Mark Johnson, a former HSBC bank’s head of global cash foreign exchange trading, has been found guilty of defrauding a client on nine counts, in a $3.5bn currency deal, and face up to 20 years in prison, according to a spokesman for US prosecutors. But the British citizen was found not guilty on one other…
The world of money is making people go round, as households and organisations have to deal with everchanging economies and payment systems like bitcoin and Applepay. You may ask what is money and how dow we make any sense of it? Three eminent Sociologists Nina Bandelj, Frederick Wherry and Viviana Zelizer, edited Money Talks, and…
Indian Prime Minister Narendra Modi made good on his election pledge with a shock declaration on Tuesday that so-called high-value currency notes denominations of Rs 500 and Rs 1000 would not be legal tender as of midnight that day. This draconian move affected £177bn ($223bn) worth of notes, an 86 per cent of rupees…
In The Daily Telegraph Lord Livingston wrote UK’s fall from the fifth biggest economy in the world to the sixth place is unacceptable in the long term. UK is now behind US, China, Japan, Germany and France in US Dollar terms. UK annual GDP of about £1.8 trillion is worth few dollars dropping down on…
Banks including HSBC paid $5bn in regulatory fines twenty months ago, over their role in rigging foreign exchange benchmark scandal. This week, its British head of Forex cash trading Mark Johnson was arrested by US authorities at New York’s John F Kennedy Airport, and an arrest warrant was granted for his former sub-ordinate, Stuart Scott,…
China carried out the biggest devaluation of the renminbi in two decades to boost its slowing economy signalling an escalation of international currency battle. Shocking markets and risking a clash with US. China’s central bank has devalued the Yuan to 4 year low and the lowest rate against the US Dollar, resulting in the Chinese…