A heightened US-China financial war imperils global economy
WASHINGTON (AP) — Just what the fragile global economy didn't need: An unpredictable escalation in President Donald...
WASHINGTON (AP) — Just what the fragile global economy didn't need: An unpredictable escalation in President Donald Trump's trade war with China, one that spreads the conflict to currency markets,...
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Nir Kshetri, University of North Carolina – Greensboro
NEW YORK (AP) — New York regulators are slapping a $205 million fine on Deutsche Bank, following allegations that traders at Deutsche manipulated the foreign exchange market for years.
Deutsche Bank is the latest Wall Street firm to face penalties for manipulating the $5.3 trillion currency market. Banks such as Barclays, Citigroup and several others have paid hundreds of millions of dollars in fines since the scandal broke several years ago.
Host of new worries pushes bitcoin to 4-month low
NEW YORK (AP) — The price of bitcoin fell to a four-month low of $6,370 on Wednesday, days after South Korean digital currency exchange Coinrail said hackers had stolen over $37 million, or almost a third of the virtual currency it had stored.
After Coinrail announced the theft, the price of bitcoin dropped to $6,333.95 per bitcoin. It is down $1,374.10 in the last week, according to Coinbase. At 3:30 p.m., bitcoin was quoted at $6,306.95.
Report: Iran officially bans use of cryptocurrencies
TEHRAN, Iran (AP) — Iran's Central Bank has officially banned the use of cryptocurrencies in financial transactions in order to prevent money laundering and terrorism, a newspaper reported Monday.
The move is seen as part of Tehran's efforts to control the currency market after the rial hit an all-time low earlier this month.
The Donya-e Eqtesad daily says the ban applies to "all monetary and financial centers of the country," including banks, financial institutions and currency exchange offices.
Japan embracing cryptocurrencies despite big theft cases
TOKYO (AP) — Four years after popular Tokyo-based bitcoin exchange Mt. Gox was hacked and went bankrupt, the case still casts a shadow over the regulatory regime put in place to protect Japan's thriving cryptocurrency market.
Mark Karpeles, the French founder and former CEO of Mt. Gox, says he hopes to recoup the millions lost by his customers in the heist. That's now a possibility, given the surge in bitcoin's value in recent years to some 10 times its earlier value.
With U.S. trade in mind, Trump administration talks down dollar to three-year low
Don Lee, Los Angeles Times
WASHINGTON — The Trump administration’s chief spokesman for the U.S. dollar, Treasury Secretary Steven Mnuchin, has given an extra nudge to an already sliding greenback, shaking up currency markets in the process.
Dollar tumbles after US treasury chief welcomes weaker value
DAVOS, Switzerland (AP) — The U.S. treasury chief welcomed a weaker dollar on Wednesday, breaking with a decades-long commitment by the U.S. government to back a strong dollar.
The comments led to an immediate, sharp drop in the value of the dollar in currency markets.
SEC letter shows bitcoin funds won’t happen soon, if ever
NEW YORK (AP) — It may be a while, if ever, before investors can buy an exchange-traded fund made up of bitcoin and other digital currencies.
Federal regulators have a long list of questions they want answered before they'll approve a digital currency fund for Main Street investors. This week the Securities and Exchange Commission sent a letter listing more than 30 of them to trade groups representing the investment industry.
Big swings continue as bitcoin briefly dips below $10,000
NEW YORK (AP) — The volatility of the digital currency markets was on display again Wednesday, as bitcoin briefly fell below $10,000 before rebounding back above $11,000 in the U.S. afternoon.
With the drop below $10,000, bitcoin had lost about half its value since hitting a high above $19,000 in mid-December. Other digital currencies bounced around as well.
Kodak surges at it becomes latest ‘cryptocurrency’ convert
NEW YORK (AP) — Kodak, which traces its roots to the early days of film-based photography, is getting into the digital licensing and cryptocurrency market as part of a partnership with WENN Digital.
The companies are launching blockchain technology with KodakOne and KodakCoin. Blockchain is a ledger where transactions of digital currencies, like bitcoin, are recorded.
Mexico’s central bank to sell more peso coverage contracts
MEXICO CITY (AP) — Mexico's central bank said Tuesday it will seek to bolster the peso amid concerns that the U.S. tax overhaul could reduce investment flows to Mexico.
The Bank of Mexico said it would increase the currency coverage contracts it auctions to cushion the risk of holding pesos. The bank said it will add $500 million in non-deliverable, renewable forwards to its initial offering of $5 billion.
NEW YORK (AP) — French bank BNP Paribas has agreed to pay a $246 million fine as part of a settlement with the Federal Reserve over allegations that bank employees manipulated currency markets.
The bank announced the Federal Reserve settlement on Monday. Previously, BNP Paribas had agreed to pay a $350 million fine in an agreement with New York regulators.
Euro and pound remained buoyed by central bank talk
LONDON (AP) — The euro and the British pound, Europe's top two currencies, extended gains Thursday as investors focused on recent central bank comments about the possibility of tighter monetary policy. Stocks were mixed ahead of U.S. economic data, including the latest revision to first-quarter growth.
FRANKFURT, Germany (AP) — The British pound rose sharply Wednesday after the country's top central banker pondered the prospect of higher interest rates, a day after his counterpart at the European Central Bank sent the euro soaring with a relatively rosy economic assessment of the 19-country eurozone.
NEW YORK (AP) — New York state regulators have fined French bank BNP Paribas $350 million, alleging bank employees for years manipulated global currency markets to benefit themselves at the expense of their customers.
The New York Department of Financial Services said Wednesday that from 2007 to 2013 at least a dozen BNP Paribas traders manipulated the foreign exchange market, using chat rooms and fake trades in currencies including the South African rand, Hungarian forint and Turkish lira.
WASHINGTON (AP) — The Trump administration declined Friday to label China a currency manipulator despite President Donald Trump's insistent pledge during the election campaign that he would do so as soon as he took office.
UK lawmakers press government for vote on Brexit talks
LONDON (AP) — British lawmakers pressured the Conservative government Wednesday to give Parliament a vote on the negotiating terms for the U.K.'s exit from the European Union, as uncertainty about what kind of deal the U.K. is seeking with the EU rattles business leaders and currency markets.
Government ministers, however, insisted it would not be wise to give too much away while Britain's stance is still being worked out.
Britain’s FTSE 100 stock index hits record as pound tanks
LONDON (AP) — Britain's top stock market index, the FTSE 100, struck a record high on Tuesday amid hopes that many of its listed companies will benefit from the pound's slide in currency markets.
Global markets hold up in face of Samsung woes
LONDON (AP) — Global shares held up Tuesday despite concerns over South Korea's Samsung Electronics which saw its share price slide after the company said it is discontinuing production of Galaxy Note 7 smartphones permanently because of overheating handsets.
UK stock market just shy of record high as pound drops
LONDON (AP) — Britain's main stock market fell agonizingly short of an all-time high on Tuesday amid a groundswell of optimism that exporters and multinationals will benefit from the pound's woes in the wake of the country's vote to leave the European Union in June.
Asian stocks drift pending fresh news; oil takes a breather
SEOUL, South Korea (AP) — Asian stock markets drifted sideways on Tuesday as the price of oil took a breather from a three-day rally. Investors were digesting mixed reports on the health of the global economy and awaiting U.S. data later in the week.
China a potential winner in Britain-EU breakup
Stocks, pound fall again due to UK vote uncertainty
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