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UBS rogue trader gets 7 years' jailUBS rogue trader Kweku Adoboli was given a seven-year jail sentence on Tuesday after being convicted of two counts of fraud resulting in the Swiss bank's losing $2.3 billion. He will serve h More… |
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UBS 'faced danger of collapse'"Naked gambling" by UBS trader Kweku Adoboli nearly brought down the massive Swiss bank as he wagered up to $12 billion, cooked the books and lied to bosses until his "pyramid of fraud" collapsed, a prosecutor told a London c More… |
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Trafigura wins $400m ME loanCommodities trader Trafigura has taken a $400 million loan from a group of Middle Eastern banks, as the group looks to diversify its lending pool at a time of stress in traditional banking spheres, banking sources said. The one-ye More… |
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Bahrain traders lauded for promotion campaignsIndustry and Commerce Minister Dr Hassan Fakhro yesterday inspected Al Jazeera Supermarket in Mahooz, Lebanese Centre in Isa Town and Al Huly Supermarket in A'ali. The inspection was part of the ministry's efforts to monitor availability o More… |
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Traders try to limit MF Global collapse damageTraders scrambled to cover trading exposures to MF Global on Tuesday, as administrators sought to save what money was left in the collapsed US brokerage's London arm. In Australia, trading in grain futures an More… |
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Jobs offer some relief; $2.5 trillion wiped offImproved US jobs numbers gave world stocks some relief in an eighth straight session of losses on Friday which had wiped almost $2.5 trillion off values on the week and brought back memories of the 2008 crisis. Ballooning concern over the More… |
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SocGen under pressure as trader releasedExchange officials warned Societe Generale about rogue trader Jerome Kerviel's deals late last year, a Paris prosecutor said, piling pressure on the French bank to explain why his trades were not discovered sooner. The setback came as inve More… |
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Checks by SocGen missed $73bn betFrench bank Societe Generale has admitted that a gap in control systems allowed a junior trader to take a $73 billion losing bet on European share prices. However, it defended its handling of the world's biggest trading scandal. Pr More… |
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Trader an expert in risk control systemsThe trader blamed for the world's biggest banking fraud was a junior banker who used his intimate knowledge of Societe Generale's risk control systems to conceal months of illegal dealing, the bank and insiders said. Sources within SocGen More… |
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Market shock as SocGen hit by $7bn fraudFrench bank Societe Generale said fraud by a single trader had caused it a 4.9 billion euro ($7.1 billion) loss and that it would seek emergency funds as a result, shocking battered markets. If fraud is proved, the loss will be the biggest More… |
