Latest news with #foreign exchange
Yahoo
23-07-2025
- Business
- Yahoo
EU court fines Credit Suisse €29 million over foreign exchange cartel
A European Union court on Wednesday imposed a fine of just under €29 million ($34 million) on former bank Credit Suisse, now owned by UBS, for illegal agreements in foreign exchange trading between 2011 and 2012. In 2021 the European Commission had imposed fines totalling €344 million on Credit Suisse and four other major European banks following a cartel investigation. The probe concerned agreements in the spot foreign exchange market - a part of foreign exchange trading in which currencies are exchanged within a short period of time after a transaction is concluded. The EU General Court found the banks' traders had exchanged sensitive information in a professional online chat room, which "distorted free competition." Unlike the other banks involved in the cartel - UBS, Barclays, RBS and HSBC - Credit Suisse decided not to reach a settlement with the commission and instead filed a complaint. In its ruling, the court confirmed Credit Suisse's involvement in the cartel but reduced the initial fine of over €83 million to just under €29 million, arguing the penalty had been calculated incorrectly. The plaintiffs have the right to appeal the decision. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
23-07-2025
- Business
- CNA
Dollar holds losses against yen after Trump announces Japan trade deal
TOKYO :The dollar held losses against the yen on Wednesday after U.S. President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline. Trump said the agreement will result in Japan investing $550 billion into the United States and a tariff rate of 15 per cent was set on U.S. imports from Japan. With an August 1 deadline looming before the imposition of sweeping import duties on trade partners, U.S. Treasury Secretary Scott Bessent said on Monday the administration is more concerned with the quality of trade agreements than the timing. Asked whether the deadline could be extended for countries engaged in productive talks with Washington, Bessent said Trump would make that decision. Uncertainty over the eventual state of tariffs globally has been a huge overhang for the foreign exchange market, leaving currencies trading in a tight range for the most part, even as stocks on Wall Street have scaled fresh highs. The dollar index was down 0.4 per cent to 97.423. The greenback traded at 146.65 yen, little changed from the previous session when it slid 0.5 per cent. In a post on Truth Social, Trump said Japan would open to trade for U.S. cars, trucks, rice and certain agricultural products, among other items. Trump's announcement follows a meeting with Japan's top tariff negotiator, Ryosei Akazawa, at the White House on Tuesday, according the Asahi newspaper. The euro stood at $1.1745, down 0.1 per cent so far in Asia. Sterling was little changed at $1.35285. The Australian dollar fetched $0.65555, flat in early trade. New Zealand's kiwi dollar traded at $0.6007, up 0.07 per cent. Also weighing on investors' minds were worries about Federal Reserve independence, given Trump has repeatedly railed against Chair Jerome Powell and urged him to resign because of the central bank's reluctance to cut interest rates. Bessent on Monday took a softer stance, saying there is no need for Powell to step down immediately, adding that he should see through the end of his term in May if he wants.
Reuters
22-07-2025
- Business
- Reuters
China does not see 'irrational' trading activities, yuan stable, FX regulator says
BEIJING, July 22 (Reuters) - China's foreign exchange regulator said on Tuesday that it has not seen "irrational" trading activities for now. Li Bin, the deputy head of the State Administration of Foreign Exchange (SAFE), said that the yuan has been trading basically stable at reasonable and balanced levels so far this year. Overseas investors in general have increased their net holdings of onshore equities and bonds in the second quarter of this year, Li told a press conference in Beijing. He added that supply and demand in the foreign exchange market are basically stable.
Bloomberg
22-07-2025
- Business
- Bloomberg
Rupiah to Consolidate Before Further Gains, Citi Strategist Says
The Indonesian rupiah's recent gains are set to pause in the coming month before advancing to levels last seen in December, according to the currency's top forecaster. Emerging market currencies, especially those that are high-yielding, tend to weaken for various reasons in August, said Rohit Garg, head of foreign exchange and rates strategy Asia ex-Japan for Citigroup Inc. By the end of the year, the strategist forecasts the rupiah to rally almost 2% against the dollar.
Zawya
18-07-2025
- Business
- Zawya
Gold, tourism and cash crop exports drive Tanzania growth
Tanzania reported steady foreign exchange flows from gold, tourism and cash crops in the second quarter of this year, a new central bank report shows. The Bank of Tanzania (BoT) Monetary Policy Report for July stated that the enforcement of Section 26 (2) of the Bank of Tanzania Act, which bans the use of foreign currency for domestic transactions, had also significantly increased foreign currency flows through formal channels. BoT had estimated the quarterly growth at 5.5 percent during the second quarter, from 5.8 percent recorded during the first quarter, but says that indicators have continued to show a strong growth. Apart from the direct foreign exchange earnings, power supply and cement production mostly for local construction are supporting growth, the BoT report said. Electricity generation rose by 20.1 percent in the first quarter, largely due to hydroelectric output from the Julius Nyerere Hydropower Project. Large-scale gold production and sales from small- and medium-scale producers through mineral marketing centres also recorded notable gains. BoT purchased 5.022 tonnes of gold valued at $554 million, surpassing its purchase target of $350 million from three local refining plants. Tourism also recorded significant growth, with 2.2 million tourists visiting Tanzania and injecting $3.83 billion into the economy. Inflation rates remained low, a situation the central bank attributes to prudent monetary policy and a continued moderation in non-food and energy prices. Headline inflation averaged 3.2 percent, remaining within the target of three percent to five percent and consistent with the convergence criteria set by the Southern African Development Community (SADC) and the East African Community (EAC). Foreign exchange liquidity is expected to improve further in the second half of the 2025 through seasonal crop harvesting and an increase of tourists during the tourist peak season, June to October and December. The ongoing campaign to use the Tanzanian shilling for local transactions is expected to ease the demand for foreign currency and strengthen the shilling. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
