Latest news with #EdmonddeRothschild
Zawya
5 hours ago
- Business
- Zawya
European bond yields slip ahead of second day of US-China trade talks
Euro zone government bond yields edged lower on Tuesday, but hovered not far from the previous day's levels, as markets eyed a second day of trade talks between the United States and China. Traders will also focus on a host of European Central Bank officials speaking this week after the central bank cut interest rates last week by 25 basis points to 2%, as expected, but signalled it may be closer to the end of its easing cycle than many had predicted. Germany's 10-year yield, the benchmark for the euro zone, was down 3 basis points at 2.54%. Two-year German yields also fell 3 bps to 1.849%, while 30-year yields were similarly down at 3.006%. Longer-dated global bond yields have risen sharply this year, as investors everywhere have grown more concerned about debt levels in developed countries, in particular. "We still have some news flow about debt sustainability," said Nabil Milali, portfolio manager at Edmond de Rothschild Asset Management, pointing to higher volatility than before in the bond markets as institutional investors are less involved and more hedge funds and "fast money" players enter the picture. Japanese investors had their largest monthly sell-off of German bonds in more than a decade in April, data showed on Monday, a month after Germany's borrowing costs shot up in reaction to a debt-rule overhaul to ramp up spending. "When you have a new risk emerging, you can expect now the volatility of bonds to be more important than before, just because these price-sensitive investors will more easily sell or buy, depending on the headline, government bonds," Milali said. The 10-year Italian yield was only marginally lower at 3.487%, leaving the gap between German and Italian yields at 91.20. ECB officials speaking this week include board member Isabel Schnabel, with comments from policymakers Peter Kazimir and Robert Holzmann on Monday supporting the view that an end to rate cuts may be approaching. "We think (the ECB's) hawkish bias is misplaced. We think that inflation in Europe is only going in one direction, which is downward. And we think that data will eventually convince the ECB to continue rate cuts," Milali said. Analysts at Frankfurt-based Metzler expected some downside potential at both the short and long ends of the yield curve for the time being, given the ECB's own expectations for inflation to reach 1.6% next year. Elsewhere, Japan's super-long government bond prices rose on Tuesday, after Reuters reported the government was considering buying back some super-long-dated bonds in a move to contain rising yields. Investors will also be looking for any impact from tariffs in inflation data out of the U.S. this week. (Reporting by Linda Pasquini; Editing by Mark Potter and Alex Richardson)
Daily Express
23-05-2025
- Business
- Daily Express
Luxembourg bank fined €25 million over 1MDB scandal
Published on: Friday, May 23, 2025 Published on: Fri, May 23, 2025 By: AFP Text Size: Edmond de Rothschild bank said the employees involved in the events that took place 15 years ago are no longer part of the organisation. (Reuters pic) LUXEMBOURG: A Luxembourg court fined Edmond de Rothschild bank €25 million (RM120.66 million) on Thursday for its role in a money-laundering scandal in which Malaysian wealth fund 1MDB lost billions of dollars. 'This is the first time that a Luxembourg banking establishment has been convicted in a money laundering case,' the Grand Duchy's judicial authorities noted following the punishment involving the misappropriation of money from 1MDB. The fund, created in 2009 as then prime minister Najib Razak sought to modernise Malaysia, soon found itself embroiled in corruption allegations, leading to a swathe of investigations notably in Switzerland, Singapore and the US. 'A very large portion of the funds raised by 1MDB was siphoned off … particularly between 2009 and 2013, by the prime minister, Malaysian officials, and others,' the court stated. In Luxembourg, which hosts the European subsidiary of Switzerland's Edmond de Rothschild bank, dozens of accounts opened at the establishment by an Emirati national in the name of a slew of different companies were used to divert money away from the fund. An investigation that was opened in the Grand Duchy in 2016 'established that through complex international financial flows, funds from 1MDB were ultimately credited to the bank accounts of several of these entities'. Advertisement Before arriving in the accounts, the cash moved through a number of different financial jurisdictions, including Caribbean tax havens, the court said. The bank stressed in a statement that the events had taken place '15 years ago' and had led to the 'implementation of a comprehensive remediation plan … (which was) completed in 2019.' 'The employees involved are no longer part of the organisation,' the statement read. Najib, 71, who served as prime minister from 2009 to 2018, was found guilty two years later of abuse of power and misappropriation of funds. The 1MDB scandal essentially cost him the 2018 general election as well. He was initially sentenced to 12 years in prison in 2020 but the sentence was halved by a pardons board in February last year. The former prime minister is currently seeking to have his jail term converted to house arrest. Thursday's judgment closes the case regarding criminal liability of the bank. Two other investigations are ongoing, one concerning the Emirati client and his companies, and the other targeting executives and employees of Edmond de Rothschild Europe. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
New Straits Times
23-05-2025
- Business
- New Straits Times
Luxembourg bank fined over Malaysian 1MDB fund scandal
LUXEMBOURG: A Luxembourg court Thursday fined Edmond de Rothschild bank 25 million euros (US$28 million) for its role in a money-laundering scandal in which a Malaysian wealth fund lost billions of dollars. "This is the first time that a Luxembourg banking establishment has been convicted in a money laundering case," the Grand Duchy's judicial authorities noted following the punishment in the so-called "1MDB" affair, involved the misappropriation of money from 1Malaysia Development Berhad. The fund, created in 2009 as then Prime Minister Najib Razak set out to to modernise Malaysia, soon found itself embroiled in corruption allegations, leading to a swathe of investigations notably in Switzerland, Singapore and the United States. "A very large portion of the funds raised by 1MDB was siphoned off ... particularly between 2009 and 2013, by the prime minister, Malaysian officials, and others," the court stated. In Luxembourg, which hosts the European subsidiary of Switzerland's Edmond de Rothschild bank, dozens of accounts opened at the establishment by an Emirati national in the name of a slew of different companies were used to divert money away from the fund. An investigation which opened in the Grand Duchy in 2016 "established that through complex international financial flows, funds from 1MDB were ultimately credited to the bank accounts of several of these entities." Before arriving in the accounts, the cash moved through a number of different financial jurisdictions, including Caribbean tax havens, the court said. The bank stressed in a statement that the events had taken place "fifteem years ago" and had led to the "implementation of a comprehensive remediation plan... completed in 2019." "The employees involved are no longer part of the organization," the statement read. Razak, 71, who served as prime minister until 2018, was found guilty two years later of abuse of power and misappropriation of funds – a case that essentially cost him the 2018 elections. He was initially sentenced to 12 years' imprisonment in 2020 but the sentence was halved by a pardons board in February last year. The former prime minister is currently seeking to have his jail term converted to house arrest. Thursday's judgment closes the case regarding criminal liability of the bank. Two other investigations are ongoing, one concerning the Emirati client and his companies, and the other targeting executives and employees of Edmond de Rothschild Europe.
Malay Mail
23-05-2025
- Business
- Malay Mail
Luxembourg court hits Edmond de Rothschild bank with record €25m fine over 1MDB scandal
LUXEMBOURG, May 23 — A Luxembourg court yesterday fined Edmond de Rothschild bank €25 million (RM120.6 million) for its role in a money-laundering scandal in which a Malaysian wealth fund lost billions of dollars. 'This is the first time that a Luxembourg banking establishment has been convicted in a money laundering case,' the Grand Duchy's judicial authorities noted following the punishment in the so-called '1MDB' affair, involved the misappropriation of money from 1Malaysia Development Berhad. The fund, created in 2009 as then prime minister Datuk Seri Najib Razak set out to to modernise Malaysia, soon found itself embroiled in corruption allegations, leading to a swathe of investigations notably in Switzerland, Singapore and the United States. 'A very large portion of the funds raised by 1MDB was siphoned off ... particularly between 2009 and 2013, by the prime minister, Malaysian officials, and others,' the court stated. In Luxembourg, which hosts the European subsidiary of Switzerland's Edmond de Rothschild bank, dozens of accounts opened at the establishment by an Emirati national in the name of a slew of different companies were used to divert money away from the fund. An The investigation which opened in the Grand Duchy in 2016 'established that through complex international financial flows, funds from 1MDB were ultimately credited to the bank accounts of several of these entities'. Before arriving in the accounts, the cash moved through a number of different financial jurisdictions, including Caribbean tax havens, the court said. The bank stressed in a statement that the events had taken place '15 years ago' and had led to the 'implementation of a comprehensive remediation plan... completed in 2019.' 'The employees involved are no longer part of the organisation,' the statement read. Najib, 71, who served as prime minister until 2018, was found guilty two years later of abuse of power and misappropriation of funds — a case that essentially cost him the 2018 elections. He was initially sentenced to 12 years' imprisonment in 2020 but the sentence was halved by a pardons board in February last year. The former prime minister is currently seeking to have his jail term converted to house arrest. Yesterday's judgment closes the case regarding criminal liability of the bank. Two other investigations are ongoing, one concerning the Emirati client and his companies, and the other targeting executives and employees of Edmond de Rothschild Europe. — AFP
The Sun
22-05-2025
- Business
- The Sun
Luxembourg bank fined over Malaysian 1MDB fund scandal
LUXEMBOURG: A Luxembourg court Thursday fined Edmond de Rothschild bank 25 million euros ($28 million) for its role in a money-laundering scandal in which a Malaysian wealth fund lost billions of dollars. 'This is the first time that a Luxembourg banking establishment has been convicted in a money laundering case,' the Grand Duchy's judicial authorities noted following the punishment in the so-called '1MDB' affair, involved the misappropriation of money from 1Malaysia Development Berhad. The fund, created in 2009 as then Prime Minister Najib Razak set out to to modernise Malaysia, soon found itself embroiled in corruption allegations, leading to a swathe of investigations notably in Switzerland, Singapore and the United States. 'A very large portion of the funds raised by 1MDB was siphoned off ... particularly between 2009 and 2013, by the prime minister, Malaysian officials, and others,' the court stated. In Luxembourg, which hosts the European subsidiary of Switzerland's Edmond de Rothschild bank, dozens of accounts opened at the establishment by an Emirati national in the name of a slew of different companies were used to divert money away from the fund. An The investigation which opened in the Grand Duchy in 2016 'established that through complex international financial flows, funds from 1MDB were ultimately credited to the bank accounts of several of these entities'. Before arriving in the accounts, the cash moved through a number of different financial jurisdictions, including Caribbean tax havens, the court said. The bank stressed in a statement that the events had taken place 'fifteem years ago' and had led to the 'implementation of a comprehensive remediation plan... completed in 2019.' 'The employees involved are no longer part of the organization,' the statement read. Razak, 71, who served as prime minister until 2018, was found guilty two years later of abuse of power and misappropriation of funds -- a case that essentially cost him the 2018 elections. He was initially sentenced to 12 years' imprisonment in 2020 but the sentence was halved by a pardons board in February last year. The former prime minister is currently seeking to have his jail term converted to house arrest. Thursday's judgment closes the case regarding criminal liability of the bank. Two other investigations are ongoing, one concerning the Emirati client and his companies, and the other targeting executives and employees of Edmond de Rothschild Europe.
