A recent report from Deutsche Bank, "Mapping the World's Prices 2026," highlights a stark contrast in global economic conditions, identifying Delhi as one of the cities with the lowest average salaries while Zurich leads the world in pay.  


Delhi tops world's poorest pay cities list; Zurich pay 15X more than Delhi does

Analysts at Deutsche Bank predicted an optimistic outlook on Tesla, viewing the company as a transformative force across multiple industries, with particular emphasis on its groundbreaking work in autonomous driving and humanoid robotics technologies.

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In a recent communication to clients on Tuesday, the bank reaffirmed its Buy rating for Tesla stock, setting a price target of USD 295. This bullish stance is rooted in the company's long-term potential, especially in emerging technologies such as robotaxis and the Optimus humanoid robot project.

&nbsp;

The analysts at Deutsche Bank emphasise that their perception of Tesla extends far beyond that of a traditional automaker. They view the company as a technological platform with the potential to reshape multiple industries, warranting a unique approach to valuation. This perspective underscores the bank's belief in Tesla's capacity for disruptive innovation across various sectors.

&nbsp;

Deutsche Bank highlights Tesla's existing advantages in the battery electric vehicle (BEV) market, noting the company's significant lead in terms of scale, cost efficiency, and global brand value. These factors position Tesla favourably in the competitive landscape of electric vehicles.

&nbsp;

While acknowledging recent softening in Tesla's automotive margins and delivery numbers, the bank views these as temporary setbacks. They anticipate that upcoming new models and product updates will help address these short-term challenges.

&nbsp;

A key event on the horizon, according to Deutsche Bank, is Tesla's "Robotaxi Day" scheduled for October 10. This event is expected to showcase the company's much-anticipated robotaxi vehicle, potentially named "Cybercab." The analysts note that this vehicle is likely to be designed without traditional control interfaces like a steering wheel or pedals, representing a leap forward in autonomous vehicle technology.

The bank further speculates that this event might also serve as a platform for introducing a new, more affordable Tesla model based on the company's next-generation platform. Such a move could significantly expand Tesla's market reach and appeal to a broader customer base.

&nbsp;

Beyond the realm of autonomous driving, Deutsche Bank sees substantial growth potential in Tesla's humanoid robot project, Optimus. The analysts view both the robotaxi and Optimus initiatives as clear and potentially lucrative applications of Tesla's end-to-end AI technology, further diversifying the company's technological portfolio.

&nbsp;

The bank also emphasizes on Tesla's energy storage business. They project that this segment could see remarkable growth, with sales potentially exceeding USD 13 billion by 2025, adding another significant revenue stream to Tesla's operations.

&nbsp;

Despite acknowledging current challenges in the BEV market, Deutsche Bank maintains an optimistic long-term view. They forecast a return to volume growth for Tesla in 2025, projecting an 11 per cent year-over-year increase in deliveries. This growth is expected to be driven by the introduction of new models, refreshed designs of existing products, and expanded production capabilities.

Analysts at Deutsche Bank predicted an optimistic outlook on Tesla, viewing the company as a transformative force across multiple industries, with particular emphasis on its groundbreaking work in autonomous driving and humanoid robotics technologies.

Analysts at Deutsche Bank predicted an optimistic outlook on Tesla, viewing the company as a transformative force across multiple industries, with particular emphasis on its groundbreaking work in autonomous driving and humanoid robotics technologies. In a recent communication to clients on Tuesday, the bank reaffirmed its Buy rating for Tesla stock, setting a price target of USD 295. This bullish stance is rooted in the company's long-term potential, especially in emerging technologies such as robotaxis and the Optimus humanoid robot project. The analysts at Deutsche Bank emphasise that their perception of Tesla extends far beyond that of a traditional automaker. They view the company as a technological platform with the potential to reshape multiple industries, warranting a unique approach to valuation. This perspective underscores the bank's belief in Tesla's capacity for disruptive innovation across various sectors. Deutsche Bank highlights Tesla's existing advantages in the battery electric vehicle (BEV) market, noting the company's significant lead in terms of scale, cost efficiency, and global brand value. These factors position Tesla favourably in the competitive landscape of electric vehicles. While acknowledging recent softening in Tesla's automotive margins and delivery numbers, the bank views these as temporary setbacks. They anticipate that upcoming new models and product updates will help address these short-term challenges. A key event on the horizon, according to Deutsche Bank, is Tesla's "Robotaxi Day" scheduled for October 10. This event is expected to showcase the company's much-anticipated robotaxi vehicle, potentially named "Cybercab." The analysts note that this vehicle is likely to be designed without traditional control interfaces like a steering wheel or pedals, representing a leap forward in autonomous vehicle technology. The bank further speculates that this event might also serve as a platform for introducing a new, more affordable Tesla model based on the company's next-generation platform. Such a move could significantly expand Tesla's market reach and appeal to a broader customer base. Beyond the realm of autonomous driving, Deutsche Bank sees substantial growth potential in Tesla's humanoid robot project, Optimus. The analysts view both the robotaxi and Optimus initiatives as clear and potentially lucrative applications of Tesla's end-to-end AI technology, further diversifying the company's technological portfolio. The bank also emphasizes on Tesla's energy storage business. They project that this segment could see remarkable growth, with sales potentially exceeding USD 13 billion by 2025, adding another significant revenue stream to Tesla's operations. Despite acknowledging current challenges in the BEV market, Deutsche Bank maintains an optimistic long-term view. They forecast a return to volume growth for Tesla in 2025, projecting an 11 per cent year-over-year increase in deliveries. This growth is expected to be driven by the introduction of new models, refreshed designs of existing products, and expanded production capabilities.

Tesla potentially to lead in new tech, says Deutsche Bank

Deutsche&nbsp;Bank&nbsp;AG has agreed to&nbsp;pay&nbsp;$75&nbsp;million&nbsp;to&nbsp;settle&nbsp;a&nbsp;lawsuit&nbsp;by women who say they were abused by the late financier Jeffrey&nbsp;Epstein and accused the German&nbsp;bank&nbsp;of facilitating his sex trafficking.

The accord resolves claims in a proposed class action in Manhattan federal court by&nbsp;Epstein's&nbsp;accusers and was confirmed by their lawyers late on Wednesday. Court approval is required.

Epstein&nbsp;had been a&nbsp;Deutsche&nbsp;Bank&nbsp;client from 2013 to 2018. He died in August 2019 in jail while awaiting trial for sex trafficking, in what New York City's medical examiner called a suicide.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/regional-bank-stocks-soar-is-the-us-banking-crisis-ending-soon-593544">Regional bank stocks soar: Is the US banking crisis ending soon?</a>

The Wall Street Journal reported the&nbsp;settlement earlier and said the&nbsp;bank&nbsp;did not admit wrongdoing, citing people familiar with the matter.

Deutsche&nbsp;Bank&nbsp;spokesman Dylan Riddle declined to discuss the accord but referred to a 2020 statement in which the&nbsp;bank&nbsp;acknowledged an error in making&nbsp;Epstein&nbsp;a client.

He also said&nbsp;Deutsche&nbsp;Bank&nbsp;has invested more than 4 billion euros to bolster its controls, processes and training, and hired more people to fight financial crime.

David Boies, one of the&nbsp;accusers' lawyers, said in a statement that&nbsp;Epstein's abuses "could not have happened without the collaboration and support of many powerful individuals and institutions. We appreciate&nbsp;Deutsche&nbsp;Bank's willingness to take responsibility for its role."

The law firms Boies Schiller Flexner and Edwards Pottinger represent&nbsp;Epstein's&nbsp;accusers. A trial had been scheduled for Sept. 5.

JPMORGAN IMPACT

It wasn't immediately clear how the&nbsp;settlement might affect JPMorgan Chase &amp; Co, which faces similar but larger&nbsp;lawsuits by&nbsp;Epstein's&nbsp;accusers&nbsp;and by the US&nbsp;Virgin Islands, where the financier had a home.

Epstein&nbsp;was a JPMorgan client from 1998 to 2013, a period when he allegedly trafficked many more women and girls. Court papers have outlined many details about the&nbsp;bank's alleged ignoring or turning a blind eye to&nbsp;Epstein's activities.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/cryptocurrency-trading-is-form-of-gambling-and-should-be-regulated-as-such-say-uk-lawmakers-593204">Cryptocurrency trading is form of gambling and should be regulated as such, say UK lawmakers</a>

JPMorgan did not immediately respond to requests for comment outside business hours.

It is separately suing Jes Staley, a former private&nbsp;banking chief who had been friendly with&nbsp;Epstein, to help cover its losses in the two&nbsp;lawsuits it faces.

Staley is also a former Barclays Plc chief executive. Tesla Inc's Elon Musk is among those who have been subpoenaed in the JPMorgan litigation.

The&nbsp;Deutsche&nbsp;Bank&nbsp;case was led by an unidentified plaintiff, known as Jane Doe 1, who said&nbsp;Epstein&nbsp;sexually abused her from 2003 to 2018.

A different Jane Doe 1, a former ballet dancer who said&nbsp;Epstein&nbsp;trafficked her from 2006 to 2013, is leading the&nbsp;accusers' case against JPMorgan.

Last September,&nbsp;Deutsche&nbsp;Bank&nbsp;agreed to&nbsp;pay&nbsp;$26.25&nbsp;million&nbsp;to&nbsp;settle&nbsp;a US&nbsp;shareholder&nbsp;lawsuit&nbsp;accusing the&nbsp;bank&nbsp;of lax oversight while doing business with risky, ultra-rich clients like&nbsp;Epstein.

&nbsp;

The case is Jane Doe 1 v&nbsp;Deutsche&nbsp;Bank&nbsp;AG et al, US&nbsp;District Court, Southern District of New York, No. 22-10018.

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Deutsche Bank AG has agreed to pay $75 million to settle a lawsuit by women who say they were abused by the late financier Jeffrey Epstein and accused the German bank of facilitating his sex trafficking.

Deutsche Bank AG has agreed to pay $75 million to settle a lawsuit by women who say they were abused by the late financier Jeffrey Epstein and accused the German bank of facilitating his sex trafficking. The accord resolves claims in a proposed class action in Manhattan federal court by Epstein's accusers and was confirmed by their lawyers late on Wednesday. Court approval is required. Epstein had been a Deutsche Bank client from 2013 to 2018. He died in August 2019 in jail while awaiting trial for sex trafficking, in what New York City's medical examiner called a suicide. Also read | Regional bank stocks soar: Is the US banking crisis ending soon? The Wall Street Journal reported the settlement earlier and said the bank did not admit wrongdoing, citing people familiar with the matter. Deutsche Bank spokesman Dylan Riddle declined to discuss the accord but referred to a 2020 statement in which the bank acknowledged an error in making Epstein a client. He also said Deutsche Bank has invested more than 4 billion euros to bolster its controls, processes and training, and hired more people to fight financial crime. David Boies, one of the accusers' lawyers, said in a statement that Epstein's abuses "could not have happened without the collaboration and support of many powerful individuals and institutions. We appreciate Deutsche Bank's willingness to take responsibility for its role." The law firms Boies Schiller Flexner and Edwards Pottinger represent Epstein's accusers. A trial had been scheduled for Sept. 5. JPMORGAN IMPACT It wasn't immediately clear how the settlement might affect JPMorgan Chase & Co, which faces similar but larger lawsuits by Epstein's accusers and by the US Virgin Islands, where the financier had a home. Epstein was a JPMorgan client from 1998 to 2013, a period when he allegedly trafficked many more women and girls. Court papers have outlined many details about the bank's alleged ignoring or turning a blind eye to Epstein's activities. Also read | Cryptocurrency trading is form of gambling and should be regulated as such, say UK lawmakers JPMorgan did not immediately respond to requests for comment outside business hours. It is separately suing Jes Staley, a former private banking chief who had been friendly with Epstein, to help cover its losses in the two lawsuits it faces. Staley is also a former Barclays Plc chief executive. Tesla Inc's Elon Musk is among those who have been subpoenaed in the JPMorgan litigation. The Deutsche Bank case was led by an unidentified plaintiff, known as Jane Doe 1, who said Epstein sexually abused her from 2003 to 2018. A different Jane Doe 1, a former ballet dancer who said Epstein trafficked her from 2006 to 2013, is leading the accusers' case against JPMorgan. Last September, Deutsche Bank agreed to pay $26.25 million to settle a US shareholder lawsuit accusing the bank of lax oversight while doing business with risky, ultra-rich clients like Epstein. The case is Jane Doe 1 v Deutsche Bank AG et al, US District Court, Southern District of New York, No. 22-10018. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Deutsche Bank to pay $75 million to settle lawsuit by Epstein accusers

Shares of Deutsche Bank tumbled as much as 13% after the German lender learned it would have to pay higher rates to insure its bondholders against default.

Deutsche Bank drops 13% amid fresh anxiety in global banking crisis

Several global banks moved large sums of allegedly illicit funds -- to the tune of&nbsp;$2tn -- over a period of nearly two decades, despite red flags about the origins of the money, several media reports&nbsp;said on Monday (IST).

The reports are&nbsp;based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCen).&nbsp;

Leaked documents&nbsp;also show how Russian oligarchs have used banks to avoid sanctions that were supposed to stop them getting their money into the West. They have&nbsp;exposed similar secret deals, money laundering and financial crime.

The SARs, which the reports said numbered more than 2,100, were shared with the International Consortium of Investigative Journalists (ICIJ) and other media organisations.

The FinCEN files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies that moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011.

The investigation also highlighted the American authorities' lack of power in regulating dirty financial transactions.

In all, the ICIJ reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. The SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN.

Five global banks appeared most often in the documents — HSBC Holdings Plc, JPMorgan Chase &amp; Co, Deutsche Bank AG, Standard Chartered Plc and Bank of New York Mellon Corp, the ICIJ reported.

At least 44 Indian banks figure in the FinCEN Files primarily because they are “correspondent banks” to the foreign banks which have filed these SARs. Key in this list are Punjab National Bank, Kotak Mahindra, HDFC Bank, Canara Bank, IndusInd Bank and Bank of Baroda, among others.

The SARs provide key intelligence in global efforts to stop money laundering and other crimes. The media reports on Sunday painted a picture of a system that is both under-resourced and overwhelmed, allowing vast amounts of illicit funds to move through the banking system.

A bank has a maximum of 60 days to file SARs after the date of initial detection of a reportable transaction, according to the Treasury Department's Office of the Comptroller of the Currency. The ICIJ report said in some cases the banks failed to report suspect transactions until years after they had processed them.

The SARs also showed that banks often moved funds for companies that were registered in offshore havens, such as the British Virgin Islands, and did not know the ultimate owner of the account, the report said. Staff at major banks often used Google searches to learn who was behind large transactions, it said.

Among the types of transactions highlighted by the report: funds processed by JPMorgan for potentially corrupt individuals and companies in Venezuela, Ukraine and Malaysia; money from a Ponzi scheme moving through HSBC; and money linked to a Ukrainian billionaire processed by Deutsche Bank.

"I hope these findings spur urgent action from policymakers to enact needed reforms," said Tim Adams, chief executive of the trade group Institute of International Finance, in a statement. "As noted in today's reports, the impacts of financial crime are felt beyond just the financial sector – it poses grave threats to society as a whole."

In a statement to Reuters, HSBC said "all of the information provided by the ICIJ is historical." The bank said as of 2012, "HSBC embarked on a multi-year journey to overhaul its ability to combat financial crime across more than 60 jurisdictions."

Standard Chartered said in a statement to Reuters, "We take our responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programmes."

BNY Mellon told Reuters it could not comment on specific SARs. "We fully comply with all applicable laws and regulations, and assist authorities in the important work they do," the bank said.

JPMorgan said it has "thousands of people and hundreds of millions of dollars dedicated to this important work." "We have played a leadership role in anti-money laundering reform," the bank said in a statement.

In a statement on Sunday, Deutsche Bank said the ICIJ had "reported on a number of historic issues." "We have devoted significant resources to strengthening our controls and we are very focused on meeting our responsibilities and obligations," the bank said.

FinCen said in a statement on its website on September 1 that it was aware that various media outlets intended to publish a series of articles based on unlawfully disclosed SARs, as well as other documents, and said that the "unauthorised disclosure of SARs is a crime that can impact the national security of the United States."

FinCEN&nbsp;has also uncovered a web of transactions of a flourishing money laundering network, purportedly run by Pakistani national Altaf Khanani who is also said to have been a key financier for fugitive terrorist Dawood Ibrahim.

These SARs also detail transactions of Khanani’s Money Laundering Organisation (MLO) and the Al Zarooni Exchange.

Khanani was arrested at the Panama airport -- on September 11, 2015 -- following a trans-continental undercover operation, and put behind bars in a Miami prison. His detention ended in July 2020.

He was to be handed over to US immigration authorities for deportation. But there has been no recent update on whether he has been deported to Pakistan or the UAE.

The arrest of Khanani was seen as a breakthrough by Indian intelligence agencies given the Dawood Ibrahim connection.

Also, Lashkar-e-Toiba and Jaish-e-Mohammed -- specifically mentioned by the OFAC as terror organisations -- have been being funded by him.

FinCEN’s intelligence report says Mazaka General Trading LLC received $49.78 million from five Moscow Mirror Network entities between March 2013 and October 2016.

This is also where Indian links emerged in the functioning of the Altaf Khanani laundering operation. A scrutiny of transactions of Mazaka General Trading show it traded with a New Delhi-based company, Rangoli International Pvt Limited. This company, dealing in wholesale trade and garment exports, was set up in 2009.

The FinCEN Files have around 70 transactions listed for Rangoli International, mostly with UAE-based entities with the remittances being routed through several Indian banks: the Punjab National Bank, Central Bank of India, Oriental Bank of Commerce, Corporation Bank, Vijaya Bank and Bank of Maharashtra.

Records of the Registrar of Companies (RoC) show that Rangoli International witnessed a sharp deterioration and decline in profitability in the year ending March 2014 and incurred a loss of Rs 74.87 crore over a sales revenue of Rs 339.19 crore. The company has not held an annual shareholders meeting since 2015, the year it also filed its last balance sheet.

(with inputs from agencies)

Several global banks moved large sums of allegedly illicit funds -- to the tune of $2tn -- over a period of nearly two decades, despite red flags about the origins of the money, several media reports said on Monday (IST).

Several global banks moved large sums of allegedly illicit funds -- to the tune of $2tn -- over a period of nearly two decades, despite red flags about the origins of the money, several media reports said on Monday (IST). The reports are based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCen). Leaked documents also show how Russian oligarchs have used banks to avoid sanctions that were supposed to stop them getting their money into the West. They have exposed similar secret deals, money laundering and financial crime. The SARs, which the reports said numbered more than 2,100, were shared with the International Consortium of Investigative Journalists (ICIJ) and other media organisations. The FinCEN files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies that moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011. The investigation also highlighted the American authorities' lack of power in regulating dirty financial transactions. In all, the ICIJ reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. The SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN. Five global banks appeared most often in the documents — HSBC Holdings Plc, JPMorgan Chase & Co, Deutsche Bank AG, Standard Chartered Plc and Bank of New York Mellon Corp, the ICIJ reported. At least 44 Indian banks figure in the FinCEN Files primarily because they are “correspondent banks” to the foreign banks which have filed these SARs. Key in this list are Punjab National Bank, Kotak Mahindra, HDFC Bank, Canara Bank, IndusInd Bank and Bank of Baroda, among others. The SARs provide key intelligence in global efforts to stop money laundering and other crimes. The media reports on Sunday painted a picture of a system that is both under-resourced and overwhelmed, allowing vast amounts of illicit funds to move through the banking system. A bank has a maximum of 60 days to file SARs after the date of initial detection of a reportable transaction, according to the Treasury Department's Office of the Comptroller of the Currency. The ICIJ report said in some cases the banks failed to report suspect transactions until years after they had processed them. The SARs also showed that banks often moved funds for companies that were registered in offshore havens, such as the British Virgin Islands, and did not know the ultimate owner of the account, the report said. Staff at major banks often used Google searches to learn who was behind large transactions, it said. Among the types of transactions highlighted by the report: funds processed by JPMorgan for potentially corrupt individuals and companies in Venezuela, Ukraine and Malaysia; money from a Ponzi scheme moving through HSBC; and money linked to a Ukrainian billionaire processed by Deutsche Bank. "I hope these findings spur urgent action from policymakers to enact needed reforms," said Tim Adams, chief executive of the trade group Institute of International Finance, in a statement. "As noted in today's reports, the impacts of financial crime are felt beyond just the financial sector – it poses grave threats to society as a whole." In a statement to Reuters, HSBC said "all of the information provided by the ICIJ is historical." The bank said as of 2012, "HSBC embarked on a multi-year journey to overhaul its ability to combat financial crime across more than 60 jurisdictions." Standard Chartered said in a statement to Reuters, "We take our responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programmes." BNY Mellon told Reuters it could not comment on specific SARs. "We fully comply with all applicable laws and regulations, and assist authorities in the important work they do," the bank said. JPMorgan said it has "thousands of people and hundreds of millions of dollars dedicated to this important work." "We have played a leadership role in anti-money laundering reform," the bank said in a statement. In a statement on Sunday, Deutsche Bank said the ICIJ had "reported on a number of historic issues." "We have devoted significant resources to strengthening our controls and we are very focused on meeting our responsibilities and obligations," the bank said. FinCen said in a statement on its website on September 1 that it was aware that various media outlets intended to publish a series of articles based on unlawfully disclosed SARs, as well as other documents, and said that the "unauthorised disclosure of SARs is a crime that can impact the national security of the United States." FinCEN has also uncovered a web of transactions of a flourishing money laundering network, purportedly run by Pakistani national Altaf Khanani who is also said to have been a key financier for fugitive terrorist Dawood Ibrahim. These SARs also detail transactions of Khanani’s Money Laundering Organisation (MLO) and the Al Zarooni Exchange. Khanani was arrested at the Panama airport -- on September 11, 2015 -- following a trans-continental undercover operation, and put behind bars in a Miami prison. His detention ended in July 2020. He was to be handed over to US immigration authorities for deportation. But there has been no recent update on whether he has been deported to Pakistan or the UAE. The arrest of Khanani was seen as a breakthrough by Indian intelligence agencies given the Dawood Ibrahim connection. Also, Lashkar-e-Toiba and Jaish-e-Mohammed -- specifically mentioned by the OFAC as terror organisations -- have been being funded by him. FinCEN’s intelligence report says Mazaka General Trading LLC received $49.78 million from five Moscow Mirror Network entities between March 2013 and October 2016. This is also where Indian links emerged in the functioning of the Altaf Khanani laundering operation. A scrutiny of transactions of Mazaka General Trading show it traded with a New Delhi-based company, Rangoli International Pvt Limited. This company, dealing in wholesale trade and garment exports, was set up in 2009. The FinCEN Files have around 70 transactions listed for Rangoli International, mostly with UAE-based entities with the remittances being routed through several Indian banks: the Punjab National Bank, Central Bank of India, Oriental Bank of Commerce, Corporation Bank, Vijaya Bank and Bank of Maharashtra. Records of the Registrar of Companies (RoC) show that Rangoli International witnessed a sharp deterioration and decline in profitability in the year ending March 2014 and incurred a loss of Rs 74.87 crore over a sales revenue of Rs 339.19 crore. The company has not held an annual shareholders meeting since 2015, the year it also filed its last balance sheet. (with inputs from agencies)

FinCEN documents show how global banks moved illicit funds despite red flags

Some banks and companies in Nepal are allegedly involved in transferring money obtained suspiciously from oversees, an investigation made by the Center for Investigative Journalism (CIJ), Nepal along with the International Consortium of Investigative Journalists (ICIJ) and BuzzFeed has revealed.

The investigative report released on Sunday shows the involvement of Nepali companies and banks attempting to deceive US sanctions on trade especially on Iran and China. 
 
<a href="https://www.wionews.com/business-economy/fincen-documents-show-how-global-banks-moved-illicit-funds-despite-red-flags-329028">Also read | FinCEN documents show how global banks moved illicit funds despite red flags</a>

Based on a top-secret document prepared by 'Financial Crimes Enforcement Network', a government body that monitors financial transactions system in the US, the collective investigation report has been named 'FinCEN Files'.

According to 'FinCEN Files', between December 2006 and March 2017, 9 banks, 10 companies and various individuals in Nepal were found to have transacted (sent/received) suspicious funds in the name of cross-border trade.

"This shows that some Nepali business entities are linked to the international smuggling of gold, antiquities, bitumen, and telecommunication equipment. Standard Chartered Bank, Prime Commercial Bank, Bank of Kathmandu, Nepal Investment Bank, Everest Bank, Mega Bank, Himalayan Bank, Apex Development Bank of Kaski, and Nepal Bangladesh Bank are mentioned in the list of banks that are involved in transferring money suspicious," the 25 paged report based on covering Nepal stated.

FinCEN Files showed involvement of 10 Nepali companies that directly sent or received suspicious funds. As per the report, a suspicious amount of 292.7 million US Dollars has been transacted through these banks and companies during 11 years.

The report has named Rauniyar Brothers &amp; Company, SubhaSamriddhi Traders Pvt. Ltd., Shasta Trading Company, Setidevi Export Import Pvt. Ltd., L.D. International Pvt. Ltd., Felt and Yarn Pvt. Ltd., Woman's Paper Crafts, Acme Money Transfer Service, and Sunny Enterprises as the companies allegedly involved in suspicious cross-border transactions.

Amongst the companies, Rauniyar Brothers &amp; Company, Shubha Shambridhi Traders, Private Limited, based in Parsa District of Nepal have allegedly conducted suspicious transactions via a Dubai based company called 'Kite International FZE,' whose main business into import and export petroleum products such bitumen, engine oil for vehicles, lubricants, and rubber processing oil.

"Through these dubious Dubai based companies, the Rauniyar family has traded and transferred suspicious money in the name of import and export of bitumen and petroleum products in Nepal. Rauniyar Brothers and Shubha Shambridhi Traders have repeatedly opened Letters of Credit (LC) from Standard Chartered Bank of Kathmandu between September 28, 2010, and September 4, 2014. During these four years, these two companies have sent payments of 71.4 million US Dollars to different countries, including Dubai," the report revealed.

Further adding, "FinCEN has pointed out sensitive facts about these companies. Rauniyar's company brought the goods from Iran-a country where the United States has imposed a trade ban. However, the documents have been forged to show that the goods have been imported from Dubai".

During the investigation, Nepal's Investigative Journalists tried to get a response from Kite via email but didn't receive any reply. But the team of investigative journalists found that 'Kite International FZE' stationed in Kenya, Zambia, Mozambique, Nepal and the United States also has launched "a new project for higher education in Nepal" over its website. But no official record is available for the project thus claimed.

Narayanji Rauniyar, one of the directors of two companies, whose link has been established with Kite, said that both his companies are currently closed. "There is no company now. It's been four or five years since it was shut down," the report quoted him as saying.

"We used to import bitumen, but we don't anymore," he added. FinCEN stated that his son, Prakash Kumar Rauniyar, was the mastermind behind the business. Narayanji said that he was abroad and would give his phone number but that did not happen. Both the Rauniyar Brothers &amp; Company, SubhaSamriddhi Traders Pvt. Ltd. are registered with the name of Narayan Ji Rauniyar of Birgunj and his four sons - ShyamBabu, JyotiBabu, Prakash Kumar, and Deep Kumar Babu.

Bonding between a Nepali Bank and ZTE

According to FinCEN, Zhongxing Telecommunication Equipment (ZTE) Corporation, China's largest telecommunications service provider company, remitted 213.3 million US Dollars to other countries, including Nepal, from March 17, 2011, to March 1, 2017.

ZTE had done the transaction through Beijing-based China Construction Bank. The US-based New York branch of China Construction Bank had discovered that the transacted amount was suspicious.

In the duration of three years and four months from November 4, 2013, to February 27, 2017, ZTE was found to have deposited some amount in Nepal Investment Bank, according to 'FinCEN'.

In the description, four separate amounts: $5,709.09, $5,244.76, $40,357.75 and $10 are found to be deposited by ZTE Corporation in Nepal Investment Bank, Kathmandu.

According to FinCEN, citing various media outlets, the five-year-long investigation mentioned "several conspiracies" that the ZTE created to evade US sanctions. The company "makes the purchase of telecommunications equipment from the United States and sells it illegally to Iran as ZTE's equipment." According to FinCEN, the ZTE traded suspicious funds in various countries to deceive regulating bodies against US sanctions.

ZTE is one of the leading exporters of telecommunication equipment in Nepal. Soon after the Gorkha Earthquake of 2072 B.S, ZTE was importing materials for constructing a tower for Ncell-a telecommunication company based in Nepal.

The purpose of the import was commercial, but it intended to bypass customs duty, where it tried to bring goods by sticking Red Cross stickers on the imported goods. After it was discovered during the customs inspection, ZTE had to pay 10.1 million rupees to release its goods.

"BijendraSuwal, Deputy General Manager of Nepal Investment Bank, said that the so-called suspicious documents should be sent for the response. He said that the bank could not disclose the relationship between the bank and the customer as per the Banking and Financial Institutions Act, 2073 BS," the report stated.

"Due to a lack of proper evidence, we are unable to disclose information about our customers owing to privacy obligations," Suwal has been quoted in a report which the group of Investigative Journalists received as an email reply.

There was no response from the ZTE on the report.

Some banks and companies in Nepal are allegedly involved in transferring money obtained suspiciously from oversees, an investigation made by the Center for Investigative Journalism (CIJ), Nepal along with the International Consortium of Investigative Journalists (ICIJ) and BuzzFeed has revealed.

Some banks and companies in Nepal are allegedly involved in transferring money obtained suspiciously from oversees, an investigation made by the Center for Investigative Journalism (CIJ), Nepal along with the International Consortium of Investigative Journalists (ICIJ) and BuzzFeed has revealed. The investigative report released on Sunday shows the involvement of Nepali companies and banks attempting to deceive US sanctions on trade especially on Iran and China. Also read | FinCEN documents show how global banks moved illicit funds despite red flags Based on a top-secret document prepared by 'Financial Crimes Enforcement Network', a government body that monitors financial transactions system in the US, the collective investigation report has been named 'FinCEN Files'. According to 'FinCEN Files', between December 2006 and March 2017, 9 banks, 10 companies and various individuals in Nepal were found to have transacted (sent/received) suspicious funds in the name of cross-border trade. "This shows that some Nepali business entities are linked to the international smuggling of gold, antiquities, bitumen, and telecommunication equipment. Standard Chartered Bank, Prime Commercial Bank, Bank of Kathmandu, Nepal Investment Bank, Everest Bank, Mega Bank, Himalayan Bank, Apex Development Bank of Kaski, and Nepal Bangladesh Bank are mentioned in the list of banks that are involved in transferring money suspicious," the 25 paged report based on covering Nepal stated. FinCEN Files showed involvement of 10 Nepali companies that directly sent or received suspicious funds. As per the report, a suspicious amount of 292.7 million US Dollars has been transacted through these banks and companies during 11 years. The report has named Rauniyar Brothers & Company, SubhaSamriddhi Traders Pvt. Ltd., Shasta Trading Company, Setidevi Export Import Pvt. Ltd., L.D. International Pvt. Ltd., Felt and Yarn Pvt. Ltd., Woman's Paper Crafts, Acme Money Transfer Service, and Sunny Enterprises as the companies allegedly involved in suspicious cross-border transactions. Amongst the companies, Rauniyar Brothers & Company, Shubha Shambridhi Traders, Private Limited, based in Parsa District of Nepal have allegedly conducted suspicious transactions via a Dubai based company called 'Kite International FZE,' whose main business into import and export petroleum products such bitumen, engine oil for vehicles, lubricants, and rubber processing oil. "Through these dubious Dubai based companies, the Rauniyar family has traded and transferred suspicious money in the name of import and export of bitumen and petroleum products in Nepal. Rauniyar Brothers and Shubha Shambridhi Traders have repeatedly opened Letters of Credit (LC) from Standard Chartered Bank of Kathmandu between September 28, 2010, and September 4, 2014. During these four years, these two companies have sent payments of 71.4 million US Dollars to different countries, including Dubai," the report revealed. Further adding, "FinCEN has pointed out sensitive facts about these companies. Rauniyar's company brought the goods from Iran-a country where the United States has imposed a trade ban. However, the documents have been forged to show that the goods have been imported from Dubai". During the investigation, Nepal's Investigative Journalists tried to get a response from Kite via email but didn't receive any reply. But the team of investigative journalists found that 'Kite International FZE' stationed in Kenya, Zambia, Mozambique, Nepal and the United States also has launched "a new project for higher education in Nepal" over its website. But no official record is available for the project thus claimed. Narayanji Rauniyar, one of the directors of two companies, whose link has been established with Kite, said that both his companies are currently closed. "There is no company now. It's been four or five years since it was shut down," the report quoted him as saying. "We used to import bitumen, but we don't anymore," he added. FinCEN stated that his son, Prakash Kumar Rauniyar, was the mastermind behind the business. Narayanji said that he was abroad and would give his phone number but that did not happen. Both the Rauniyar Brothers & Company, SubhaSamriddhi Traders Pvt. Ltd. are registered with the name of Narayan Ji Rauniyar of Birgunj and his four sons - ShyamBabu, JyotiBabu, Prakash Kumar, and Deep Kumar Babu. Bonding between a Nepali Bank and ZTE According to FinCEN, Zhongxing Telecommunication Equipment (ZTE) Corporation, China's largest telecommunications service provider company, remitted 213.3 million US Dollars to other countries, including Nepal, from March 17, 2011, to March 1, 2017. ZTE had done the transaction through Beijing-based China Construction Bank. The US-based New York branch of China Construction Bank had discovered that the transacted amount was suspicious. In the duration of three years and four months from November 4, 2013, to February 27, 2017, ZTE was found to have deposited some amount in Nepal Investment Bank, according to 'FinCEN'. In the description, four separate amounts: $5,709.09, $5,244.76, $40,357.75 and $10 are found to be deposited by ZTE Corporation in Nepal Investment Bank, Kathmandu. According to FinCEN, citing various media outlets, the five-year-long investigation mentioned "several conspiracies" that the ZTE created to evade US sanctions. The company "makes the purchase of telecommunications equipment from the United States and sells it illegally to Iran as ZTE's equipment." According to FinCEN, the ZTE traded suspicious funds in various countries to deceive regulating bodies against US sanctions. ZTE is one of the leading exporters of telecommunication equipment in Nepal. Soon after the Gorkha Earthquake of 2072 B.S, ZTE was importing materials for constructing a tower for Ncell-a telecommunication company based in Nepal. The purpose of the import was commercial, but it intended to bypass customs duty, where it tried to bring goods by sticking Red Cross stickers on the imported goods. After it was discovered during the customs inspection, ZTE had to pay 10.1 million rupees to release its goods. "BijendraSuwal, Deputy General Manager of Nepal Investment Bank, said that the so-called suspicious documents should be sent for the response. He said that the bank could not disclose the relationship between the bank and the customer as per the Banking and Financial Institutions Act, 2073 BS," the report stated. "Due to a lack of proper evidence, we are unable to disclose information about our customers owing to privacy obligations," Suwal has been quoted in a report which the group of Investigative Journalists received as an email reply. There was no response from the ZTE on the report.

Nepal banks and companies helping China, Iran skirt US sanctions: FinCEN Files

Deutsche Finally takes a Restructuring call. Bank aims to reduce $19b billion through restructuring

Deutsche Finally takes a Restructuring call

Credit Suisse and Deutsche Bank have been hit with a combined penalty of more than $12 billion over the sale of US&nbsp;toxic debt, further hampering two of Europe&#39;s leading investment banks as they grapple with falling profits.

The penalty puts them at a further disadvantage to larger US&nbsp;rivals.

Credit Suisse agreed in principle to pay US&nbsp;authorities $2.48 billion to settle claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, the Swiss bank said on Friday.

Credit Suisse will also provide $2.8 billion from the settlement over five years to offset the impact on consumers, it said in a statement, adding the deal was subject to negotiation of final documentation and approval by its board of directors.

&quot;Credit Suisse will take a pre-tax charge of approximately $2 billion in addition to its existing reserves against these matters. This will be taken in our 4Q 2016 financial results,&quot; it added.

The final deal is in line with the $5 billion-7 billion the US&nbsp;Department of Justice (DOJ) had asked Credit Suisse to pay earlier in negotiations, as reported by Reuters on Monday.

The news came after Deutsche Bank agreed to a $7.2 billion settlement with the DOJ over its sale and pooling of toxic mortgage securities.

The agreement in principle, announced by Deutsche Bank&#39;s Frankfurt headquarters early on Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged the Justice Department had been seeking nearly twice as much.

The deals are the latest the Justice Department has reached with major financial institutions since US&nbsp;President Barack Obama&rsquo;s 2012 initiative to hold Wall Street accountable for misconduct in the mortgage securities market that helped lead to the worst financial crisis since the Great Depression.

The department sued Barclays PLC on Thursday over similar claims. Barclays said on Friday that it rejected the DoJ&#39;s complaint, would &quot;vigorously defend&quot; the case and sought its dismissal &quot;at the earliest opportunity&quot;.

Credit Suisse had paid a $2.8 billion fine in 2014 for helping wealthy Americans evade tax. Credit Suisse in November said it had upped litigation provisions by 357 million francs ($348.29 million), mainly in connection with mortgage-related matters. Its shares were indicated 2.4 per cent higher in pre-market trading.

($1 = 1.0250 Swiss francs)

The major European investment banks were punished for selling toxic US debts and for helping wealthy clients evade taxes

Credit Suisse and Deutsche Bank have been hit with a combined penalty of more than $12 billion over the sale of US toxic debt, further hampering two of Europe's leading investment banks as they grapple with falling profits. The penalty puts them at a further disadvantage to larger US rivals. Credit Suisse agreed in principle to pay US authorities $2.48 billion to settle claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, the Swiss bank said on Friday. Credit Suisse will also provide $2.8 billion from the settlement over five years to offset the impact on consumers, it said in a statement, adding the deal was subject to negotiation of final documentation and approval by its board of directors. "Credit Suisse will take a pre-tax charge of approximately $2 billion in addition to its existing reserves against these matters. This will be taken in our 4Q 2016 financial results," it added. The final deal is in line with the $5 billion-7 billion the US Department of Justice (DOJ) had asked Credit Suisse to pay earlier in negotiations, as reported by Reuters on Monday. The news came after Deutsche Bank agreed to a $7.2 billion settlement with the DOJ over its sale and pooling of toxic mortgage securities. The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters early on Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged the Justice Department had been seeking nearly twice as much. The deals are the latest the Justice Department has reached with major financial institutions since US President Barack Obama’s 2012 initiative to hold Wall Street accountable for misconduct in the mortgage securities market that helped lead to the worst financial crisis since the Great Depression. The department sued Barclays PLC on Thursday over similar claims. Barclays said on Friday that it rejected the DoJ's complaint, would "vigorously defend" the case and sought its dismissal "at the earliest opportunity". Credit Suisse had paid a $2.8 billion fine in 2014 for helping wealthy Americans evade tax. Credit Suisse in November said it had upped litigation provisions by 357 million francs ($348.29 million), mainly in connection with mortgage-related matters. Its shares were indicated 2.4 per cent higher in pre-market trading. ($1 = 1.0250 Swiss francs)

Credit Suisse, Deutsche Bank hit with combined penalty of more than $12 billion

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