Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Deutsche Bank to pay $60 million to settle U.S. gold price-fixing case http://www.egyptindependent.com//node/2474620 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/10/07/505446/a_deutsche_bank_logo_adorns_a_wall_at_the_companys_headquarters_in_frankfurt_germany_june_9_2015..jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Deutsche Bank AG has agreed to pay $60 million to settle private U.S. antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense.</div><div>&nbsp;</div><div>The preliminary settlement was filed on Friday with the U.S. District Court in Manhattan, and requires a judge&#39;s approval.</div><div>&nbsp;</div><div>Deutsche Bank denied wrongdoing. The bank in October agreed to pay $38 million to settle similar litigation over alleged silver price manipulation.</div><div>&nbsp;</div><div>Amanda Williams, a spokeswoman for the bank, declined to comment. Lawyers for the plaintiffs did not immediately respond to requests for comment.</div><div>&nbsp;</div><div>The case is one of many in the Manhattan court in which investors accused banks of conspiring to rig rates and prices in financial and commodities markets.</div><div>&nbsp;</div><div>Investors sued Deutsche Bank, Barclays Plc, Bank of Nova Scotia, HSBC Holdings Plc and Societe Generale in 2014, claiming that they conspired to fix gold prices from 2004 to 2013.</div><div>&nbsp;</div><div>While the investors did not estimate the size of the banks&#39; gold portfolios, they said the gold derivatives market alone reached $650 billion during the class period.</div><div>&nbsp;</div><div>Deutsche Bank had agreed to settle its part of the case in April, but the terms were not disclosed until now.</div><div>&nbsp;</div><div>In an Oct. 3 decision, U.S. District Judge Valerie Caproni in Manhattan said investors could pursue much of their lawsuit against the other four banks.</div><div>&nbsp;</div><div>Deutsche Bank has separately been in talks with U.S. authorities on a potential multibillion-dollar penalty related to mortgage securities.</div><div>&nbsp;</div><div>The case is In re: Commodity Exchange Inc Gold Futures and Options Trading Litigation, U.S. District Court, Southern District of New York, No. 14-mc-02548.</div><div>&nbsp;</div> Sat, 03 Dec 2016 08:15:00 +0000 Reuters 2474620 at http://www.egyptindependent.com sites/default/files/photo/2016/10/07/505446/a_deutsche_bank_logo_adorns_a_wall_at_the_companys_headquarters_in_frankfurt_germany_june_9_2015..jpg OPEC to meet non-OPEC producers on December 10 in Vienna: sources http://www.egyptindependent.com//node/2474619 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/03/01/504802/opec.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>OPEC will meet non-OPEC countries to finalize a global oil limiting pact on December 10 in Vienna, two sources told Reuters on Saturday.</div><div>&nbsp;</div><div>Two OPEC sources earlier said the meeting was due to take place in the Russian capital Moscow, but later said that plan had changed.</div><div>&nbsp;</div><div>OPEC agreed this week to reduce output by around 1.2 million barrels per day (bpd) beginning in January in a bid to reduce global oversupply and prop up prices.</div><div>&nbsp;</div><div>It hopes non-OPEC countries will contribute another 600,000 bpd to the cut. Russia has said it will reduce output by around 300,000 bpd.</div> Sat, 03 Dec 2016 08:11:00 +0000 Reuters 2474619 at http://www.egyptindependent.com sites/default/files/photo/2016/03/01/504802/opec.jpg Egypt's CIB sells 72 pct of investment arm to local, Gulf investors http://www.egyptindependent.com//node/2474608 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/02/12/94/cib.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt&#39;s largest listed lender CIB sold a near-72 percent stake in its investment banking arm CI Capital to Egyptian and Gulf investors on Thursday, as part of a move to shed subsidiaries and focus on core actives.</div><div>&nbsp;</div><div>Commercial International Bank&#39;s announcement of the deal came a day after it confirmed it was in talks to sell a majority stake in CI Capital, which banking sources say is worth near 1 billion Egyptian pounds ($56.50 million).</div><div>&nbsp;</div><div>CIB did not say how much the sale, structured as a book-building process, was worth.</div><div>&nbsp;</div><div>&quot;It is noteworthy that CIB plans on maintaining a minority stake in CI Capital Holding and will continue to provide its support to the company during the foreseeable future,&quot; CIB said.</div><div>&nbsp;</div><div>The transaction is expected to be finalised once all necessary regulatory approvals were obtained, the bank said.</div><div>&nbsp;</div><div>CIB had been seeking buyers for its investment unit since a planned sale to Beltone Financial, agreed in February, failed to win regulatory approval.</div><div>&nbsp;</div><div>Beltone Financial is owned by billionaire Naguib Sawiris&#39; Orascom Telecom Media and Technology Holding, which is embroiled in a standoff with the Egyptian Financial Supervisory Authority over its shareholding structure.</div><div>&nbsp;</div><div>Beltone has also clashed with the regulator and stock exchange over the repeated suspension of its shares.</div><div>&nbsp;</div><div>Sawiris had planned to merge CI Capital with Beltone Financial to create one of Egypt&#39;s largest investment firms.</div><div>&nbsp;</div><div>Analysts say the new deal was likely to go through as it did not face such regulatory hurdles. The announcement was made after stock market trading had ended.&nbsp;</div> Sat, 03 Dec 2016 07:20:00 +0000 Reuters 2474608 at http://www.egyptindependent.com sites/default/files/photo/2014/02/12/94/cib.jpg Unemployment drops to 4.6%, lowest since 2007 http://www.egyptindependent.com//node/2474603 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/08/19/504802/trump_rally.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>America kept hiring amid election shock.&nbsp;</p><p>The U.S. economy added 178,000 jobs in November, the Labor Department reported Friday, and the unemployment rate fell sharply to 4.6% front m 4.9% in October.&nbsp;</p><p>It&#39;s the lowest rate since August 2007.</p><p>Unemployment has been at or below 5% for nearly a year as more people have returned to the job market and hiring has maintained momentum.</p><p>November was the 74th consecutive month America added jobs.&nbsp;</p><p>Wages rose 2.5% in November from a year ago, though that marked a slight slowdown from October.&nbsp;</p><p>The drop in the unemployment rate was a bit mysterious. More people stopped looking for work in November compared to October, which sometimes explains why the unemployment rate drops. But such a large drop isn&#39;t entirely explained by people leaving the workforce.&nbsp;</p><p>&quot;Our best answer here is that more people stopped looking for work,&quot; says Steve Chiavarone, portfolio manager at Federated Investors. &quot;The headline numbers here are okay but the underlying numbers are less rosy.&quot;</p><p>It&#39;s the first major sign of the economy&#39;s health since the surprise victory of President-elect Donald Trump.&nbsp;</p><p>Trump&#39;s jobs promises have been in the spotlight this week. He<a href="http://money.cnn.com/2016/11/29/news/economy/trump-carrier-deal/" target="">&nbsp;reached a deal</a>Tuesday with Carrier to keep about 1,000 jobs in Indiana that were slated to go to Mexico. It was Trump&#39;s first key, post-election victory.&nbsp;</p><p>Trump&#39;s broader message behind the Carrier deal was to increase the number of manufacturing jobs in America. That could prove difficult. Manufacturing employment was flat in November, and it&#39;s been down most of the year. More than 250,000 jobs will be lost this year due to plant closing announcements, according to Challenger, Gray and Christmas.&nbsp;</p><p>The solid overall jobs numbers also clear the way for the Federal Reserve to raise its key interest rate on December 14 when its two-day meeting ends. It would be the Fed&#39;s first and only rate hike this year and its already highly expected that the Fed will raise rate in two weeks.&nbsp;</p><p>A rate hike is a sign that the economy is improving.&nbsp;</p><p>&nbsp;</p><p>&quot;The upshot is that the labor market appears to be approaching full employment,&quot; says Paul Ashworth, chief U.S. economist at Capital Economics.</p> Fri, 02 Dec 2016 14:47:00 +0000 CNN 2474603 at http://www.egyptindependent.com sites/default/files/photo/2016/08/19/504802/trump_rally.jpg