Friday 3 July 2015
 
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Foreign Exchange

Global banks admit guilt in FX probe, fined $6bn

Four major banks pleaded guilty on Wednesday to trying to manipulate foreign exchange rates and, with two others, were fined nearly $6 billion in another settlement in a global probe into the $5 trillion-a-day market. Citigroup In

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UBS to pay $545m over forex scandal

UBS will pay $545 million to US authorities to end an investigation into alleged manipulation of currency rates, a settlement that will help the Swiss bank to move on after a series of trading scandals. The amount was lower than e

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5 banks face criminal charges, $5bn bill over FX rigging

Five of the world's biggest banks are expected to be hit with a combined bill of more than $5 billion and criminal charges on Wednesday in a settlement with US and British authorities over rigging of currency markets. It will

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JPMorgan, others to plead guilty to forex rigging

The parent companies or main banking units of as many as five major banks, rather than their smaller subsidiaries, are expected to plead guilty to criminal charges over manipulation of foreign exchange rates, people familiar with the matter said

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Batelco Q1 profit edges down over forex effects

Batelco Group , the Bahrain-based telecommunications group with operations across 14 countries, posted a 2 per cent fall in first-quarter profit after revenue was dented by tougher competition and adverse foreign exchange movements.

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Mena’s first RMB clearing centre launched in Qatar

The first clearing centre in the region to offer RMB clearing and settlement and increase financial connectivity between China, Southwest Asia and the Mena region was inaugurated today (April 14) in Doha, Qatar. The centre, the fi

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Egyptian pound steady on official, black markets

Egypt's central bank kept the pound steady at 7.53 pounds to the dollar at a foreign exchange auction on Monday, and the currency remained steady on the black market. The central bank has kept the official exchange rate steady

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Investors warned over re-pricing risk in Q2

The current cycle of “extend and pretend” is coming to an end as the planned economy model of the past eight years comes to breaking point, an investment specialist has warned investors. The second-quarter (Q2) outlook

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Global remittance hits $582bn in 2014

The global remittance industry saw approximately $582 billion transferred in 2014, representing a five per cent growth from the previous year, said a top official. Osama Al Rahma, chairman of Foreign Exchange and Remittance Group

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UAE Exchange fortifies datacenter with Red Hat

UAE Exchange, a leading foreign exchange and money transfer brand, has strengthened its datacenters by consolidating its IT infrastructure on Red Hat Enterprise Linux. The centralised solution has enabled the Exchange to more rapi

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