Banks in the European Union should refrain from offering customer accounts in virtual currencies like bitcoins until regulatory safeguards are in place, the bloc's banking watchdog said.
The EU's executive European Commiss
European banks have a combined capital shortfall of about 84 billion euros ($115 billion), German weekly WirtschaftsWoche reported, citing a new study by the Organisation for Economic Co-operation and Development (OECD).
Some European banks are ordering their brokers to rein in and even quit trading some derivatives with US-based peers in a protest against tough new American rules.
The Dodd-Frank regulations, which come into force in early 2013, w
As struggling European banks scale back their worldwide operations, cash-rich Gulf lenders see a chance to expand by snapping up the Middle East assets of European rivals at attractive prices.
After years of building operations in the fast
US lawmakers are working on legislation that would force European and Asian banks with US accounts to directly report to the US Treasury their transactions with Iranian financial institutions, a lawmaker and congressional aides said on Tuesday.&nb
European banks may need more than 100 billion euros ($135 billion) to withstand the sovereign debt crisis, said Ireland ahead of a key meeting of Europena leaders.
German Chancellor Angela Merkel and French President Nicolas Sarkozy w
Dubai's flagship Emirates airline is planning to issue $1 billion in bonds, a senior official was quoted as saying on Thursday, to counter uncertainty about financing as European banks struggle.
Brian Jeffrey, senior vice president of corp
Oil was headed for a weekly gain on Friday after central banks launched coordinated action to boost European bank funding, easing concern about falling oil demand from industrialised consumers.
Brent crude gained 56 cents to $112.86 by 04
IMF chief Christine Lagarde said that reports of a draft IMF document showing a $273.2 billion shortfall in European banks' capital were misleading and the lender was still finalising its study.
'There has been misreporting about t
European bankers and politicians leapt to defend the region's banks on Thursday, rejecting an International Monetary Fund (IMF) estimate that they need 200 billion euros ($290 billion) in new capital to reflect sovereign debt losses.