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“We are in a very early phase of the dialogue with the U.S. authorities so it’s very difficult to speculate on the outcome,” Mosegaard said, without giving further details. Mosegaard’s view was echoed by analysts at Morningstar who said that while the DOJ’s involvement “brings back memories of the forced liquidation of ABLV”, it was “unlikely that a similar scenario will befall Danske” because the Estonian business under investigation had been closed.
“We view it as more likely that the DoJ will refrain from utilizing the Patriot Act, Substantial fines from both European regulators and U.S, regulators are a possibility, however,” Morningstar said in a note, Mosegaard said logo cufflinks Danske Bank was working with a “solid network of correspondent banks” which enable it to access dollars, “We see no sign that we will not be able to handle transactions going forward in cooperation with our correspondent banks,” he said, Earlier the Financial Times reported that the bank had executed up to 8.5 billion euros of so-called mirror trades for Russian customers in 2013, which made the bank 10 million euros, raising concerns about a significant U.S, penalty and hitting Danske Bank’s already battered shares..
Such transactions proved costly for Deutsche Bank (DBKGn.DE) which was fined $630 million by U.S. and British authorities for using mirror trades to allegedly launder Russian money. In another blow to Danske Bank, whose shares traded 6.1 percent lower at 149 crowns at 1457 GMT, Credit Suisse downgraded it to ‘neutral’ from ‘outperform’ and cut its target price to 199 Danish crowns from 244 crowns. “The investment case and key reason for buying Danske and taking anti-money-laundering risk is gone as buybacks no longer support shares,” Credit Suisse said, with reference to the Danish bank’s decision to end a share buyback program to bolster its capital as a result of the scandal.
COPENHAGEN (Reuters) - The involvement of U.S, authorities in an inquiry into alleged money laundering at Danske Bank is very different to the case of Latvia’s ABLV, the Danish bank’s interim chief financial officer Morten Mosegaard told Reuters on Friday, U.S, authorities in February accused ABLV of covering up money laundering, leading to the Latvian bank being denied dollar funding and its swift collapse, Mosegaard’s comments follow the publication of a letter from U.S, investor Bill Browder to the U.S, Treasury in which he asked them to investigate logo cufflinks Danske Bank and to undertake steps to consider designating it for special measures under the USA Patriot Act, which was used in the ABLV case..
NEW YORK (Reuters) - The U.S. transportation sector, which many see as a proxy indicator of the economy’s health, has retreated 3.1 percent from its Sept. 14 record, hinting to some analysts that the longest bull market on record has entered its late stages. Railways, freight carriers and package deliverers get less attention than heavy-hitting momentum stocks like Apple Inc and Amazon.com, but the sector could be showing cracks in what analysts and the U.S. Federal Reserve characterize as a robust economy.
Several constituents of the Dow Jones Transportation Average (DJT) have provided disappointing guidance in recent months, As the third-quarter reporting season approaches, investors will watch to gauge logo cufflinks whether trade, fuel and dollar risks are affecting the sector’s bottom line, The 20-company DJT has recently diverged from the broader market after a strong run since late June, suggesting these headwinds could be taking a toll, As the DJT has retreated, the broader Dow Jones Industrial Average has moved in the opposite direction, The Dow reached its most recent all-time high on Tuesday, 13 trading days after the DJT’s Sept, 14 record..
Diverging highs between the two indexes can signal growing market instability. Similar divergences occurred leading into the recessions of 2001 and 2008-2009, and most recently heading into the market correction that began in late January. “The transports have been going sideways and haven’t confirmed the new highs in the industrials,” said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. “If the transports were to break down further from these levels, if you saw them declining another 2 or 3 percent in the near future, you would call that a bearish non-confirmation.”.
On Friday, both indexes closed lower, with the DJT slipping 0.8 percent and the Dow Jones Industrial Average dropping 0.7 percent, Delta logo cufflinks Air Lines Inc is due to report on Oct, 9, a week after lackluster forecasts from the company and its peer United Continental pulled U.S, airline stocks lower, The bulk of the companies in the DJT are expected to post results in the latter half of October, FedEx Corp, the first in the group to post quarterly earnings on Sept, 17, missed Wall Street estimates as costs weighed on margins, The global package delivery company has been challenged this year by the ongoing trade disputes between the United States and its major bilateral trading partners, notably China and Europe..