WASHINGTON - President Donald Trump's choice to lead the World Bank is a firebrand critic of the world's largest anti-poverty lender -- an institution he has called wasteful, corrupt and overly generous to China. Those complaints are similar to those voiced by others in the development community. But that does not mean they have found a new ally in David Malpass, the senior US Treasury official who has pledged to reform the bank. Nancy Pelosi, the newly reinstalled Democratic speaker of the US House of Representatives, says Trump's choice threatens to "undermine the institution's mission." And Liberia's former minister of public works W. Gyude Moore tweeted that "an incorrigible arsonist will now be our fire chief." Malpass' many criticisms of the Washington-based lender certainly echo familiar refrains. Many activists have long called for reforms at the World Bank, citing a litany of alleged human rights failures and scandals, and saying projects all too often left the world's poorest … [Read more...] about Trump’s World Bank pick, an ally for the lender’s critics?
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MANILA -- Banking stocks reported to have loan exposures to Hanjin fell on Friday, following reports the South Korean shipbuilder was seeking rehabilitation with some $412 million in debt. The Philippines' largest lender, BDO Unibank, was down 1.37 percent to P129.50. The financials sector was down 2.38 percent, outpacing the 0.65-percent decline on the main index. 5 banks move to cover $412 million Hanjin loans in PH's biggest default Hanjin creditors eye all options, 'will be alright,' says BPI president Bank of the Philippine Islands was down 3.54 percent to P91.15, Metrobank was down 3.72 percent to P78.85, Rizal Commercial Banking Corp was down 4.13 percent to P27.85. Hanjin's fifth creditor according to reports, LandBank of the Philippines, is not listed on the exchange. As of early Friday, only BPI confirmed its exposure to Hanjin. … [Read more...] about Banking stocks fall after report of Hanjin debt
Shares in Denmark's largest lender Danske Bank tumbled on Friday for the second time this week over new money laundering allegations involving Russia through the bank's Estonian subsidiary. The Wall Street Journal on Friday reported that investigators were probing transactions of up to $150 billion "from companies with ties to Russia and the former Soviet Union" that transited Danske Bank's Estonian branch between 2007 and 2015. On Friday afternoon, the share was down 4.11 percent to 177.15 kroner in a stable overall Copenhagen stock market. This follows a seven percent fall in the bank's share price on Tuesday. In early August, the Danish state prosecutor's office for serious economic and international crime said Danske Bank was being investigated and prosecutors would decide whether to press charges. Danske has launched two internal probes of its own regarding the allegations, and plans to publish its findings before the end of the month. In … [Read more...] about Danske Bank shares fall again after new money laundering claims
Shares in Denmark’s Danske Bank fell on Tuesday morning following a report that over 190 billion kroner was laundered through the bank’s branch in Estonia. A seven per cent fall in the bank’s share price was reported early on Tuesday, Ritzau reports. The cost of a share in the bank has fallen 24 percent overall since the beginning of this year. The Financial Times reported on Monday that as much as $30 billion of Russian and ex-Soviet money flowed through Danske Bank's Estonian branch in a single year. The Financial Times report is based on a draft report commissioned by Danske Bank and seen by the newspaper. Danish newspaper Berlingske has previously reported 53 billion kroner to have been laundered through the bank. Authorities in both Denmark and Estonia are currently conducting investigations into the issue. The fall in share price reflects fears that Danske Bank will be hit with a significant fine and that CEO Thomas Borgen, who was in charge of … [Read more...] about Danske Bank shares fall after new details of money laundering scandal revealed
COPENHAGEN (Reuters) - Shares in Danske Bank <DANSKE.CO> fell more than 6 percent on Tuesday after a media report suggested a money laundering scandal centred on its Estonian branch could be bigger than previously thought. The Danish bank handled up to $30 billion of Russian and ex-Soviet money through non-resident accounts via its Estonian branch in 2013 alone, according to an independent investigation, the Financial Times reported late on Monday. The non-resident portfolio at the Estonian branch has been at the centre of allegations that the bank had flawed money laundering controls from 2007 to 2015, which has led to criminal investigations in both Denmark and Estonia. A Danish newspaper report in July said that Danske laundered up to $8.3 billion in Estonia in 2007-2015. Danske Bank has admitted to flaws in its anti-money laundering controls in Estonia and has launched its own inquiry, the results of which are expected this month. It was not able to verify the FT report. … [Read more...] about Danske Bank shares fall as Estonia crisis deepens