Banker Oleg Tinkov renounces Russian citizenship over Ukraine

A billionaire Russian banker, Oleg Tinkov, has given up his Russian citizenship because of the war in Ukraine and condemned “Putin fascism”. Mr Tinkov founded the online Tinkoff Bank, one of Russia’s largest lenders, with about 20 million customers. In an Instagram post, he said: “I can’t and won’t be associated with a fascist country that started a war with their peaceful neighbour.” Few Russian tycoons have criticised Russia’s invasion of Ukraine in public. An independent Russian news source, Sota Vision, tweeted a photo of Mr Tinkov’s certificate showing his Russian citizenship terminated, as well as his tirade on Instagram against President … Continue reading Banker Oleg Tinkov renounces Russian citizenship over Ukraine

Swiss National Bank loses nearly $143 billion in first nine months

The Swiss National Bank lost 142.2 billion Swiss francs ($142.60 billion) in the first nine months of 2022, it said on Monday, as rising interest rates and the stronger Swiss franc slashed the value of the central bank’s foreign investments. The loss – the largest in the SNB’s 115-year history – was slightly more than the annual economic output of Morocco ($132 billion), but the central bank does not face bankruptcy thanks to its ability to create money. The SNB made a loss of 141 billion francs from its foreign-currency positions as the bonds and stocks bought during its campaign … Continue reading Swiss National Bank loses nearly $143 billion in first nine months

Iraq confirms the theft of 2.5 billion euros from its tax revenues

The Iraqi government announced Sunday the start of an immediate investigation into the whereabouts of 2.5 billion euros stolen from a bank fund of Iraq’s General Tax Authority, in one of the biggest scandals in the country’s recent history. The theft was announced on Saturday by Oil Minister Ihsan Abdul Jabbar and confirmed today by Prime Minister Mohamed Shia al Sudani. Abdul Jabbar explained that an investigation by the Ministry of Finance, the portfolio he headed until his resignation this week, had revealed that “a specific group,” without giving details, had made off with 3.7 trillion Iraqi dinars, about 2.5 … Continue reading Iraq confirms the theft of 2.5 billion euros from its tax revenues

Interpol seeks arrest of failed crypto-firm boss Do Kwon

Interpol has asked law enforcement agencies worldwide to find and arrest Do Kwon, founder of the failed crypto-currency Terra. Reports says a red notice has been issued for the 31-year-old, who is accused of fraud over the company’s $40 billion collapse. An arrest warrant was issued in his native South Korea earlier this month. Do Kwon flew to Singapore in May, before Terra crashed, but the authorities say he’s no longer there. South Korean prosecutors had asked Interpol to place him on the red notice list – a request it has now complied with – and asked the foreign ministry … Continue reading Interpol seeks arrest of failed crypto-firm boss Do Kwon

Reserve Bank of Australia takes $30bn hit on bond purchases

Australia’s central bank has revealed that it has lost A$44.9bn ($30bn; £26.3bn) on the bonds it bought as part of its efforts to support the country’s economy during the pandemic. The Reserve Bank of Australia’s (RBA) deputy governor says that wiped out the bank’s profit for the 2021-22 year, leaving a net loss of A$36.7bn. The bonds were accumulated under a A$300bn emergency stimulus programme. However, the bank says the loss will not affect its normal operations. “If any commercial entity had negative equity, assets would be insufficient to meet liabilities and therefore the company would not be a going … Continue reading Reserve Bank of Australia takes $30bn hit on bond purchases

Financial giant Goldman Sachs set to layoff hundreds of staff

Goldman Sachs is expected to layoff hundreds of workers, reports say. The cuts at the financial investment firm could begin as early as next week and impact employees across the company, according to sources. Goldman Sachs declined to comment, but had mentioned reduced profits in an earning report in July. “We have made the decision to slow hiring velocity,” the company’s chief financial officer, Denis Coleman, had said at the time. The investment bank had warned it might have to cut expenses as the economic outlook worsens. It reported a 48% slump in its second quarter profit as its clients … Continue reading Financial giant Goldman Sachs set to layoff hundreds of staff

Update: Lebanon man hailed a ‘hero’ for holding Beirut bank hostage

An armed man who held a bank hostage for more than six hours in Beirut because he could not withdraw savings has been hailed a hero by the public. Banks in Lebanon have put tight rules on how much money people can access, amid a deep economic crisis. The suspect entered the bank with a rifle, poured petrol and demanded his money for hospital bills, AFP reported. His actions captured public support, with cheering crowds gathering outside and chanting: “You are a hero.” The stand-off eventually ended peacefully with no injuries, after negotiators struck an agreement allowing the suspect to … Continue reading Update: Lebanon man hailed a ‘hero’ for holding Beirut bank hostage

Henan officials pledge to release funds after China bank protest

Authorities in China’s Henan province say they will start releasing money to customers who have had their funds frozen by several rural banks. The announcement came just a day after a rare protest in Henan’s capital, Zhengzhou, turned violent. Payments will be made in batches from this Friday, local regulators say. The four banks that were the focus of the protests are believed to have frozen a total of 39bn yuan ($5.8bn; £4.9bn) of deposits. In a statement on Monday, the Henan Banking and Insurance Regulatory Bureau and the Henan Provincial Local Financial Supervision Bureau outlined the plans to make … Continue reading Henan officials pledge to release funds after China bank protest

Brazil bank CEO resigns over sexual harassment claims

The head of Brazilian state-run bank Caixa Economica Federal resigned Wednesday amid a sexual harassment investigation against him. The website Metrópoles reported Tuesday that prosecutors were investigating accusations by at least five staffers against Pedro Guimarães, who is a close ally of President Jair Bolsonaro. The case is sealed, according to Brazilian media. “I have to step away at this moment so I don’t weaken the collection of achievements that don’t belong to me personally” at Caixa, Guimarães said in a statement, adding he had Bolsonaro’s support at “every hour” he held the job. Caixa is a key bank for Brazil since … Continue reading Brazil bank CEO resigns over sexual harassment claims

Credit Suisse bank found guilty over money laundering charges

Credit Suisse has been found guilty and fined for involvement in money laundering related to a Bulgarian drugs ring. Switzerland’s criminal court found that the bank did not do enough to prevent members of the crime syndicate from profiting off the trafficking of cocaine in to Europe. It was fined around £1.7m and ordered to pay £15m to the Swiss government. The bank denies wrongdoing and said it would appeal against the ruling. A former Bulgarian tennis player, Elena Pampoulova-Bergomi, who worked at the bank for a period, was found guilty of money laundering by Switzerland’s highest criminal court and … Continue reading Credit Suisse bank found guilty over money laundering charges

US closes loophole for Russian debt payments

The US is cutting off another financial route for Russia to pay its international debts, a move that could push the country closer to default. The US Treasury Department said it would end a waiver that had allowed US bondholders to accept payments, tightening sanctions imposed over the war in Ukraine. Russia, which is rich from its oil and gas supplies, has the funds to pay. It has already signalled plans to contest any declaration of default. The country has almost $2 billion worth of payments that will be due up to the end of the year on its international … Continue reading US closes loophole for Russian debt payments

HSBC suspends banker over ‘nut job’ climate comments

HSBC has reportedly suspended a senior executive who accused central bankers and other officials of exaggerating the financial risks of climate change. Last week, Stuart Kirk, a leader in the bank’s responsible investing team, said: “There’s always some nut job telling me about the end of the world.” At the weekend, HSBC’s boss Noel Quinn posted on social media that he did not agree “at all” with the comments. Mr Kirk, who is global head of responsible investing at the bank’s asset management division, was suspended pending an investigation into a speech he made at an event last week, according to … Continue reading HSBC suspends banker over ‘nut job’ climate comments