Lloyds Banking to pay record £28 mn for promoting mis-selling (Dec 2013)

Source: RT – Lloyds Banking to pay record £28 mn for promoting mis-selling

Notable excerpts:

Lloyds Banking group has been hit with a record £28 million retail fine for pressurizing staff between 2010 and 2012 to meet sales targets regardless of customer needs. Some employees even bought the products themselves to avoid dismissal.

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UK gold exports to Switzerland surge as investors sell ETFs (Oct 2013)

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Source: Reuters – UK gold exports to Switzerland surge as investors sell ETFs

Notable excerpts:

A surge in gold exports from the United Kingdom to Switzerland this year may largely be the result of metal sold out of exchange-traded funds being shipped for re-refining before making its way to Asia, according to Australian bank Macquarie.

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Singapore Inks Direct Currency Trade, RQFII Quota With China (Oct 2013)

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Source: Bloomberg – Singapore Inks Direct Currency Trade, RQFII Quota With China

Notable excerpts:

Singapore and China will introduce direct trading between their currencies, helping the city-state compete with Hong Kong and London as an offshore yuan hub.

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London to become hub for China’s yuan (Oct 2013)

Renmimbi-Yuan

Source: Yahoo! News – London to become hub for China’s yuan

Notable excerpts:

Beijing agreed Tuesday to make London a center for handling investment denominated in China’s tightly controlled currency as the two sides set aside a spat over the Dalai Lama to expand financial ties.

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BOE, PBOC Agree On Currency Swap (Jun 2013)

Renmimbi-Yuan

Source: WSJ – BOE, PBOC Agree on Currency Swap

Notable excerpts:

The Bank of England and the People’s Bank of China said on Saturday they had reached a three-year deal to swap sterling and yuan when needed, the first such agreement between China and a member of the Group of Seven largest developed economies, and a move that should help the U.K. realize its ambition to turn London into a major offshore hub for trading the yuan.

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