Author: Euronews

Trade monitoring controls at the US investment bank were not robust enough and led to mistakes, explained UK regulators. ADVERTISEMENTCitigroup has been fined £61.6 million (€72.3 million) by UK trading supervisors due to failures in its systems and controls.The penalties, issued by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), were linked to issues arising between 2018 and 2022.In one case, dating back to May 2022, a Citi error provoked a flash crash in European stocks, as $1.4 billion (€1.3 billion) of equities were sold in a “fat-finger” trade.A Citi trader had intended to sell a basket…

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A row between Italian premier Giorgia Meloni and Fiat owner Stellantis has been halted by Fiat agreeing to remove the Italian flag from the bumper of Fiat 600 cars actually made in Poland. ADVERTISEMENTThe agreement between the Italian government is the latest in a row with Stellantis which last month said it would rename Alfa Romeo’s Milano SUV, also produced in Poland.The Italian premier and her ministers have accused Stellantis of misleading buyers of their cars through the use of the “Italian-sounding” moniker.Italy’s industry minister Adolfo Urso explained: “A car called Milano cannot be produced in Poland. This is forbidden…

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A judge has dismissed a case for conviction against nine Egyptian men over the worst migrant shipwreck in the Mediterranean for over a decade, amid questions from human rights groups challenging the integrity of the trial. ADVERTISEMENTA Greek judge dismissed a case Tuesday against nine Egyptian men accused of causing a shipwreck that killed hundreds of migrants last year and sent shockwaves through the European Union’s border protection and asylum operations after a prosecutor told the court Greece lacked jurisdiction.The decision by Presiding Judge Eftichia Kontaratou came shortly after the trial opened in the southern Greek city of Kalamata and…

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