Slowing Inflation Primes G-7 Central Banks for June
Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy.
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Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy.
Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
A measure of underlying US inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year.
Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
The owner of a historic office building in Manhattan’s Financial District has filed bankruptcy to sell the property, which has been subject to foreclosure and suffered from a lack of tenants due to the Covid-19 pandemic.
Dec 17, 2020
Bloomberg News
,(Bloomberg) -- Credit Suisse Group AG and one of its former bank managers have been indicted by Swiss prosecutors over their alleged failure to prevent money laundering by a Bulgarian narcotics ring.
Credit Suisse failed to take all the organizational measures that were “reasonable and required” to prevent the cash made from the sale of cocaine that were then used to buy real estate in Switzerland and Bulgaria, according to a statement released by the Office of the Swiss Attorney General on Thursday.
Swiss prosecutors can prosecute banks criminally if they believe those institutions didn’t do enough to screen clients and their cash for obvious ties to illicit activity. Just last month, Swiss judges scolded a local unit of Societe Generale SA for not having been more careful in accepting money from convicted fraudster Allen Stanford.
Credit Suisse said in a statement that it noted with “astonishment” the decision to bring charges against the bank in an investigation that has already lasted more than 12 years. The bank said it rejects the allegations about supposed organizational deficiencies and intends to defend itself “vigorously.”
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