Latest news with #Interbank
Yahoo
16-05-2025
- Yahoo
Former Kingfisher bank VP pleads guilty to federal charges in fake loan scheme
OKLAHOMA CITY (KFOR) — A former Kingfisher bank executive pleaded guilty in federal court Thursday to charges of defrauding his own bank out of nearly $900,000, in what prosecutors described as a years-long scheme, taking out fraudulent loans and setting up fake accounts using bank customers' personal information. Timothy Abercrombie, the former vice president of Interbank's Kingfisher branch, entered a guilty plea to federal bank fraud charges during a hearing at the U.S. District Court in Oklahoma City Thursday morning. According to federal court documents, Abercrombie began the scheme in May 2019 while working as a loan officer at the bank. Prosecutors say he used his access to customer accounts and personal information to create fake loans and checking accounts in those customers' names, without their knowledge. Seminar reminds Oklahomans to be mindful of scams Investigators said Abercrombie submitted fake loan applications to the bank's loan department by pretending to be those customers. In each case, he requested the loan be issued via a cashier's check rather than deposited into an actual account. He then deposited those cashier's checks into fraudulent checking accounts he had created using the customers' names—accounts only he controlled. Prosecutors say he used debit cards attached to those fake accounts to withdraw the money from ATMs throughout the Oklahoma City area. To keep the scheme hidden, investigators say Abercrombie made 'interest only' payments on the loans, allowing the fraud to go undetected for five years. By the time it was discovered, investigators say he had stolen $883,075.66. They say he spent the money entirely for personal benefit. Authorities in Kingfisher County also allege Abercrombie committed a separate fraud during that time. He was arrested nearly one year ago for embezzlement, accused of taking more than $18,000 from the Kingfisher Winter Nights Festival's accounts. That case is still pending in state court. If convicted in that case, he could face up to eight years in prison and a $10,000 fine. His federal charge of bank fraud carries a maximum penalty of 30 years in federal prison and a $1 million fine. As part of his plea agreement, Abercrombie agreed to forfeit all money and assets he gained through the scheme. Federal prosecutors have agreed to request a lighter sentence in exchange for his guilty plea. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Reuters
17-04-2025
- Business
- Reuters
Ghana's currency expected to post gains, Zambia seen under pressure
NAIROBI, April 17 (Reuters) - Ghana's cedi is expected to gain marginally against the U.S. dollar in the coming week, while Zambia's kwacha is seen under pressure and Kenya's shilling, Nigeria's naira and Uganda's shilling are forecast to be broadly stable, traders said. KENYA Kenya's shilling is expected to hold steady in the next week. The shilling traded at 129.40/90 per dollar, compared with last Thursday's close of 129.25/75. NIGERIA Nigeria's naira is forecast to remain stable as the central bank continues dollar interventions to offset demand from foreign investors seeking safer assets as volatility over U.S. trade tariffs persist. The naira was quoted around 1,599 to the dollar in intraday trading on Thursday, compared with a closing quote of 1,630 naira a week earlier. The unit was sold at 1,610 naira to the dollar in street trading on Thursday. "The central bank has able to stem the fall in the naira exchange rate, and this means we see the unit stabilizing around 1,600 in the coming week," one trader said. GHANA Ghana's cedi is expected to post marginal gains against the dollar next week on strong central bank support amid uncertainty over U.S. trade tariffs. LSEG data showed the cedi trading at 15.4300 to the dollar on Thursday, compared to 15.4500 at last Thursday's close. "The cedi has rallied this week on the back of increased support from the central bank. Interbank liquidity has improved with bid-offer spreads tightening significantly as more market makers have actively shown firm prices," Sedem Dornoo, senior trader Absa Bank Ghana, said. "Looking ahead, we expect continued liquidity, with room for the local unit to post further gains as FX supply remains strong," he added. UGANDA The Ugandan shilling is expected to hold steady in the coming week, supported by an anticipated slowdown in demand for dollars during the shortened Easter holiday period. Commercial banks quoted the shilling at 3,660/3,670, compared with last Thursday's close of 3,680/3,690. "We have an Easter holiday and some businesses will be closed so on the demand side we anticipate weak activity," said an independent foreign exchange trader in the capital Kampala. He said the shilling will likely trade in the 3,650-3,670 range in the coming week. Markets will be closed in Uganda on Friday and Monday for Easter holiday. ZAMBIA The kwacha is expected to remain under pressure against the dollar next week as demand for hard currency continues to exceed supply. On Thursday, the currency of Africa's second largest copper producer was quoted at 28.67 per dollar from 28.75 a week ago. "The kwacha remains susceptible to further losses in the absence of meaningful foreign currency inflows or a shift in macroeconomic fundamentals," Access Bank ( opens new tab said in a note.
Yahoo
27-03-2025
- Business
- Yahoo
Rupee to decline on risk aversion spurred by US tariffs, spot date shift
By Nimesh Vora MUMBAI (Reuters) - The Indian rupee is set to fall at open on Thursday, pegged back by risk aversion fuelled by the U.S. auto tariffs and the shift in the spot date to the next fiscal year beginning April 1. The 1-month non-deliverable forward indicated that the rupee will open at 85.80-85.88 to the U.S. dollar compared with 85.7050 in the previous session. Asian shares dropped, and U.S. equity futures extended losses after U.S. President Donald Trump announced new tariffs on all auto imports, intensifying the ongoing trade conflict. U.S. equities had already experienced a sell-off before Trump's announcement. The dollar index reached a three-week high on Wednesday before partially retracing. The rupee's anticipated weakening due to the shift in the spot shift has been amplified by the souring of the risk appetite, a currency trader at a Mumbai-based bank said. With India's money markets shut on March 31 and April 1 for a local holiday, Thursday's spot trades will be settled on April 2. Wednesday's spot date was March 28. The rupee at open will have to adjust for the carry cost - around 10/12 paisa - between this fiscal's last day and the next fiscal's first day, opening on a weaker note. Interbank traders who went short on the dollar/rupee on Wednesday for the carry trade will be looking to buy the pair at open. FOCUS ON APRIL 2 Trump's comments on Wednesday suggesting the reciprocal tariffs set to be implemented on April 2 will be "lenient", would be a relief for the rupee and other emerging market currencies. "Until clarity emerges on the magnitude and scope of tariffs and their implementation, risk appetite is likely to remain muted," ANZ Bank said in a note. The tariff uncertainty has meant that a measure of U.S. consumer confidence plunged to its lowest level in more than four years in March, with households fearing a recession in the future and higher inflation. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.12; onshore one-month forward premium at 29.5 paisa ** Dollar index at 104.32 ** Brent crude futures up 0.2% at $73.9 per barrel ** Ten-year U.S. note yield at 4.35% ** As per NSDL data, foreign investors bought a net $664.7 million worth of Indian shares on March 25 ** NSDL data shows foreign investors sold a net $56 million worth of Indian bonds on March 25
Reuters
27-03-2025
- Business
- Reuters
Rupee to decline on risk aversion spurred by US tariffs, spot date shift
MUMBAI, March 27 (Reuters) - The Indian rupee is set to fall at open on Thursday, pegged back by risk aversion fuelled by the U.S. auto tariffs and the shift in the spot date to the next fiscal year beginning April 1. The 1-month non-deliverable forward indicated that the rupee will open at 85.80-85.88 to the U.S. dollar compared with 85.7050 in the previous session. Asian shares dropped, and U.S. equity futures extended losses after U.S. President Donald Trump announced new tariffs on all auto imports, intensifying the ongoing trade conflict. U.S. equities had already experienced a sell-off before Trump's announcement. The dollar index reached a three-week high on Wednesday before partially retracing. The rupee's anticipated weakening due to the shift in the spot shift has been amplified by the souring of the risk appetite, a currency trader at a Mumbai-based bank said. With India's money markets shut on March 31 and April 1 for a local holiday, Thursday's spot trades will be settled on April 2. Wednesday's spot date was March 28. The rupee at open will have to adjust for the carry cost - around 10/12 paisa - between this fiscal's last day and the next fiscal's first day, opening on a weaker note. Interbank traders who went short on the dollar/rupee on Wednesday for the carry trade will be looking to buy the pair at open. FOCUS ON APRIL 2 Trump's comments on Wednesday suggesting the reciprocal tariffs set to be implemented on April 2 will be "lenient", would be a relief for the rupee and other emerging market currencies. "Until clarity emerges on the magnitude and scope of tariffs and their implementation, risk appetite is likely to remain muted," ANZ Bank said in a note. The tariff uncertainty has meant that a measure of U.S. consumer confidence plunged to its lowest level in more than four years in March, with households fearing a recession in the future and higher inflation. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.12; onshore one-month forward premium at 29.5 paisa ** Dollar index at 104.32 ** Brent crude futures up 0.2% at $73.9 per barrel ** Ten-year U.S. note yield at 4.35% ** As per NSDL data, foreign investors bought a net $664.7 million worth of Indian shares on March 25 ** NSDL data shows foreign investors sold a net $56 million worth of Indian bonds on March 25
Reuters
07-03-2025
- Business
- Reuters
Rupee slips; weaker dollar of little help amid importer hedging demand
MUMBAI, March 7 (Reuters) - The Indian rupee weakened slightly on Friday even as the dollar lingered near a four-month low against its major peers with traders saying that importers' hedging requirements and foreign banks' dollar purchases weighed on the local unit. The rupee was at 87.1475 against the U.S. dollar, down slightly from its close at 87.1150 in the previous session. Asian currencies were mostly rangebound while the dollar index dipped below 104, hovering close to its weakest level since November. Concerns about a slowdown in the U.S. economy alongside uncertainty about the growth-inflation impact of trade tariffs have weighed on the U.S. dollar over recent sessions, driving the dollar index down by about 3% this month. While the rupee has gained slightly on the back of a weaker dollar, it remains a laggard amongst Asian peers due to persistent portfolio outflows from Indian equities and heightened domestic hedging. Foreign investors have net sold more than $15 billion of local stocks so far in 2025. An uptick in rupee volatility has also spurred local companies to ramp their short and long tenor hedges, bankers said. The focus on Friday will be on the U.S. non-farm payrolls report due later in the day which will influence market expectations of rate cuts by the Federal Reserve, and the dollar's trajectory by extension. Economists polled by Reuters have forecast that the world's largest economy added 160,000 jobs in February while the unemployment rate was unchanged month-on-month at 4%. Interbank traders on the dollar-rupee pair are positioned for a slight rebound in the U.S. dollar post the data, a trader at a state-run bank said.
