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☆ Barclays and Deutsche profits defy banking jitters
▼ + stars: | 2023-04-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Deutsche Bank (DB) gained 2.6%. Deutsche Bank’s shares plunged as much as 14.5% during the March 24 trading session. Deutsche Bank’s profit reached its highest in a decade, vindicating the once-struggling lender’s turnaround plan, launched in 2019. “In the first quarter, we again proved the strength and resilience of Deutsche Bank in challenging conditions,” chief financial officer James von Moltke said in a statement. Barclays and Deutsche Bank’s results contrast with the troubles at First Republic Bank in the United States.

☆ Jeffrey Epstein: JPMorgan, Deutsche Bank ordered to face lawsuits over ties to financier
▼ + stars: | 2023-03-21 | by ( ) edition.cnn.com time to read: +4 min

JPMorgan Chase and Deutsche Bank must face lawsuits that accuse them of enabling Jeffrey Epstein’s sex trafficking, a US judge said Monday. Rakoff’s decision gives the plaintiffs a chance to prove another claim: that JPMorgan and Deutsche Bank (DB)knowingly benefited from involvement in Epstein’s sex trafficking. JPMorgan spokeswoman Trish Wexler and Deutsche Bank spokesman Dylan Riddle declined to comment on Rakoff’s ruling. ‘Landmark decision’Epstein had been a client of JPMorgan from 2000 to 2013, and Deutsche Bank from 2013 to 2018. In the Deutsche Bank case, the plaintiff, also known as Jane Doe 1, said Epstein sexually abused her from 2003 to 2018.

☆ Credit Suisse went the way of Bear Stearns in 2008. But this crisis is different
▼ + stars: | 2023-03-21 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

A sign of Credit Suisse pictured behind a sign of UBS in Zurich on March 18, 2023. The Swiss government said Tuesday it had ordered Credit Suisse to temporarily suspend the payment of some bonuses, including share awards, to bank staff. Credit Suisse is the first “global systemically important” bank to be rescued since 2008. Yet despite its importance to the financial system, most analysts are not expecting Credit Suisse’s demise to mark the beginning of another global financial crisis. “It’s possible that a vicious circle develops, in which credit tightens, the real economy deteriorates, and default rates start to rise,” he said.

Europe’s benchmark Stoxx Europe 600 index fell 1.5% in early trading, while London’s bank-heavy FTSE 100 (UKX) index slid 1.8%. Meanwhile, Japan’s Nikkei ended Friday down 1.7% as the country’s central bank decided to keep its ultra-low interest rates unchanged. Futures on the benchmark S&P 500 (DVS) index fell 0.43%, while futures on the tech-heavy Nasdaq Composite (COMP) dropped 0.2%. Wall Street wipeoutThe losses come after US bank stocks logged the largest falls in nearly three years on Thursday. The KBW Bank Index, which tracks 24 leading US banks, fell 7.7%, its biggest drop in almost three years.

The SWIFT global payments system block and the freezing of more than $300 billion worth of central bank reserves abroad took Russia by surprise. The top executive at the top-20 Russian bank said Moscow was unprepared in particular for liquid assets being blocked and euro and dollar swaps becoming unavailable. "No one expected that the central bank would come under sanctions, and that it would be unable to help with foreign currency liquidity at that difficult moment," they said. 'BEST FRIEND'For banks, central bank support was crucial to weathering the initial hit to their business. The central bank's forecast is more restrained, at around 1 trillion roubles.

☆ Barclays shares plunge 10% as profit falls
▼ + stars: | 2023-02-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Shares of Barclays tumbled nearly 10% Wednesday after the British bank reported a sharp drop in profit, driven by increased provisions for bad debts and huge fines for wrongly sold securities in the United States. Barclays (BCS) reported a net profit of £5.97 billion ($7.2 billion) for 2022, a 15% decline on the previous year. Meanwhile fee income at Barclays International, which houses its investment bank, slid 22% to £5.2 billion ($6.3 billion). Investors may also have been disappointed by the announcement of a £500 million ($600.7 million) share buyback, adding to pressure on the stock. Barclays said total share buybacks amounted to £1 billion ($1.2 billion) in 2022.

☆ Analysis: Gazprom's export revenue may fall by 50% in 2023
▼ + stars: | 2023-02-14 | by ( Oksana Kobzeva | ) www.reuters.com time to read: +5 min

If the trend continues, Gazprom's export revenues for the whole year could be halved compared to 2022 when its export volumes also declined by nearly half. LOWER REVENUESIn 2022, Gazprom's export volumes fell by 46%, according to the company. Gazprom has not provided forecasts for gas exports for this year. Gazprom's exports outside ex-Soviet Union fell by more than 45% to 100.9 bcm in 2022 from 185.1 bcm in 2021. The Economy Ministry forecasts Gazprom's export price for 2023 at $700 per 1,000 cubic metres.

☆ Moscow's decades-old gas ties with Europe lie in ruins
▼ + stars: | 2023-02-14 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +10 min

Washington has long criticised Germany's policy of reliance on Russian energy, which until last year, Berlin had said was a means to improve relations. In October, he mooted an idea of a gas hub in Turkey to divert the Russian gas flows from the Baltic Sea and North-West Europe. The 20-year supply deal is worth about $30 billion in current gas prices. In Europe, gas prices hit record levels and international oil prices shortly after the special military operation began spiked close to their all-time high. Domestic gas prices are regulated by the government and there have been discussions about liberalising the gas market, a sensitive issue for Russian households.

☆ Russian central bank holds key rate at 7.5%, gives hawkish signal
▼ + stars: | 2023-02-10 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

The Bank of Russia kept its year-end inflation forecast at 5.0-7.0%, retaining hopes that it can return inflation to its 4% target in 2024. "If pro-inflation risks intensify, the Bank of Russia will consider the necessity of a key rate increase at its upcoming meetings," the bank said in a statement. The bank now sees its key rate in the 7.0%-9.0% range this year, up from 6.5%-8.5% in the previous forecast. The bank adjusted its 2023 GDP forecast to between growth of 1.0% and a contraction of 1.0%, from a 1.0%-4.0% decline previously. That has implications for Russia's 2023 budget, which is currently based on the $70.10 price.

☆ Russian Finance Ministry to treble FX sales in coming month
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

Feb 3 (Reuters) - The Russian Finance Ministry said on Friday it would sell 8.9 billion roubles ($126.6 million) worth of foreign currency a day between Feb. 7 and March 6, an almost three-fold increase in the volume of daily operations from the previous month. The finance ministry said its regular FX sales on the market will total 160.2 billion roubles ($2.28 billion) over the coming month - the highest level of FX sales for the last three years, according to analysts at BCS Express. A Reuters survey of analysts had predicted they would total 79.75 billion roubles. The finance ministry said it received 52.1 billion roubles ($741 million) less in revenue on oil and gas sales in January than it expected, citing lower export duties on gas during the month. Russia's finance ministry cannot conduct transactions in dollars and euros, citing the Chinese yuan as the only alternative.

☆ Exclusive: Russia sees sanctions impact on oil products, eyes crude export boost -senior source
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

[1/2] The oil products tanker Nord and a bulk carrier sail near the crude oil terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. "The oil products' embargo will have a greater impact than the restrictions on crude oil," said the senior Russian source who spoke on condition of anonymity due to the sensitivity the situation. The source said the sanctions will lead to more crude oil supplies from Russia, which lacks storage capacity for oil products. Its oil products exports averaged around 1.2 million barrels per day (bpd) in 2022, according to the International Energy Agency. Vedomosti also said Russian oil exports had risen by 1.2% in early January, while refining volumes had increased by 1.4%.

☆ Analysis: Russia's falling oil revenues could create vicious circle for budget, rouble
▼ + stars: | 2023-01-16 | by ( Darya Korsunskaya | ) www.reuters.com time to read: +4 min

Jan 16 (Reuters) - Russia's attempts to plug its budget deficit by selling foreign currency reserves could lead to a vicious circle that pushes the rouble higher and further reduces the Kremlin's crucial export revenues, analysts say. That process could trigger a cycle of weaker export revenues, requiring more foreign currency sales and leading to an even stronger rouble, exacerbating the budget hole. Finance minister Anton Siluanov said in December that the price cap imposed on its oil could mean Russia's budget deficit is wider than current plans for 2% of GDP in 2023. Government officials have also publicly said they would like to see a weaker rouble - something the foreign currency interventions seem likely to prevent. Russia's budget for this year is based on a Urals blend price of around $70.10 a barrel, though Russia's main blend is currently trading at around $50 a barrel.

☆ Georgia pounds TCU, 65-7, to repeat as CFB national champs
▼ + stars: | 2023-01-10 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

3 TCU 65-7 Monday night to become the first team to win consecutive College Football Playoff national championships. TCU (13-2), the first Cinderella team of the playoff era, never had a chance against the Georgia juggernaut. No team has ever scored more points in a national championship game, dating to the beginning of the BCS in 1998. Georgia vanquished the Tide to break a 41-year national title drought last season, avenging its only regular-season loss in the process. They were within a victory of the program’s first national title since 1938.

☆ Russian rouble falls to 70 vs dollar as sanctions weigh
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

The rouble lost about 8% against the dollar last week and is on course for a monthly decline after an oil embargo and price cap came into force. "This week, the rouble is expected to fluctuate in the range of 68-71 (per dollar)." Against the euro, the rouble lost 1.1% to 74.35 . Now, with exports and revenues falling, a weaker rouble is more beneficial, the TASS news agency quoted First Deputy Prime Minister Andrei Belousov as saying on Tuesday. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Rouble slumps to weakest vs dollar since May
▼ + stars: | 2022-12-21 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

By 0939 GMT, the rouble was down 2.5% against the dollar at 70.60 , after hitting 70.7550 earlier. The rouble has already lost more than 8% this week against the dollar and around 12% since a cap on Russian oil prices came into force. FALLING REVENUESThe rouble has been catching up with the weakening of Russia's balance of payments, said Rachel Ziemba, founder of Ziemba Insights. "In recent months, Russian export revenues have fallen as it sharply reduced gas exports and the EU oil embargo is limiting oil revenues." The rouble-based MOEX Russian index (.IMOEX) was 0.6% higher at 2,131.8 points, rebounding from a near eight-week low hit in the previous session.

☆ Rouble slumps past 70 vs dollar for first time since May
▼ + stars: | 2022-12-21 | by ( Alexander Marrow | ) www.reuters.com time to read: +2 min

By 0713 GMT, the rouble was down 2.1% against the dollar at 70.31 , after hitting 70.6775 earlier. The rouble has been catching up with the weakening of Russia's balance of payments, said Rachel Ziemba, founder of Ziemba Insights. BCS World of Investments said the rouble continuing to plunge would likely also see the RTS index fall. The dollar-denominated RTS index (.IRTS) was down 1.3% to 654.6 points, flirting with more than two-month lows. The rouble-based MOEX Russian index (.IMOEX) was 0.5% higher at 2,130.6 points, rebounding from a near eight-week low hit in the previous session.

☆ Rouble weakens to 63 vs dollar as rate decision edges closer
▼ + stars: | 2022-12-12 | by ( Alexander Marrow | ) www.reuters.com time to read: +2 min

Markets also are awaiting a flurry of other interest rate decisions this week, including from the U.S. Federal Reserve and the European Central Bank. The rouble has showed a largely muted reaction to oil price swings in the last week. Volatility has been high as a price cap on Russian oil kicked in. Brent crude oil , a global benchmark for Russia's main export, was down 0.7% at $75.6 a barrel, pushing Russian stock indexes lower. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow; Editing by Kim Coghill, KIrsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Russian oil revenues could weather EU ban, G7 price cap
▼ + stars: | 2022-12-02 | by ( Olesya Astakhova | ) www.reuters.com time to read: +7 min

Looking ahead to 2023, one of the main variables will be the ceiling G7 countries and the EU agree on importing Russian oil. Some of the biggest importers of Russian oil, including China and India, are not part of the initiative. The more Russian oil that is lost to world markets, the greater the likely impact on prices. "If the price cap is around $60 per barrel, Russia will continue to export its oil comfortably." Beyond the price cap and European import ban, Russia's oil sector may also be affected by COVID-19 restrictions in China, an increasingly important buyer of its crude.

☆ Barclays CEO C.S. Venkatakrishnan says he has cancer but will continue to run the bank
▼ + stars: | 2022-11-28 | by ( Julia Horowitz | ) edition.cnn.com time to read: +1 min

London CNN Business —The CEO of Barclays said Monday that he has been diagnosed with cancer. Venkatakrishnan, who is known as Venkat at the bank, said in a note to colleagues that he will begin undergoing treatment for Non-Hodgkin lymphoma at Memorial Sloan Kettering Cancer Center in New York. Venkatakrishnan has held the top job at Barclays (BCS) for one year, taking over after the resignation of predecessor Jes Staley. Before joining Barclays in 2016, Venkatakrishnan worked in asset management and as an investment banker at JPMorgan Chase (JPM). He’s not the first CEO of a major bank to be treated for cancer while juggling a demanding role.

☆ Rouble rebounds vs dollar as Russian market reopens after long weekend
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

At 0741 GMT, the rouble was 0.9% stronger against the dollar at 61.53 and had gained 0.1% to trade at 60.95 versus the euro . Better-than-expected U.S. jobs data saw the dollar fall on Friday, when the Russian market was closed. "The Russian market is set for a neutral opening, though crude has every chance to drive the market higher," said BCS Global Markets in a note. The rouble-based MOEX Russian index (.IMOEX) was 0.9% lower at 2,176.2 points. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Canadian Olympic bobsledder de Bruin hit with three-year ban
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

Nov 4 (Reuters) - Canadian Olympic bobsledder Christine de Bruin, winner of the monobob bronze at the Beijing Games, has been handed a three-year suspension after testing positive for a banned substance the Canadian Centre for Ethics in Sport (CCES) said on Friday. De Bruin, who also competed for Canada at the 2018 Pyeongchang Olympics, admitted to the violation in October and waived her right to a hearing. De Bruin's suspension started on Sept. 28 and runs until Sept. 27, 2025. "Bobsleigh Canada Skeleton (BCS) is deeply disappointed to learn that one of our athletes was found to have violated anti-doping rules," said Sarah Storey, president, Bobsleigh Canada Skeleton in a statement. "BCS has zero tolerance for doping; we believe in clean sport and fair play.

☆ Russia's Rusal files London lawsuit against Potanin over Nornickel pact
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +4 min

The dispute centres on an agreement brokered by Moscow in 2012 between Nornickel's two largest shareholders, Potanin and Rusal, which protected its dividend payouts. Disputes over dividends have been the main reason for on-and-off rows between shareholders at Nornickel and Rusal over the past 14 years. SEEKING COMPENSATIONThe London lawsuit comes as Moscow faces Western sanctions over what it calls a "special military operation" in Ukraine. While Nornickel has not been directly targeted by Western sanctions, Potanin was sanctioned by Britain in June. Potanin has been chief executive of Nornickel for the duration of the agreement and Rusal said in its statement that it now required a "professional independent executive" as CEO.

☆ The economy may be in better shape than you think...for now
▼ + stars: | 2022-10-23 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

The consensus forecast from economists surveyed by Reuters is that GDP grew at an annualized pace of 2.1% in the third quarter. (This will be the first estimate for third-quarter GDP, and there will be several revisions in the coming weeks.) That also means the Fed will likely continue to sharply raise interest rates to finally choke off inflation once and for all. Those rate hikes helped cause a so-called double-dip recession, where the economy suffered two downturns between 1980 and 1982. In other words, the much-hoped-for “soft landing” for the economy could turn out to be a pipe dream.

☆ Russian rouble firms towards 61 vs dollar
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

By 1302 GMT, the rouble was 0.9% stronger against the dollar at 61.17 and had gained 0.1% to trade at 60.35 versus the euro . The rouble is buttressed by a month-end tax period that usually sees export-focused firms convert foreign exchange revenues into roubles to pay domestic tax liabilities. Russian stock indexes were recovering some of the ground lost in the previous session. The rouble-based MOEX Russian index (.IMOEX) was 2.1% higher at 2,019.3 points. For Russian equities guide seeFor Russian treasury bonds seeRegister now for FREE unlimited access to Reuters.com RegisterReporting by Alexander Marrow Editing by Gareth Jones and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Russian rouble treads water near 62 vs dollar
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

At 0803 GMT, the rouble was 0.1% stronger against the dollar at 61.66 and was unchanged at 60.37 versus the euro . "We expect the moderate strengthening of the Russian currency to continue," said Alor Broker in a note. Register now for FREE unlimited access to Reuters.com RegisterThe rouble is buttressed by a month-end tax period that usually sees export-focused firms convert foreign exchange revenues into roubles to pay domestic tax liabilities. "Amid major uncertainty in Russia no clear trend is yet visible," said BCS Global Markets, expecting consolidation to continue. For Russian equities guide seeFor Russian treasury bonds seeRegister now for FREE unlimited access to Reuters.com RegisterReporting by Alexander Marrow Editing by Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

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