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Record day for Swedish stock exchange

The good times kept rolling on the Stockholm stock exchange on Friday afternoon, with the OMXS-index up 7.9 percent on the day, the largest one day jump since 1992.

Published: 19 September 2008 15:30 CEST
Record day for Swedish stock exchange

Traders last saw a similar upward swing on November 20th, 1992 when the OMXS jumped 9.4 percent.

Much of the market’s rise is attributed to measures taken in the United States to help stabilize the banking and financial sector there.

Stock exchanges across Europe rejoiced on the news, with bank stocks leading the way in Sweden.

“After investors earlier moved away from everything risky, now the venture capitalists have returned to the stock market,” said Henrik Mitelman, a head analyst with the SEB bank, to the TT news agency.

“We’ll see how long it lasts.”

Mitelman drew parallels between the crisis package being offered by US authorities and the situation for Sweden’s banks in the early 1990s, when Sweden suffering a major banking crisis of its own.

“They’ve moved a huge amount of risk from the financial system over to the American state. It reminds me very much of how [then deputy finance minister] Bo Lundgren and Stefan Ingves managed the Swedish banking and financial crisis, which was very successful,” he said.

BANK

Deutsche Bank to pay $130m to settle US bribery probes

Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced on Friday.

Published: 9 January 2021 15:08 CET
Deutsche Bank to pay $130m to settle US bribery probes
A woman walks past the offices of Deutsche Bank in London. Photo: Tolga Akmen / AFP
The bribery case relates to illegal payments and to false reporting of those sums on the bank's books and records between 2009 and 2016, the Department of Justice said in a press release.
   
The bank “knowingly and wilfully” kept false records after employees conspired with a Saudi consultant to facilitate bribe payments of over $1 million to a decision maker, the DOJ said.
   
In another case, the bank paid more than $3 million “without invoices” to an Abu Dhabi consultant “who lacked qualifications… other than his family relationship with the client decision maker,” the DOJ said.
   
In addition to criminal fines and payments of ill-gotten gains, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.
 
   
In the commodities fraud case, Deutsche Bank metals traders in New York, Singapore and London between 2008 and 2013 placed fake trade orders to profit by deceiving other market participants, the DOJ said.
   
The agreement took into account Deutsche Bank's cooperation with the probes, DOJ said.
   
“Deutsche Bank engaged in a criminal scheme to conceal payments to so-called consultants worldwide who served as conduits for bribes to foreign officials and others so that they could unfairly obtain and retain lucrative business projects,” said Acting US Attorney Seth D. DuCharme of the Eastern District of New York.
   
“This office will continue to hold responsible financial institutions that operate in the United States and engage in practices to facilitate criminal activity in order to increase their bottom line.”
   
“We take responsibility for these past actions, which took place between 2008 and 2017,” said Deutsche Bank spokesperson Dan Hunter, adding that the company has taken “significant remedial actions” including hiring staff and upgrading technology to address the shortcomings.
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