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Barclays News

Barclays sees gold struggling in 2014
Economy

Barclays sees gold struggling in 2014

"Slower-than-expected tapering, weaker equity markets and a softer dollar could help to revive gold in the short term," the bank said.<br /><br />

Murthy's cost-cutting plan: Reduce senior execs onsite; employ more night staff
Business

Murthy's cost-cutting plan: Reduce senior execs onsite; employ more night staff

Infosys chief NR Narayana Murthy has said the company is looking at reducing the number of top officials and subcontractors at onsite locations in a bid to reduce operational costs, according to Barclays. The cost cutting strategy also includes more night shifts in its offshore facilities in India as well as improving its internal training mechanisms.<br /><br />

Global forex probe: large banks like HSBC, Barclays, Citi under scanner
Business

Global forex probe: large banks like HSBC, Barclays, Citi under scanner

At least a dozen large banks from the US and Europe have come under scanner in a global regulatory probe into suspected manipulations in forex markets, with some of them being investigated for possible manoeuvring in over $50-billion a day rupee trade market.

Explainer: RBI paves way for foreign banks but may find few takers
Business

Explainer: RBI paves way for foreign banks but may find few takers

Under the Reserve Bank of India (RBI) rules announced late on Wednesday, foreign banks which convert their local operations from a branch structure to being subsidiaries will be treated on nearly equal terms with local lenders.<br /><br />

Six global banks to be fined by EU in rate probe
Economy

Six global banks to be fined by EU in rate probe

EU antitrust regulators are set to fine six global banks including Deutsche Bank, JPMorgan and HSBC after an investigation into the rigging of benchmark euro zone interest rates, a person familiar with the matter said on Tuesday.

More gloom: Barclays cuts India's FY14 growth forecast to just 4.7%
Economy

More gloom: Barclays cuts India's FY14 growth forecast to just 4.7%

Barclays has lowered India's FY14 GDP forecast for the current fiscal to 4.7 percent, saying the growth and fiscal health of the country are likely to remain under pressure, with 2014 election dynamics adding to uncertainties. <br /><br />

US regulator sues UBS, Morgan Stanley, 7 others over faulty securities
Business

US regulator sues UBS, Morgan Stanley, 7 others over faulty securities

A US regulator filed lawsuits against Morgan Stanley and eight other banks over the sale of nearly $2.4 billion in mortgage-backed securities to two credit unions that later failed, according to a filing.<br /><br />

Masters champion Adam Scott wins Barclays in tight finish
Sports

Masters champion Adam Scott wins Barclays in tight finish

He watched challenger after challenger come up short and at the end he was glancing up at a large screen TV near the practice range as he stayed loose in case of a playoff.

FedExCup: Stadler leads on rain-hit day but Woods lurking
Sports

FedExCup: Stadler leads on rain-hit day but Woods lurking

World number one Tiger Woods lurked three strokes back, with the opening event of the FedExCup playoffs stalled for more than six hours by heavy lightning and two rain delays.

Barclays brings on Nuance to set up voice-recognition for phone banking
News & Analysis

Barclays brings on Nuance to set up voice-recognition for phone banking

Pins and security questions are old stuff. Barclays Wealth now recognises a customer’s voice within 30 seconds of a phone call to grant them

CAD likely to improve to 3.9% of GDP in FY14, says Barclays
Economy

CAD likely to improve to 3.9% of GDP in FY14, says Barclays

India's current account deficit (CAD) is likely to witness a "gradual" improvement in the next two to three years and it is expected to come down to 3.9 per cent of the GDP this fiscal, says a Barclays report.

Growth, CAD worries persist despite easing inflation: Barclays
Economy

Growth, CAD worries persist despite easing inflation: Barclays

While risks arising from high inflation and fiscal slippage have receded, concerns about growth and current account deficit have worsened, which may pull down GDP growth to about 6.2 percent next fiscal, says a Barclays report.

IIP surprise, inflation spike not likely to stop RBI from cutting rates
Economy

IIP surprise, inflation spike not likely to stop RBI from cutting rates

Credit Suisse Director Robert Prior-Wandesforde in a note said he still expects the monetary authority to slash the repo or short-term lending rate next Tuesday.

Despite trade gap at 10-month low, CAD likely to be 4.3%
Economy

Despite trade gap at 10-month low, CAD likely to be 4.3%

The CAD had touched a record high of 5.4 percent of GDP in the July-September quarter. The trade deficit in January widened to $20 billion, the second highest rise ever in a month.

CAD is likely to be 4.3% for 2012-13, says Barclays
Economy

CAD is likely to be 4.3% for 2012-13, says Barclays

India's current account deficit is likely to be 4.3 percent of the GDP, with "risks biased towards a wider deficit", Barclays said today.

Barclays to axe 3,700 jobs in restructuring plan
Business

Barclays to axe 3,700 jobs in restructuring plan

Barclays also unveiled plans to pay its investment bankers an average bonus of 54,100 pounds, down 17 percent on the year before. Bonuses across the bank will total 1.85 billion pounds, down 14 percent on the year.

Barclays India sells loans book biz to Kotak Mahindra
Business

Barclays India sells loans book biz to Kotak Mahindra

Barclays, which has been trimming its exposure in India, had last year sold its loss-making credit card business to IndusInd Bank.

Barclays boss forgoes bonus, Qatar deal probed
Business

Barclays boss forgoes bonus, Qatar deal probed

The Financial Times reported on Friday that British authorities are looking into an allegation that Barclays lent Qatar money to invest in it as part of a rescue fundraising at the height of the 2008 financial crisis.

UBS faces $1 bn fine for rigging Libor interest rates
Business

UBS faces $1 bn fine for rigging Libor interest rates

UBS is expected to be hit with a $1 billion-plus fine to settle charges of rigging Libor interest rates this week, making it the second bank to be brought to book for its role in the global scandal.

From Barclays to HSBC: Money laundering settlements since 2009
Business

From Barclays to HSBC: Money laundering settlements since 2009

Since 2009, several European banks have paid heavy settlements related to allegations they moved money for people or companies on the US sanctions list.