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The Court of Justice of the European Union has upheld a fine of €11.9 million against Credit Suisse for its involvement in a bond cartel, originally imposed by the European Commission in 2021. The ruling also confirmed a €3.9 million fine on Credit Agricole, while Bank of America faced a €12.6 million penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities.
The EU Court of Justice has upheld an 11.9 million euro fine against Credit Suisse for colluding with other banks in the bond market, violating competition rules. The court rejected CS's appeal, confirming the penalty alongside a 4 million euro fine for Crédit Agricole. The investigation revealed that traders from the banks coordinated on pricing and shared sensitive trading information through chat rooms on Bloomberg terminals from 2010 to 2015.
The Court of Justice of the European Union has upheld an €11.9 million fine against Credit Suisse for its role in a cartel involving dollar bonds, which included coordinated trading strategies and price information sharing from 2010 to 2015. Deutsche Bank, as a key witness, escaped penalties, while Bank of America and Crédit Agricole received fines of €12.6 million and €3.9 million, respectively. The court dismissed Credit Suisse's appeal entirely, confirming the penalties imposed by the European Commission.
The Court of Justice of the European Union has upheld the €11.9 million fine against Credit Suisse for its role in a cartel involving dollar bonds, dismissing its appeal. The case, initiated by the European Commission in 2018, also fined Bank of America and Crédit Agricole, while Deutsche Bank escaped penalties for cooperating as a key witness.
The European Court of Justice has upheld a fine of 11.9 million euros against Credit Suisse for its involvement in a bond cartel, originally sanctioned by the European Commission in 2021. The court also confirmed a 3.9 million euro fine on Credit Agricole, while Bank of America faced a 12.6 million euro penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities. The collusion among the banks occurred between 2010 and 2015, involving agreements on trading strategies and price-setting in the SSA bonds market.
Bank stocks surged in overnight trading as investors anticipated less regulation under a potential Trump presidency. Citigroup rose about 5%, with Bank of America, Wells Fargo, and Goldman Sachs also seeing significant gains. Analysts expect deregulation, particularly a reduction in Consumer Financial Protection Bureau oversight, to benefit financial institutions, although potential risks from Trump's tariff and deportation plans could lead to inflation.
Watch the trading patterns of bank, energy, and retail stocks for insights into the Trump/Harris election. These sectors may provide clues about market sentiment as the election approaches. Stay tuned for live updates and analysis.
Peloton Interactive Inc. received a significant upgrade from Bank of America, which raised its rating by two notches, citing a strong profit outlook and confidence in the new CEO. Analyst Curtis Nagle noted that Peloton's fiscal first-quarter adjusted Ebitda exceeded expectations, prompting an increase in its annual forecast to between $240 million and $290 million. He predicts the company could surpass $300 million in adjusted Ebitda this year and reach $400 million in the coming years as it continues to implement cost-cutting measures.
Warren Buffett’s Berkshire Hathaway has reduced its Apple stake by selling 100 million shares, bringing its holdings to $69.9 billion from a peak of $178 billion. This shift reflects a cautious investment strategy amid market uncertainty, with cash reserves now at a record $325.2 billion, primarily in short-term US Treasury bills. Quarterly operating profits fell 6% year-over-year to $10.1 billion, impacted by significant insurance losses and a $535 million asbestos settlement.
Berkshire Hathaway's cash reserves surged to a record $325.2 billion in Q3, as Warren Buffett sold significant portions of his stakes in Apple and Bank of America, totaling $36.1 billion in stock sales. The company refrained from share buybacks, maintaining a conservative approach amid a strong stock market and concerns over rising fiscal deficits. Operating earnings fell 6% year-over-year to $10.1 billion, slightly below analyst expectations.
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eu court upholds credit suisse fine for bond cartel participation
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12:16 06.11.2024
eu court upholds 11.9 million euro fine on credit suisse for collusion
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12:13 06.11.2024
court upholds credit suisse fine in eu cartel case
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11:34 06.11.2024
court upholds eu fine against credit suisse in cartel case
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10:28 06.11.2024
eu court upholds credit suisse fine for bond cartel participation
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09:00 06.11.2024
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