Kenyan borrowers struggle to hang onto their assets as auctions heat up. A severe drought earlier this year, a slowdown in bank lending, and a prolonged period of political uncertainty are creating a growing pool of distressed borrowers whose assets are being seized by newly aggressive lenders in the east African powerhouse.
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Global banks expect trading volumes and volatility to spike after the U.S. presidential election, so they’re boosting staff and taking precaution. Fred Katayama reports. Continue reading
Consumers in London welcome a European Commission order that Apple Inc. must pay Ireland unpaid taxes of up to 13 billion euros (US14.5 billion dollars) as it rules the firm received illegal state aid.
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Former trader Tom Hayes, on trial for allegedly conspiring to rig benchmark interest rates, has admitted to being motivated by greed and was fired by U.S. bank Citigroup in 2010, prosecutors tell a London court.