WASHINGTON - One of France's largest banks, Societe Generale, is pleading guilty in the U.S. and paying a total of $1.3 billion in penalties, including a $585 million fine for bribing Libyan officials to win government investments. The bank is also paying $750 million to settle U.S. charges of manipulating a key global interest rate. The actions were announced by the U.S. Department of Justice and the U.S. Commodity Futures Trading Commission. Under an agreement with the Justice Department, Societe Generale will avoid criminal prosecution on charges of manipulating the London interbank offered rate, or LIBOR, and will pay a $275 million fine. The bank is paying a $475 million civil penalty in a separate settlement with the CFTC. "Together with approximately $475 million in regulatory penalties and disgorgement that Société Générale has agreed to pay to the Commodity Futures Trading Commission (CFTC) in connection with the LIBOR scheme, the total penalties to be paid … [Read more...] about France’s Societe Generale hit with $1.3B in U.S. fines
U s commodity futures trading commission
The Morning Ledger: Beijing Ready to Respond if U.S. Curbs Chinese Investments
By Tatyana Shumsky Tatyana Shumsky The Wall Street Journal BiographyTatyana Shumsky @MissShumsky [email protected] Apr 26, 2018 5:14 am ET 0 COMMENTS Sign up for the Morning Ledger, emailed to you each weekday morning. Follow us on Twitter: @CFOJournal. All CFO Journal-produced content can be accessed without a subscription. China’s Commerce Ministry said reduced investment from Chinese companies could affect U.S. employment and economic growth. Reuters Good morning. U.S. finance chiefs hoping to get funding from their Chinese counterparts may have a harder time going forward. The U.S. threat of investment restrictions is already dampening the enthusiasm of Chinese businesses, with some canceling or slowing plans to invest in the American market, China’s Commerce Ministry said, reports The Wall Street Journal. Ministry spokesman Gao Feng said Beijing is prepared to respond if the U.S. goes ahead with the plan. “We are … [Read more...] about The Morning Ledger: Beijing Ready to Respond if U.S. Curbs Chinese Investments
U.S. rig decline, Iranian risks support oil
Mahmoud Habboush, Bloomberg Published 7:57 am, Monday, April 2, 2018 Photo: Eric Gay, STF / AP Image 1of/1 CaptionClose Image 1 of 1 A drilling rig is seen in 2012 near Kennedy, Texas. A drilling rig is seen in 2012 near Kennedy, Texas. Photo: Eric Gay, STF / AP U.S. rig decline, Iranian risks support oil 1 / 1 Back to Gallery Oil's rally above $65 a barrel is being propelled by a sign that American explorers have curtailed drilling activity as well as speculation that the U.S. could reimpose sanctions on OPEC producer Iran. Futures were trading just under $65 a barrel in New York after capping a third straight quarterly gain, the longest winning streak since 2011. U.S. drillers idled seven working rigs last week, easing concerns over surging shale production. Meanwhile, analysts from Mitsubishi UFJ Financial … [Read more...] about U.S. rig decline, Iranian risks support oil
Hedge funds, other money managers raise U.S. crude oil net longs-CFTC
NEW YORK (Reuters) - Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the week to March 20 after two weeks of cutting bullish bets, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raised its combined futures and options position in New York and London by 34,575 contracts to 488,438 during the period. U.S. crude prices CLc1 rose more than 4 percent to $63.81 during the week covered in the report, boosted by larger-than-expected draws on U.S. inventories. Prices have continued to rise, bolstered by Saudi statements that OPEC and Russian-led production curbs could be extended into 2019. Speculators raised their short bets 3067651MSHT for a third week. Among refined products, speculators raised net long bets on gasoline 3111659MNET to 89,234 contracts, after cutting them to a three-month low earlier this month. In ultra-low sulfur diesel HOc1, the group raised its net long positions … [Read more...] about Hedge funds, other money managers raise U.S. crude oil net longs-CFTC
U.S. officials tie trader to 2010 “Flash Crash”
A futures trader was arrested in the U.K. Tuesday on charges he manipulated the market and played a part in the May 2010 "Flash Crash," U.S. authorities said. Navinder Singh Sarao, 37, is accused of wire and commodities fraud in a criminal complaint filed in federal court in Illinois. The U.S. is seeking Sarao's extradition, the Justice Department said in a statement. For more than five years and continuing as recently as at least April 6, 2015, Sarao engaged in a massive effort to manipulate the price of the E-mini S&P 500, according to the U.S. Commodity Futures Trading Commission, or CFTC, which filed a separate complaint. Sarao operated his own trading company and participated in trading strategies known as "spoofing" and "layering," which involve submitting market orders in which there is no intention of filling them. Sarao and his company, Nav Sarao Futures Limited, has profited more than $40 million from E-mini S&P trading, the CFTC said. The trader's actions factored … [Read more...] about U.S. officials tie trader to 2010 “Flash Crash”