Top news of the day, May 27
1.FDI into Europe hits a new record with US$305b attracted into the region in 2014, translating to a 36% year-on-year growth, despite global growth slowdown. Last year alone, 43 European countries – including Russia and Turkey – drew 4,341 projects reaching a 10% growth over 2013 and created 185,583 jobs (+12%).
2. European banks Deutsche Bank, Barclays and UBS have seen their market share in foreign exchange trading slump in the past year, as U.S. banks led by Citigroup (C.N) grabbed business, according to widely watched industry rankings.
Citigroup kept its top spot as the leading foreign exchange trading bank with a market share of 16.1 percent, up from 16 percent a year ago, according to the Euromoney FX Survey 2015.
3. The Securities and Exchange Commission today charged Deutsche Bank AG with filing misstated financial reports during the height of the financial crisis that failed to take into account a material risk for potential losses estimated to be in the billions of dollars.
4. Royal Bank of Scotland Group Plc, Britain’s largest taxpayer-owned lender, could pay as much as $4.5 billion to resolve claims of misconduct in its handling of U.S. mortgage securities, according to Bloomberg Intelligence.
5. Adapting to new technologies is the most important issue facing accounting practices that wish to be successful, according to a poll of Accountancy Age readers.
The poll of 109 Accountancy Age readers, based on ICAEW‘sTomorrow’s Practice initiative which outlined the key areas of change affecting the profession, found that adopting new technologies is the most pressing issue facing firms.
