UBS profits rise thanks to new slimmer setup May 6, 2014 SWISS bank UBS reported higher profits for the first quarter yesterday, as cost cutting and a new focus on wealth management paid off. Profits came in at SFr1.05bn (£707m) in the three-month period, up 6.9 per cent on with the same period of 2013. However, revenues disappointed, with operating income down 6.6 per cent to SFr7.26bn. [...]
Forex rigging scandal: Record fines doled out to banks but Barclays refuses to play ball November 12, 2014 Five global banks were fined yesterday by UK and US regulators, in a record £2bn punishment for traders fiddling crucial foreign exchange benchmarks from 2008 to 2013. The fines were particularly stiff because some of the manipulation took place after attempts at Libor fiddling had already been exposed. Barclays stood out yesterday, having not yet [...]
Swiss vote no on immigration curbs and gold November 30, 2014 SWISS voters yesterday rejected tighter immigration curbs, a minimum gold requirement for the central bank, and the abolishment of certain tax perks. The immigration curbs would have required the government to cut net immigration to 0.2 per cent of the population – yet 74 per cent of voters opposed the change. It was labelled the [...]
Russia hikes interest rates to 17pc as rouble crashes December 15, 2014 Russian interest rates shot up late last night to 17 per cent as its central bank made a drastic attempt to prevent further collapse in the value of the rouble and stem rising inflation. The decision comes less than a week after the Central Bank of Russia (CBR) hiked rates to 10.5 per cent from 9.5 [...]
Rouble edges up after falling to historic low against dollar and euro November 7, 2014 The rouble recovered slightly against the dollar in late morning trading, after it dropped to historic lows against both the dollar and the euro. At one point in mid-morning, it took more than 48 roubles to buy a dollar, as investors showed their lack of confidence in the Russian central bank's ability to control its [...]
Five banks are taking back traders’ bonuses because of the Forex rigging scandal November 15, 2014 Five of Britain's biggest banks are preparing to take back millions of dollars worth of traders' bonuses, in an attempt to make reparations for their involvement in the Forex rigging scandal. According to the FT, the banks going ahead with the clawbacks are UBS, RBS, Citigroup, HSBC and JPMorgan Chase & Co. Earlier [...]
Get more for your money when buying overseas September 23, 2014 An expert foreign exchange service can help make your money go further on the overseas property market With summer at an end and autumn closing in you might understandably be dreaming of owning your own place in the sun. And now could be the time to buy. With the pound’s strength against the euro and [...]
Manage your currency risk to protect profits October 1, 2014 Companies dealing regularly with overseas suppliers or clients can lose a significant amount of their profits thanks to fluctuations in exchange rates, and September offered a perfect example of how much of an impact it can have. Referencing to the above YouGov survey, the Scottish independent referendum had a dramatic effect on the currency markets [...]
Speak to the experts for great exchange rates and fee-free online transfers September 17, 2014 It's been an unsettled summer for sterling. Back in July, it seemed that the pound could do no wrong. A stream of encouraging economic data emanated from the UK. Upbeat employment figures, strong PMI readings and a statement from the Governor of the Bank of England, Mark Carney, which suggested that interest rates could rise [...]
Get more for your money when buying overseas September 24, 2014 With summer at an end and autumn closing in you might understandably be dreaming of owning your own place in the sun. And now could be the time to buy. With the pound’s strength against the euro and property prices in both France and Spain still relatively low, your budget might go further than you [...]