year’s stock market surge, may still disappoint investors as the equity rally fades, leaving them reliant on a lending recovery for profit. Net income at Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui ...

Europe is on the hunt for 'zombie banks'

Feb 4, 2014

Europe is on the hunt for 'zombie banks'

In Europe, the zombie hunt is on — not for undead humans but for “zombie banks,” the walking dead among lenders, too financially troubled to loan money in an economy that desperately needs investment, growth and jobs. The European Central Bank, the lead crisis ...

Argentine crisis deepens as peso plunges 11 percent

Jan 24, 2014

Argentine crisis deepens as peso plunges 11 percent

Argentina’s currency crisis worsened dramatically Thursday as the peso plunged 11.1 percent against the U.S. dollar, its depreciation picking up pace in the sharpest one-day fall since 2002. Amid growing capital flight, the central bank appeared to drop any effort to defend the peso, ...

Jan 16, 2014

EU clinches deal on financial regs

European Union negotiators have struck a deal on the outlines of a new regulation covering a wide array of financial instruments and markets, including provisions to curb food speculation and tighter controls on the power of computers to make trading decisions. The regulation agreed ...

Chinese farmers build $2 million wall of money

Jan 16, 2014

Chinese farmers build $2 million wall of money

Farmers in one of the poorest counties in a Chinese province have built a wall of cash from more than $2 million paid out in yearend bonuses, according to a report. The farmers, members of a cooperative in Liangshan County in Sichuan province, stacked ...

Jan 9, 2014

ECB gives thumbs up to woman on executive board

The European Central Bank on Thursday gave the green light to the appointment of a woman to its all-male executive board. Earlier this week, the Council of EU member states named Germany’s Sabine Lautenschlaeger to the ECB’s executive board, replacing compatriot Joerg Asmussen. The ...