A new body has been appointed to administer Libor - the London Interbank Offered Rate. A subsidiary of the Intercontinental Exchange Group (ICE), a global network of exchanges and clearing houses, has been appointed to ensure Libor cannot be rigged by banks again.
President Barack Obama nominated Janet Yellen as new Fed chief. The writer, a money and metals commentator, briefly gives what Yellen can expect to face -- a pithy, questioning reminder of whether U.S. central bankers provide us with any value at all.
Ben S. Bernanke, the world’s most- powerful central banker, says he doesn’t understand gold prices. If his peers had paid attention, they might have stopped expanding reserves that lost $545 billion in value since bullion peaked in 2011.
While Pope Francis wins over Catholic hearts, the Vatican Bank is cashing in as per the Vatican’s first step towards financial transparency. According to the 100-paged document, the bank's balance sheet is $6.8 billion with some €769 million in equity alone, and its profit in 2012 more than quadrupled since its 2011 profit.
JPMorgan Chase & Co is following a move by rival Goldman Sachs Group Inc to explore sales of its metal warehouse business.
Expectations that Singapore will have an expanded role in the offshore yuan business have accelerated local banks' move into new products for the Chinese currency.
Japan’s biggest bank, Mitsubishi UFJ Financial Group Inc., agreed to pay $250 million to the state of New York to settle claims it transferred billions of dollars for countries facing U.S. sanctions including Iran, Sudan and Myanmar. Mitsubishi Bank is the largest shareholder in New York-based Morgan Stanley (MS) and owns San Francisco-based lender UnionBanCal Corp. The company was the world’s biggest bank when it was created in 2005 through the merger of Mitsubishi Tokyo Financial Group Inc. and UFJ Holdings Inc.
Stephen Hester is to step down as chief executive of the Royal Bank of Scotland following intervention from the British Treasury.
Central banks went on the biggest spending spree in 50 years, buying the most gold since 1964 last year. Their high stockpiles of devalued metal probably makes them the biggest losers of the gold slump.
by Staff Reporter April 13, 2013 (TSR) - Venezuela's Minister for the Public Bank, Rodolfo Marco Torres, has proposed the creation of a customer service program specially designed for deaf...
With the help of the Managing Director of the International Monetary Fund, US comprador Christine Lagarde, the American leadership challenged the inviolability of private property in the European Union and attempted to confiscate a tenth of bank deposits, supposedly to bail out the Cypriot national bank affected by the Greek crisis. It goes without saying that the stated purpose is but a pretext and, far from solving the problem, this confiscation, if it were to be implemented, would only make matters worse. Threatened, the remaining capital would flee the island causing the collapse of its economy.