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☆ Danske Bank to Pay $2 Billion to Resolve Estonia Money-Laundering Probes
▼ + stars: | 2022-12-13 | by ( Dylan Tokar | Richard Vanderford | ) www.wsj.com time to read: +4 min

Danske Bank A/S, Denmark’s largest bank, has agreed to pay about $2 billion to settle long-running probes into anti-money-laundering failures that led to hundreds of billions of dollars of suspicious transactions flowing largely unchecked through a former branch in Estonia. The bank admitted to defrauding other banks regarding its Estonia customers and its anti-money-laundering controls. The resolutions bring to an end U.S. and Danish investigations, although scrutiny of the bank’s anti-money-laundering controls will likely continue for years. “We offer our unreserved apology and take full responsibility for the unacceptable failures and misconduct of the past, which have no place at Danske Bank today,” Mr. The Estonia branch ultimately processed $160 billion through U.S. banks on behalf of its nonresident customers, U.S. prosecutors said.

☆ Swedbank sees income growth outpacing costs as eyes set on ROE boost
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

The rival of banks including Handelsbanken (SHBa.ST), SEB (SEBa.ST) and Nordea (NDAFI.HE) said in a statement it would maintain its dividend policy of a 50% payout ratio and that any excess capital would be distributed to shareholders. "A sustainable bank is a profitable bank. Our target is therefore to reach a 15% return on equity," Chief Executive Jens Henriksson said. The bank, which is holding a capital markets day for investors and analysts on Tuesday, recorded a return on equity of 12.4% in the first nine months of this year. Reporting by Niklas Pollard, editing by Anna RingstromOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Apple supply chain data shows receding exposure to China as risks mount
▼ + stars: | 2022-11-30 | by ( Josh Horwitz | ) www.reuters.com time to read: +5 min

SHANGHAI, Nov 30 (Reuters) - Apple Inc's (AAPL.O) wide exposure to Chinese manufacturing, notable both for its low costs and rising risks, has receded since the COVID-19 pandemic began, company supply chain data shows. "The China supply chain is not going to evaporate overnight," said Eli Friedman, an associate professor at Cornell University who studies labour in China. The Apple supplier data to 2021, however, shows no locations so far that stand out as substantial gainers to match China's decline, according to the Reuters analysis. Apple's annual data covers more than 600 locations among its top suppliers, which represent 98% of Apple's direct spending. While Apple's shift from China is increasingly evident, including in its own supply chain data, so too are the risks from the concentration of operations there.

☆ Reactions to Apple supplier Foxconn's labour unrest
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - Thousands of employees at Foxconn's (2317.TW) flagship iPhone plant in China have quit since last week, as the major Apple (AAPL.O) supplier battles the latest bout of labour unrest that began in late October due to strict zero-COVID policy. "We see that in these times of unrest, Apple needs to intensify its dialogue with Foxconn management, and if possible Chinese authorities, to communicate in strong terms what its policy expectations are around labour rights, and find solutions to stabilise the situation." As a first step, we have contacted Apple to understand how management views and addresses the on-going situation and what measures they are taking." JANNE WERNING, HEAD OF ESG CAPITAL MARKETS & STEWARDSHIP AT UNION INVESTMENT"This shows the importance of labour standards in the supply chain. We expect Apple, as one of the main buyers, to reassert its influence at Foxconn.

☆ Swedish central bank calls on banks to restrict dividends as risks rise
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

The central bank said the biggest risk to banks was their exposure to highly indebted commercial property companies, but added high levels of household debt were also a problem. "The economic development entails an increased risk for major credit losses among major Swedish banks," the central bank said in a regular report on financial stability. Property companies make up about 43% of banks' corporate lending. "In the worst case, higher borrowing costs could lead to property companies defaulting on their payments," the Riksbank said in its report. Shares in Sweden's major banks traded lower on Wednesday, reflecting a fall in the wider European index.

☆ Swedbank's quarterly profit tops forecast as interest income gives boost
▼ + stars: | 2022-10-27 | by ( Johan Ahlander | ) www.reuters.com time to read: +2 min

SummarySummary Companies Swedbank operating profit tops forecastInterest income boosted by higher c.bank rateSays credit quality good despite turbulenceSTOCKHOLM, Oct 27 (Reuters) - Swedbank (SWEDa.ST) on Thursday reported a better-than-expected operating profit for the third quarter, underpinned by strong income from mortgages. The Swedish bank said in a statement its quarterly operating profit rose 24% to 8.70 billion crowns ($801 million) from 7.03 billion crowns posted last year, beating the 7.19 billion crowns seen by analysts in a Refinitiv poll. "Due to our position and business model, our net interest income benefits from this." Commission income fell to 3.63 billion crowns from 3.80 billion crowns last year, beating the 3.53 billion seen by analysts. Swedbank said high inflation, especially in the Baltic countries, meant that full-year expenses were likely to be around 1% higher than the cost cap of 20.5 billion crowns.

☆ Handelsbanken posts record profit as interest income climbs
▼ + stars: | 2022-10-19 | by ( Niklas Pollard | ) www.reuters.com time to read: +3 min

Handelsbanken, whose main markets are Sweden, Norway and Britain, added that its net interest income, which includes revenues from mortgages, climbed to 9.58 billion crowns from 7.59 billion crowns a year ago, well above the 8.67 billion crowns seen by analysts. "Continued good volume growth, on both the private and corporate sides, together with recovering margins, has contributed to improved net interest income and to profits reaching a new all-time high." Meanwhile, commission income dipped to 2.73 billion crowns in the quarter from a year-ago's 2.87 billion crowns - just below forecast - while it booked credit loss reversals of 69 million crowns compared with net losses of 131 million crowns a year earlier. The 150-year-old bank said it made a gain on financial transactions, which include hedging instruments and yielded an unexpected setback earlier this year, of 471 million crowns versus a profit of 534 million crowns a year ago. Total expenses at the bank rose 11% from a year earlier to 5.12 billion crowns.

☆ Investigarea unei scheme frauduloase transfrontaliere de spălare a banilor, descoperită de Serghei Magnitsky, are o nouă întorsătură în Letonia
▼ + stars: | 2021-06-22 | by ( Mudrii Elena | ) www.zdg.md time to read: +3 min

Investigarea unei scheme frauduloase transfrontaliere de spălare a banilor, care a fost descoperită de Serghei Magnitsky, are o nouă întorsătură în Letonia, scrie Novaya Gazeta. Cauza penală din Letonia a fost inițiată în 2012 la cererea lui Bill Browder, cofondatorul și șeful Fundației Hermitage Capital. Potrivit lui Simone Gravite, achiziționarea de bunuri imobiliare a fost efectuată cu bani care au fost spălați prin companii offshore, originea cărora a fost ascunsă. Inițial banii au ajuns de la o bancă rusească la o companie din Cipru, deținută de un anumit „lider al unui grup criminal”, al cărui nume nu a fost dezvăluit de poliție. În consecință, după o investigație amănunțită privind originea activelor și probele colectate în timpul anchetei, s-a văzut că bunurile confiscate erau legate de o schemă de spălare a banilor”.

Persons: Serghei Magnitsky, Bill Browder, Janis Bordans, Simone Gravite, Simona Gravite Organizations: Fundației, Capital, SVT, Poliția Locations: Letonia, Riga, Rusia, lituaniene, estoniene, Cipru

☆ Şase cetăţeni din Republica Moldova au fost reţinuţi în Estonia. Aceştia sunt învinuiţi de spargerea bancomatelor
▼ + stars: | 2021-01-20 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +1 min

Şase cetăţeni din Republica Moldova au fost reţinuţi în Estonia. Unii dintre ei au dat spargeri şi în alte oraşe europene, în urma cărora şi-au însuşit zeci de mii de euro. Pe drum, au lovit o căprioară, iar automobilul a fost grav avariat. Infractorii au reuşit să iasă din ţară, dar au fost reţinuţi mai târziu în Ucraina şi aşteaptă să fie extrădaţi în Estonia. Procurorii din Estonia, care investighează cazurile de furturi din bancomate cred că infracţiunile sunt dirijate de o grupare criminală.

Persons: Jarva ., Infractorii, Procurorii Locations: Republica Moldova, Estonia, Bărbaţii, Pärnu, Letonia, Jarva, Ucraina, extrădaţi, Republicii Moldova

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