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Paul Ryan sold shares on same day as private briefing of banking crisis

Vice-presidential candidate denies he profited from a 2008 meeting with Fed chairman in which officials outlined fears for financial crisis Paul Ryan, Mitt Romneys vice-presidential running mate, sold stock in US banks on the same day he attended a confidential meeting where top level officials disclosed the sector was heading for a deep crisis. The congressman on Monday denied profiting from information gleaned from the meeting on 18 September 2008 when Federal Reserve chairman Ben Bernanke, then treasury secretary Hank Paulson and others outlined their fears for the banking sector.…

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Nordea’s Bitcoin Ban Leaves Financial Regulator Taking Back Seat

As Nordea Bank AB blazes a trail in Europe by banning its employees from trading Bitcoin and other cryptocurrencies, the regulator is taking a back seat in a decision-making process it says is better left to the industry. Sweden’s Financial Supervisory Authority thinks “every institution must decide on the details of their internal regulations specifying the rules for their employees’ investments and trading,” spokesman Peter Svensson told Bloomberg, in response to questions about Bitcoin guidelines. The hands-off approach may surprise some who associate the Nordic region, and Sweden in particular,…

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FBI investigates Russian-linked Cyprus bank accused of money laundering

Request for financial information may be connected to inquiries into possible conspiracy between Trump and Kremlin The FBI has asked officials in Cyprus for financial information about a defunct bank that was used by wealthy Russians with political connections and has been accused by the US government of money laundering, two sources have told the Guardian. The request for information about FBME Bank comes as Cyprus has emerged as a key area of interest for Robert Mueller, the US special counsel who is investigating a possible conspiracy between Donald Trumps…

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The Strange Case of the Look-Alike Credit Cards

First National Bank of Marin was a small Las Vegas lender with an image problem. Federal investigators accused it of issuing credit cards to strapped consumers, then piling on so many fees and obligations that some new clients couldn’t buy a sandwich without hitting their credit limit. But by 2006, it had settled the claims and was ready to expand. It changed its name to Source: Credit One Bank If that looks familiar, there’s a good reason. In 2008, credit-card titan Source: Capital One Financial Corp. And so began the improbable story of…

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Teslas Newest Promises Break the Laws of Batteries

Elon Musk knows how to make promises. Even by his own standards, the promises made last week while introducing two new Tesla vehicles—the heavy-duty Semi Truck and the speedy Roadster—are monuments of envelope pushing. To deliver, according to close observers of battery technology, Tesla would have to far exceed what is currently thought possible. Take the Tesla Semi: Musk vowed it would haul an unprecedented 80,000 pounds for 500 miles on a single charge, then recharge 400 miles of range in 30 minutes. That would require, based on Bloomberg estimates, a charging system that's 10 times more…

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Asia’s Richest Banker Spots a Once-in-a-Lifetime Opportunity

For India, it’s a $207 billion mess, a pile-up of bad loans years in the making that’s dragging on growth. For the nation’s wealthiest banker, it’s the kind of opportunity that very rarely presents itself. What has billionaire Kotak Mahindra Bank Ltd., in an interview. “Through this you could actually get assets that would give disproportionate returns for long periods of time.” Funds controlled by Kotak Mahindra are looking at deals involving the assets and debts of some of the first 12 companies going through the bankruptcy courts, Kotak said. Industries…

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Germany Tightens the Screws on International Funds to Turkey

The German government is wielding its influence with international development institutions to restrict financing to Turkey over an escalating political dispute, people familiar with the matter said. Germany is actively working to cut funding to Turkey from the country’s state-owned European Investment Bank and the European Bank for European Union’s pre-accession funding for Turkey. That’s part of a broader break between Turkey and its traditional Western allies, including the U.S., which on Oct. 8 suspended visa services in the country. Germany is Turkey’s largest economic partner by far, accounting for…

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Yellen Calls Inflation the ‘Biggest Surprise’ in the Economy

Federal Reserve Chair Janet Yellen said that the U.S. central bank expects to continue to raise interest rates gradually as solid growth, a strong labor market and a healthy global economy lift prices even as she recognized that inflation has been surprisingly low.  “My best guess is that these soft readings will not persist, and with the ongoing strengthening of labor markets, I expect inflation to move higher next year,” Yellen said Sunday at the Group of Thirty’s Annual International Banking Seminar in Washington. Yellen’s term expires in February and…

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Iceland PM sold bank assets hours before financial crash, leaks show

Exclusive: Bjarni Benediktsson, current Iceland leader, sold millions of krna of Glitnir assets before state took control in 2008 The current prime minister of Iceland sold almost all his remaining assets in a major Icelandic banks investment fund on the day the government seized control of the countrys collapsing financial sector at the peak of the 2008 crash. According to leaked documents, Bjarni Benediktsson, then an MP on the parliaments economy and tax committee, sold several million krna of assets in the Glitnir banks fund in the final days and…

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Bitcoin More Than Just a Fad, Morgan Stanley CEO Says

Not every Wall Street bank chief is bearish on bitcoin. Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it

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