Business

TransferWise partners with Dutch bank Bunq

Dutch challenger bank bunq teams up with TransferWise. Dutch challenger Bunq, wants to let its customers to make “fast, low-cost international payments” powered by TransferWise. Similar to other third-party integrations, the TransferWise feature sits within Bunq’s own app, giving users the “real exchange rate”, in addition to a small, transparent fee. At launch, 15 currencies are supported, and over the ...

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JPMorgan: More than 100 banks joined Interbank Information Network

jpmorgan

The number of banks joined JPMorgan’s blockchain-based Interbank Information Network (INN) has grown to over 100 addressing cross-border paymenets in every  major market, including Latin America, Asia, Europe, the Middle East and Africa. In was piloted back in October 2017 as a peeri-to-peer network powered by blockchain technology. From minimizing friction in the cross-border payments process to enabling payments to ...

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Deutsche Bank Is Said to Lose $46 Million on Dominion Trade

(Bloomberg) — Deutsche Bank AG’s investment banking woes were exacerbated by a stock sale gone wrong in the U.S., according to a person with knowledge with the matter. Germany’s largest lender reported a 50 percent drop in equity origination revenue during the first quarter and said it was because of losses on a block trade. It took a roughly 38 ...

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Iran Officially Replaces US Dollar With Euro in Int’l Transactions

The Iranian government has decided to replace the US dollar with euro in its international transactions. The decision was taken in a cabinet meeting as the government tries to manage the exchange rates and support the plunging rial. “All ministries, governmental organizations and firms are obliged to choose euro as the main currency used in reporting and publishing statistics, information and ...

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Barclays has appointed investment banker Lisa Francis as chief executive of its private bank

Barclays

Barclays has appointed a new chief executive for its private bank covering the UK and Ireland. Francis is currently head of European corporate FX sales distribution in Barclays’ investment bank, where she was covering corporate, private equity and financial technology clients across Europe. Barclays said Francis will have a “mandate for growth” in her new role. “She and her teams ...

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Activision Blizzard to buy ‘Candy Crush’ maker King for $5.9 billion

Video game maker Activision Blizzard Inc (ATVI.O) said it will buy “Candy Crush Saga” creator King Digital Entertainment (KING.N) for $5.9 billion to strengthen its games portfolio. Activision, which owns popular game franchises such as “World of Warcraft,” “Call of Duty” and “Diablo,” will pay $18 in cash per King share, a premium of 16 percent to King’s closing price ...

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U.S. on track to grow 1.9 percent in fourth quarter: Atlanta Fed

The U.S. economy is on track to grow 1.9 percent in the fourth quarter with expected weaker consumer spending and equipment investment growth following a private report on U.S. manufacturing in October, the Atlanta Federal Reserve’s GDPNow forecast model showed on Monday. This was slower than the regional Fed’s prior estimate of 2.5 percent rate on Friday, the Atlanta Fed ...

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Porsche, more Audi models pulled into VW emissions scandal

Volkswagen used devices to cheat air pollution tests in diesel luxury vehicles, U.S. environmental regulators said on Monday, in a new blow to the automaker already reeling from similar allegations regarding millions of smaller diesel engines. The U.S. Environmental Protection Agency said it is now looking at 3.0-liter V6 diesel engines used mostly in larger, more expensive models like the ...

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Largest U.S. banks face $120 billion shortfall under new rule

Six big U.S. banks need to raise an additional $120 billion, most likely in long-term debt, under a rule proposed on Friday by the Federal Reserve. The requirements are aimed at ensuring that some of the biggest and most interconnected banks, which include Goldman Sachs Group Inc,, JPMorgan Chase & Co,, and Wells Fargo & Co, can better withstand another ...

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Asia’s factories struggle with global demand gulf

Activity in China’s colossal factory sector shrank in October as global demand stuttered, reinforcing the case for more stimulus and questioning whether the Federal Reserve can be confident enough to raise U.S. interest rates this year. A crop of industry surveys out on Monday pointed to another poor month for trade across Asia as activity contracted in South Korea, Taiwan ...

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