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Bank Stocks Hit: Barclays, Citigroup & JP Morgan Fined On Forex Rigging

Joe Samuel

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trump big bank lawsuit

The biggest banks in the world have been under intense scrutiny ever since the financial crisis. During that period, almost all the big banks have been exposed for a range of misdemeanors. In a new development, five of the best-known banks in the world have been found guilty of having fixed the foreign exchange market.

They behaved in the manner of a cartel to make big profits on the back of their manipulation. The competition commission of the European Union found the banks guilty of manipulating the foreign exchange market and slapped a fine in excess of 1 billion Euros.

The Offense

Over the years, some of the biggest banks in the world have been found guilty of engaging in illegal practices. In the latest instance, Barclays, Mitsubishi UFJ Financial Group (MUFG), Royal Bank of Scotland, Citigroup and J.P. Morgan have been found guilty of rigging the foreign exchange market. It is a large source of revenue for large banks and by rigging a market that is worth trillions, they must have made handsome returns.

The five banks formed two separate groups and manipulated as many as 11 currencies from across the world. According to reports, the currencies involved some of the world’s most liquid currencies. They included the US Dollar, the Euro, and the British Pound. Accordingly, the EU’s competition commission imposed a fine of 1 billion Euros on the banks in question.

Collusion

While foreign currency traders might be working at different banks, they are often in contact with one another and it has emerged that traders from among these banks had unofficial chat rooms where they passed information to each other.

One of those chat rooms, which was active from 2007 through to 2013, included traders from Citigroup, J.P. Morgan, Barclays, UBS and Royal Bank of Scotland. The other one was active from 2009 to 2012 and included traders from UBS, Royal Bank of Scotland, MUFG and UBS. The first cartel was fined 811.2 million Euros. Citigroup was slapped with the highest fine of 310.8 million Euros. The second cartel was fined 257.7 million Euros. Barclays ended up with the biggest fine of 94.2 million Euros.

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Biotechnology

3 Biotech Stocks to Watch After Key, 4th Quarter Developments

Joe Samuel

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top biotech stocks to buy

Biotech stocks have been one of the best performing sectors for a few weeks now. It’s hardly surprising that many analysts believe that investors should have one or more of those stocks on their watch lists. However, when it comes to choosing a stock, an investor needs to be very diligent with research.

They also need to watch the market very closely for the latest movements. Making a list of the stocks to watch is the best way to go about it. On that note, here is a look at three biotech stocks solidifying big developments this quarter.

PharmaCyte Biotech (PMCB)

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PharmaCyte Biotech (PMCB) is in the prep phase of clinical trials and readying to complete its Investigational New Drug Application for the FDA.  Whether you’re new to biotech stocks or a seasoned vet, you should understand how important milestones like this are for a company.

David A. Judd, a cellular biologist and a member of PharmaCyte’s Medical and Scientific Advisory Board, was recently interviewed. Right now, PharmaCyte Biotech (PMCB) is putting together the necessary material for its planned clinical trial for inoperable pancreatic cancer, one of the most deadly forms of cancer today.

“We are in the late stages of preparing an Investigational New Drug application (IND) to conduct a clinical trial involving patients with LAPC whose tumors no longer respond to either of these two first-line therapies,” stated Pharmacyte in a recent article*.  “We hope to be in a position to file our IND in 2019.  [Pharmacyte is] in the process of developing the final data we need to finish preparation of the IND by completing the second of two staggered and back-to-back manufacturing runs of our clinical trial product.”

As one report puts it, “Clinical trials are essential for the development of new treatments, and PharmaCyte will enter this upcoming trial with two essential goals in mind—the future of its pancreatic cancer treatment and the future of its technology.”

Dare Bioscience (DARE)

best penny stocks Clovis Oncology (CLVS)

The first biotech stock that should be put on the watch list is that of Dare Bioscience Inc (NASDAQ:DARE). The Dare stock has soared in yesterday’s session the back of a significant announcement from the company. Dare is involved in the development of innovative health solutions for women and today entered into an agreement to acquire the pioneering drug delivery technology developed by Microchips Biotech Inc.

The technology in question can help in storing and delivering hundreds of doses over a period of as much as a year. It is a significant development for Dare and the stock has jumped by as much as 8% after the news. This is definitely a stock that should be tracked closely.

Agenus (AGEN)

The other biotech stock that has made a strong start this week is that of Agenus Inc (NASDAQ:AGEN), an immuno-oncology company. on Monday, the company announced that it has reached a licensing agreement with UroGen Pharma Ltd for its product zalifrelimab. More importantly, Agenus has received $10 million upfront from UroGen and that sent the stock price higher by 9.24% on Monday.

November has been a good month for the stock and so far it has gained as much as 45%. It released its quarterly results on November 4 and it proved a pleasant surprise for investors. The loss per share came in at $0.33, which beat analysts’ estimates of $0.38. On the other hand, the revenues of $19.94 also managed to surpass analysts’ estimates by 27.82%.

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Disclaimer: Pursuant to an agreement between MIDAM VENTURES, LLC and Complete Investment And Management LLC, a Non-affiliate Third Party, Midam was hired for a period from 07/09/2019 – 8/09/2019 to publicly disseminate information about PharmaCyte Biotech including on the Website and other media including Facebook and Twitter. We were paid $150,000 (CASH) for & were paid “0” shares of restricted common shares. We were paid an additional $150,000 (CASH) BY Complete Investment And Management LLC, a Non-affiliate Third Party, AND HAVE EXTENDED coverage for a period from 8/12/2019 – 10/15/2019. We were paid an additional $150,000 (CASH) BY Complete Investment And Management LLC, a Non-affiliate Third Party, AND HAVE EXTENDED coverage for a period from 10/16/2019 – 11/15/2019.We may buy or sell additional shares of PharmaCyte Biotech in the open market at any time, including before, during or after the Website and Information, provide public dissemination of favorable Information. Click Here For Full Disclaimer.

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Stock Price Newsletter – November 12, 2019

Jon Phillip

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list of healthcare stocks to watch

Biotech Stocks To Watch This Week

Biotech penny stocks have proven to be one of the best sectors for investments. That’s as far as the stock market is concerned. If experts are to be believed then it may continue to be among the best options in the years to come…

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Streaming Stocks Take Aim At Winning The Content War

It has been projected that the industry is going to be worth $124.57 billion by 2025. That being said, there may be ample opportunity for investors. Here is a look at a few tech stocks to watch that could be set to prove themselves on this new battlefield.

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What Does The Disney (DIS) Plus, Amazon Deal Mean For Investors?

There is no doubt that 2019 and the years beyond are going to be definite by the ‘streaming wars’ between some of the biggest companies in the world. The imminent entry of a behemoth like Disney (DIS) has raised the stakes even higher and on Thursday the entertainment company made another significant announcement.

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What Does The Disney (DIS) Plus, Amazon Deal Mean For Investors?

Jon Phillip

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DIS stocks to buy Disney +

There is no doubt that 2019 and the years beyond are going to be definite by the ‘streaming wars’ between some of the biggest companies in the world. The imminent entry of a behemoth like Disney (DIS) has raised the stakes even higher and on Thursday the entertainment company made another significant announcement.

During the company’s conference call for the fourth-quarter earnings, the Chief Executive Officer of Disney Bob Iger stated that the streaming serving Disney+ is going to be available on Amazon Fire TV.

[MARKET PREVIEW] The $40 Billion Dollar Content Gold Rush

Major Development For Content Providers

This is a major development, considering the fact that Disney had earlier said that the service might not be available on products owned by Amazon due to advertising disagreements.

However, that is not all. Iger went on to state that the service will also be made available on Smart TV manufactures by LG and Samsung. During the conference call, the Disney CEO said, “We’re pleased to announce partnerships with Amazon Fire [TV], LG, and Samsung devices.”

It is a major development for a streaming service that is trying to capture market share quickly from Netflix. Availability on Amazon Fire makes it accessible to a far bigger pool of potential customers. That is why this particular announcement is so important.

[MARKET PREVIEW] The $40 Billion Dollar Content Gold Rush

Where Does This Leave Netflix?

There are certain added benefits of the availability of Amazon Fire TV. The Disney+ app has the ability to sync with the built-in search engine on Amazon. Therefore, users will be able to request particular content by stating it to the personal assistant Alexa.

It goes without saying that the development has come as a big boost for Disney+. It’s ahead of the much-anticipated launch on November 12. The price of the service sits cheaper than Netflix’s cheapest package. It’s also going to be a highly cut-throat battle between the two companies. That said, other services are also coming soo. The ‘streaming wars’ are going to be the theme of 2020.

[MARKET PREVIEW] The $40 Billion Dollar Content Gold Rush

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