Global banks faced a fresh scandal about dirty money on Monday as they sought to limit the fallout from a cache of leaked documents showing they transferred more than $2 trillion in suspect funds over nearly two decades, Reuters reports.
Some of Britain's biggest banks have begun contacting customers in EU countries, warning them that their accounts will be closed down within weeks because the cost and complexity of operating without a continuation of pan-European banking rules is too much, news wires reported.
Italy is ready to use its vetting "golden" powers over strategic assets to ensure the Milan stock exchange, Borsa Italiana, is not sold to an unacceptable bidder, Economy Minister Roberto Gualtieri said on Wednesday.
Gold briefly chalked up another record Tuesday before easing later in the day as the dollar clawed back earlier losses, while equity markets struggled to hold on to gains with fears about the coronavirus pandemic mounting.
The European Central Bank extended on Tuesday a recommendation to Eurozone’s banks not to pay dividends or buy back own shares until January to face the coronavirus crisis, news wires reported. The top supervisor asks banks to be extremely moderate with regard to variable remuneration.
The European leaders’ agreement on a massive stimulus plan for their coronavirus battered economies should help kick-start cross-border consolidation in Europe and complete the European banking union, Santander Chairman Ana Botin said. Santander is the Eurozone’s second-biggest lender in terms of market value.
Two research reports showed on Tuesday that еconomic fallout from the coronavirus outbreak will cause a sharp rise in loan losses at European banks, with more than €400bn ($458bn) of losses estimated in the next three years.
Apple won a landmark court case on Wednesday against the European Commission over a dispute concerning €13bn ($14.9bn) in Irish taxes, news wires reported. The Luxembourg-based General Court decided that the European Commission did not prove that the Irish government had given the US tech giant a tax advantage.
Britain is preparing to spend £705m ($890m) on border infrastructure to help keep trade flowing after its transition deal with the European Union expires at the end of the year, Cabinet Secretary Michael Gove announced on Sunday.
A group of 16 Eurozone banks said on Thursday a “truly European” unified payments system is expected to be up and running in 2022, Reuters reported. European policymakers have long sought a “home grown” rival to take on Mastercard and Visa.