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Fed proposes unfair practices rules for cards and overdrafts
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$2.2 billion loss as Fannie Mae mortgage purchases continue
Fannie Mae has posted a $2.2 billion loss for the first three months of 2008 as the government-sponsored entity continues to take a battering for its role in propping up the ailing US mortgage market.
Crude surpasses $123 as Democrats blame speculators
Crude oil closed at a new record high of $123.53 a barrel on the New York Mercantile Exchange (Nymex).
CantorCO2e launches VER initiative
Environmental broker CantorCO2e has launched a new venture, the Social Carbon Company, to provide advice and carbon management services to project developers in the Verified Emission Reduction (VER) market.
SEC’s Paul Atkins to step down
Paul Atkins, a commissioner at the US Securities and Exchange Commission, will step down after his term ends next month.
Swiss Re loses another SFr819 million on two CDSs
Zürich-based reinsurer Swiss Re announced it had booked a mark-to-market loss of SFr819 million ($781 million) on two portfolio credit default swaps (CDSs) in its first-quarter results on May 6, and warned that it was likely to lose another SFr200…
JP Morgan snares Goldman commodity head; ramps up Asia team
JP Morgan has hired Oral Dawe from rival Goldman Sachs as its chief executive of Asia-Pacific commodities. Dawe was previously co-head of commodities for Asia alongside Allan Marson at Goldman Sachs. Marson is now the sole head of commodities for the…
Deutsche names Korean global markets head
Deutsche Bank has relocated Jeffrey Chung, its former Hong Kong-based co-head of equity sales in Asia, to Seoul as its new head of global markets for Korea, replacing MH Kim.
BIS sets up new Americas council
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Financial services confused over TCF
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Regulation and corporate governance still top of agenda
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Enel goes green in China
Italian utility Enel has signed two agreements in China, one to develop Chinese clean coal and carbon capture and storage projects, the other to purchase over 11 million certified emission reduction (CER) credits from green projects in the Chinese steel…
Financial contracts to make June debut on DME
The Dubai Mercantile Exchange (DME) will launch two financially settled futures contracts for Brent and Oman crude oil for trade date June 2, adding to its existing physically delivered Oman futures benchmark contract.
5,500 jobs to go at UBS as losses continue
UBS will cut 5,500 jobs over the next 12 months as its losses due to subprime exposure continue, the bank announced today.
Finance and banking dominate April US CDS trading
The banking and financial services sectors dominated trading volumes of credit default swaps (CDS) in the US in April, according to GFI, a New York-based interdealer broker. The most actively traded names were Washington Mutual, Lehman Brothers and…
Isda launches LCDS update protocol
The International Swaps and Derivatives Association has launched the 2008 European loan credit default swap (LCDS) update protocol.
Fed ramps up bank support to $75 billion
The US Federal Reserve has increased the scale of its Term Auction Facility (TAF), intended to provide extra liquidity in the securities market, and has relaxed its criteria for collateral in another support, the Term Securities Lending Facility (TSLF).
Crude posts new high as analysts eye $200/bbl
Crude oil closed at a new record high of $121.84 a barrel on the New York Mercantile Exchange (Nymex).
HSBC hit by fraud attempt
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