Snippets of Financial Industry

Berkshire Hathaway Inc has sold its stakes in some of largest U.S. banks, such as Wells Fargo & Co, JP Morgan Chase & Co, and exited its investment in Goldman Sachs Group In. Scotiabank has faced charges from U.S. authorities for alleged involvement in unlawful trading, spoofing and price manipulation of previous metals. It paid a hefty price of $127 million to settle the charges against them by U.S. Department of Justice and U.S. Commodity Futures Trading Commission. Meanwhile, the third largest U.S bank, Citibank NA has filed charges against Brigade, Symphony and HPS to return around $900 million worth of funds incorrectly repaid to Revlon. In S&P 500 and Nasdaq, hits high as tech companies have also rose. Apple leads the gains along with Amazon and Microsoft.

In London, Goldman Sachs has announced to offer clearing service facilities for some currency derivative products on LCH’s ForexClear, a London-based clearing house. Pound and euro descended after economic recovery of eurozone has lost thrust and Brexit talks have regressed.

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