Archive | March 2014

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Krebs Daily Briefing 31 March 2014

International Swiss Competition Commission Opens Currency Inquiry LONDON – Switzerland’s Competition Commission said on Monday that it had begun a formal investigation into eight financial institutions, including the Swiss banks Credit Suisse and UBS, over potential collusion to manipulate the currency markets. In a statement, the regulator, also known as Weko, said it was “investigating […]

Krebs Daily Briefing 28 March 2014

International Italian Mafia Earn More than McDonalds and Deutsche Bank The Italian mafia generate more money than Deutsche Bank and McDonald put together, according to a study by the Demoskopika research institute. The study showed that the feared criminal organisation earned the equivalent of 3.5% of Italy’s Gross Domestic Product (GDP) in 2013. The Mob’s […]

Krebs Daily Briefing 27 March 2014

International IMF agrees $14-18 billion bailout for Ukraine (Reuters) – The International Monetary Fund has agreed a $14-18 billion two-year bailout for Ukraine, a deal to help it recover from months of turmoil that will also unlock further credits making a total of $27 billion. The agreement, announced on Thursday, is intended to help the […]

Krebs Daily Briefing 26 March 2014

International Economic Cost of Crimea Seizure Mounts for Russia (Reuters) – The economic impact of annexing Crimea from Ukraine could drive Russia into a sharp recession this year even if the West stops short of trade sanctions, the World Bank warned on Wednesday. The gloomy assessment, far more negative than Russian government forecasts, came on […]

Krebs Daily Briefing 24 March 2014

International Credit Suisse Reaches $885 Million Mortgage Settlement Credit Suisse  said on Friday that it had reached an $885 million settlement to resolve claims that it sold questionable loans to the mortgage giants Fannie Mae and Freddie Mac in the lead-up to the financial crisis. The Swiss bank is the latest Wall Street bank to settle with the […]