$1B Stolen From Global Banks Through Massive Malware Attacks

A gang of hackers, allegedly operating out of Russia, Ukraine and China, stole nearly $1 billion over the last two years from 100 banks in 30 countries, making it one of the largest bank thefts ever, according to a new report by Russian cybersecurity firm Kaspersky Lab. The report, scheduled to be published Monday, was accessed…

Russia, Egypt May Drop US Dollar

Russia and Egypt may replace the U.S. dollar with their national currencies for settlement of accounts in bilateral trade, Russian President Vladimir Putin said in an interview with Egyptian media ahead of his visit to the country on Monday. Putin told Egypt’s Al-Ahram daily newspaper that the issue of excluding the dollar in bilateral trade between…

Goldman’s Corporate Rep Rises To ‘Poor’ From ‘Very Poor’

Goldman Sachs’ corporate reputation has risen from a dismal “very poor” to a humble “poor,” according to poll results released Friday. That may be small consolation, however: The investment bank still ranks dead last on a list of 100 U.S. companies. The Harris Poll measures the most visible companies in the U.S. by corporate reputation. This…

Wall Street Whistleblowers: After The Largest Leak In Banking History, Are They Safe?

Wall Street Whistleblowers: After The Largest Leak In Banking History, Are They Safe? By Owen Davis, International Business Times For … Read more

Former Fed Chairman Forecasts Greece’s Eurozone Exit

Greece’s exit from the eurozone is inevitable, Alan Greenspan, a former chairman of the U.S. Federal Reserve, said in an interview with BBC News Sunday. Greenspan forecast the attempt by the new Greek government to renegotiate the country’s economic bailout terms would likely be resolved only by the nation leaving the eurozone, a scenario that would…

DOJ Investigating Moody’s Over Subprime Mortgage Ratings

Moody’s Investor Service is under investigation by the Justice Department for issuing favorable ratings to securities backed with the risky subprime loans that fueled the 2008 financial collapse. Justice Department officials have met with former Moody’s executives in recent months to gather information on the credit rating firm’s practices leading up the recession that began in…

Venezuela Jails Store Owners Accused Of Creating Queues: Maduro

CARACAS (Reuters) – Venezuela has jailed the owners of an unnamed chain of shops accused of engineering queues to whip up anger with the socialist government, President Nicolas Maduro said on Sunday. Chronic shortages of basic goods, including flour, chicken and diapers, have triggered massive lines that sometimes stretch around blocks and have become a nightmare…

HSBC Still Aiding Tax Fraud: Report

At her confirmation hearing Wednesday, attorney general-designate Loretta Lynch said she has been “very aggressive” in pursuing white-collar crime. “At the outset, no individual is ‘too big to jail.’ And no one is above the law,” said Lynch. Yet according to a new report from Public Citizen, Lynch’s highest-profile prosecution, of HSBC bank in 2012, has…

All Eyes Are On Subprime Auto Loan Delinquencies

Why The US Poor Make Their Car Payments

To get an idea of how much Americans will scrimp to make their car payments, just look at the most recent data on U.S. loan defaults. For a fifth consecutive month in December, more consumers gave up paying their credit cards and mortgages, but fewer bailed on their car payments, according to Experian. The data offers…

Britain’s Financial Sector Reports Fastest Growth Since 1996 In Q4

(Reuters) – Britain’s financial sector reported the biggest upsurge in business in nearly 20 years in the final three months of last year, the Confederation of British Industry said on Monday. The CBI said its quarterly financial services business volume index rose to +57 in December from +49 in September and its highest since December 1996.…

China January Factory Growth Stalls, Deflation Pressures Build

(Reuters) – China’s manufacturing growth stalled for the second straight month in January and companies had to cut prices at a faster clip to win new business, adding to worries about growing deflationary pressures in the economy, a private survey showed. The HSBC/Markit Flash Manufacturing Purchasing Managers’ Index (PMI) hovered at 49.8 in January, little changed…

Soros Warns Public Pensions Against Investing In Hedge Funds

DAVOS, Switzerland — Another towering figure in the financial industry is warning major pension systems to beware of investing retiree money in hedge funds. During a Thursday meeting at the World Economic Forum, billionaire investor George Soros cited management fees charged by hedge funds in arguing that steering billions of dollars of public employees‘ money into…

Echoes Of Swiss Franc Shock Reverberate Around The World

The Everest Capital Global hedge fund may be neither the first nor the last currency-market participant to feel the pain caused by the Swiss National Bank’s surprise decision to discontinue its fixing of the minimum exchange rate between the Swiss franc and the euro last week, but the fund’s suffering might be notable because it appears…

For Russian Billionaires, A Full-Scale American Retreat

Russian billionaire Mikhail Prokhorov caused a stir among sports fans this week with news that he might sell his majority stake in the Brooklyn Nets basketball franchise. But the $1.3 billion New York City property isn’t the only thing Prokhorov, the 12th-richest man in Russia, is backing out of. He and other wealthy Russians are suddenly…

Japan Readies A Record $800 Billion Budget For 2015-16

(Reuters) — Japan’s government will propose a record budget of more than $800 billion for the next fiscal year, but cut borrowing for a third year, government officials said Sunday, as Prime Minister Shinzo Abe seeks to maintain growth while curbing the heaviest debt burden in the industrial world. The third annual budget since Abe swept…

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$1B Stolen From Global Banks Through Massive Malware Attacks

$1B Stolen From Global Banks Through Massive Malware Attacks