In the U.S., bank customers will pay 200 million for "card" fraud

A major U.S. bank Discover Bank has agreed to pay its customers $ 200 million to settle the proceedings with the regulator Consumer Financial Protection Bureau (CFPB), which protects the rights of consumers. As reported by BBC News, will receive compensation of more than 3.5 million users Discover Bank. In addition the organization will pay a fine of $ 14 million.

Believe in the CFPB, financial organizations wrongfully charge their customers a fee for additional services for the use of credit cards. These services are discovered regulator , initially provided for free, as a bonus .

In the Discover Bank neither confirmed nor denied the allegations CFPB, reports CNBC. Earlier, the bank reported that the reserved funds to pay the possible penalties , and also noted that the responsible approach to the provision of services to its customers.

Discover Bank Financial Group is a unit of Discover Financial Services and the sixth largest issuer of cards in the United States. Discover Card holders are about 50 million people.

CFPB was created in 2010 . Its main task is to protect citizens from charging "hidden" commissions banks.

Chinese TV: China is seeking to expand investment cooperation with Ukraine

The rapid growth of trade turnover between Ukraine and China, as well as the successful cooperation in the financial and energy sectors are an example of the fact that Ukrainian authorities can effectively achieve their goals. On this, the preliminary summing up the meeting of the Intergovernmental Council for Cooperation between the two countries , said in comments to Chinese television CCTV Sergei Arbuzov , First Vice Prime Minister of Ukraine.

" An example of what we can set goals and achieve them is the growth of trade c $ 1,5 billion in the last six months, we came to the trade volume of $ 5.4 billion, which gives us reason to believe that trade will continue to grow this task " - said Arbuzov .

The most successful in this time Ukrainian Vice Prime Minister called the interaction in the banking industry. "We have signed an agreement on the level of central bank swap transaction . After the entry into force of the contract our contractors - Chinese and Ukrainian - will be able to pay on contracts in local currencies , "- said Arbuzov .

At the same time, China is seeking to expand investment cooperation . According to Sergei Arbuzov at a meeting with representatives of the business circles of China, now Ukraine amends legislation to improve the investment climate in the country.

SSTV television reported that during his visit to China Sergei Arbuzov also present at the signing of the contract between the companies involved in projects in the field of alternative energy. It Ukrainian «Green Tech Energy» and the Chinese «China National Building Materials». At the ceremony, Ukrainian Deputy Prime Minister said that the state should promote cooperation between commercial entities.

Recall , 23-27 September this year, China abides Ukrainian government delegation headed by First Deputy Prime Minister Sergei Arbuzov . Summing up the preliminary results of his visit , Arbuzov called one of the strategic directions of future cooperation agriculture , the development of transport and port infrastructure for building Ukrainian exports and improve the country's transit potential , as well as aircraft construction, space industry , science, culture and medicine.

eBay buys PayPal system for 800 million dollars

Internet auction site Ebay Inc buys Braintree payment system for about $ 800 million to strengthen the position he owns PayPal on mobile devices, on the one hand, and the elimination of a competitor gaining momentum - on the other, writes Reuters.
The company said that the transaction is expected to close late in the fourth quarter. She estimated the negative effect of it in 1-cent adjusted earnings for 2013.
Buy Braintree allow eBay to access the application Venmo, through which consumers can pay with smartphones and tablets - eBay wants more participation in the sector.
PayPal, the main provider of online payments, with 120 million users, has dominated the market for nearly a decade, but in recent years, growth has slowed, primarily due to competition from smaller but more nimble companies successfully implement their technology on mobile devices.
"We believe that this transaction is a strategic sense, because it broadens the spread of PayPal and removes a competitor," - said RBC Capital Markets analyst Mark Meyheni.
Shares of eBay, which received 40% of last year's revenue through PayPal, showed on Thursday, rising to 4.4%.
Hill Ferguson, vice president of Global Product eBay, do not rule out the possibility that the company will make other purchases to expand its presence in the mobile payment system rynke.ShA

Most European stock indexes fell on statistics from the U.S.

Most of the major European stock indexes fell by the end of trading Friday on the back of weak statistics on consumer sentiment in the U.S. , according to data exchanges .

By the end of trading the German DAX 30 fell 0.03 % to 8 661.51 points. The French CAC 40 unchanged at 4 186.77 points. London's FTSE 100 fell by 0.81 % - to 6 512.66 points.

The index of consumer sentiment University of Michigan , in the final assessment , fell to 77.5 points from 82.1 in August , while analysts had forecast it at 78 points .

Concerns about the political crisis in Italy had a negative impact on stock indices , as well as the dynamics of the ten-year government bond yield of the country's $ 3 billion posted on Friday, at the rate of 4.5 % compared to 4.46 % at the auction on August 29.

"There is a possibility that the present Cabinet will not last long," - said the asset manager Glendevon King Asset Management Nicola Marinelli , quoted by the agency Reuters.

Factor in reducing indices analysts also called the uncertainty about the U.S. budget problems . "If the draft budget is approved on Monday , it may lead to the suspension of the government since October 1 , which will lead to a drop in growth in the fourth quarter," - believes strategist TradeNext Ronnie Chopra .

The U.S. economy - the basic features and structure

By the end of the 20th century. The United States is the largest nation in the world. The country is located in every climate, which is conducive to agriculture and tourism, has more than a hundred kinds of minerals. Of Natural Resources the largest share in the volume production of the mining industry in terms of value is energy resources (90%): oil, coal, natural gas and uranium. About 75% of the production of metals accounts for iron ore and copper. However, up to 50% of the needs of the national economy in the mineral satisfied by imports. In particular, the United States does not have reserves of strategic metals such as chromium, manganese, tungsten, cobalt. With five percent of the world's population country produces one-fifth of world production of copper, coal and oil.


Agriculture of the United States supplies the world market is 50% corn, 20% of beef, pork, lamb, about one-third of the wheat. United States - the world's biggest buyer (13% of world imports) and the seller (18% of world imports). And, as is typical for the U.S. economy, state enterprises can be counted on the fingers (post office and the commission for Nuclear Research), airlines and even the telephone system in the United States privatized. The main efforts of the government is focused on the development of and compliance with the antitrust laws. The essence of this system is to prevent collusion of big companies (trusts) and the establishment of monopoly prices for goods and services.

Russian banks are not afraid of U.S. threats

Four U.S. senators , two Democrats and two Republicans , urged the U.S. government to impose sanctions against several major Russian banks such as Gazprombank , VTB and VEB . The reason is that they fund , according to parliamentarians , the activities of the Syrian authorities .

As stated in a letter to senators in the U.S. Treasury , EBV makes payments for the delivery to Syria Russian missile systems S -300 , Gazprombank provides financial channel to pay for deliveries of Syrian oil , and VTB keeps the accounts of President Bashar al-Assad.

VTB Group no account management Syria - says the press service of the bank. - Insinuations four irresponsible politicians American politicians aim to stirring up the situation around Syria's economy and finances and minimize any cost of the peace process that began to show in recent years in this country.

Historically VEB acts as agent for the government in terms of servicing the foreign debt of Russia , including settlements with Damascus, - the press -service of the VEB. - Bank does not have any other business with the Central Bank of Syria , its government or organizations which are under their control . All the activities of VEB is strictly in accordance with the sanctions adopted by the EU and the UN on the Syrian Arab Republic.

Russian experts are wondering how all possible sanctions .

- Four senators - this is not the entire Senate - said General Director of Finance and Banking Council of CIS Paul Nefidov . - And most importantly - Russian banks work within the framework of international agreements. And from a legal point of view, keeping Syrian assets in Russian banks did not violate any rules .

However , according to Nefidov , U.S. threats very unpleasant for the Russian side. And they , by the way , undermine the status of New York as an international financial center , as there is a question as it is subject to international standards , rather than the interests of the political movements in the country.

- Just because you can not impose sanctions , it is contrary to international standards - said the adviser criminal practice law office "Egorov , Puginsky , Afanasiev and Partners" Ahmad Glashev . - Banks will have every right to go to court. To apply the prohibitions , we must first prove that the Russian financial institutions financed terrorism , human trafficking or something illegal. And cooperation with Syria in the framework of agreements - a completely normal process.

By the way, like a lawyer , Washington also has a trade and economic agreement with Damascus , and they continue to operate .

But even if the sanctions were imposed , it is unlikely to be dealt a severe blow to the Russian banks .

- The disadvantage would be to additional costs as part of dollar transactions was to transfer from the U.S. correspondent accounts with financial institutions in other countries - said Nefidov . - Our banks would run through Europe , Singapore , Hong Kong , because of what America has lost a big chunk of financial transactions.

JPMorgan Chase admitted violations and will pay about 900 million dollars

As well as it was supposed earlier, after recognition of the violations the JPMorgan Chase bank in the form of penalties in Great Britain and the USA will pay to government bodies more than 900 million dollars.
As journalists of "The exchange leader" specified, the agreement between the governments of two countries and JPMorgan Chase becomes the last point among investigations which were connected with the gross blunders allowed by bank on a course of trade operations.
For the largest American bank restoration of trust of government bodies becomes a turning point as it now works over completion of losses in 6 billion dollars.
Generally losses were provoked by decent volumes of trade in risky derivatives at the London office of bank after JPMorgan occupied a niche unfamiliar to it that soiled its reputation of the expert in risky assets.
Analysts of Forex Trend broker company (Forex Trend - the leader in a rating of brokers Masterforex-V Academy Forex) note that weak control in JPMorgan allowed to hide bank losses to the London traders. The bank long couldn't recognize weakness of internal control and thus tightened detection of violations.