Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.


Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.


Citi expands e for education campaign

The global corporate social responsibility initiative has raised over $22.5 million for education-focused non-profits since 2013

Since its inception, Citi’s e for Education campaign has supported over 250,000 youth globally and has contributed to the success of several key initiatives that support youth education– including the development of more than 400 schools across more than 20 countries worldwide.

The sixth edition of the campaign supports 10 non-profit partners and includes a broader range of electronically traded products. During the nine-week campaign, Citi’s Foreign Exchange and Local Markets businesses will donate $1 for every $1 mn traded with Citi, via a borad range of electronic platforms that include Citi’s proprietary platforms—Citi Velocity for institutional clients, and CitiFX Pulse for corporate clients.  This year will mark the first time the campaign will include local market bonds, in addition to FX.

This year, Citi has expanded the number of non-profits with three additional partners, Malala Fund, Place2Be and Reach the World, bringing the total of non-profit organizations supported by the campaign to 10. They include: Civic Builders, Empower, Fallen Patriots, Malala Fund, Place2Be, Reach The World, Room to Read, SkillForce, Teach First and Uncommon Schools, namely.

Heather Halstead, founder and executive director of Reach The World, stated: “Reach the World’s virtual exchange programs help impoverished and isolated youth to become curious, confident and compassionate global citizens who are prepared to thrive in today’s global economy.” 

“Thanks to Citi’s e for Education campaign, Reach the World will expand its service to three states in rural America, and lay the groundwork for service to five countries worldwide.” She added.

In addition to the donations raised on the back of electronic trading activity, Citi clients and employees also support the selected non-profits through a series of educational activities including CV clinics, mock interviews, trading simulation, visits to the trading floor, career symposiums, financial literacy workshops and economics lessons.

Nadir Mahmud, Citi’s global head of foreign exchange and local markets said: “We are pleased to expand the scope of Citi’s efor Education campaignand welcome additional partners to further support youth education in the local communities we operate in.”

 “With an estimated 260 million children failing to acquire basic literacy skills worldwide, we have a crucial responsibility to invest in the next generation by facilitating access the essential resources that young people need to realize their full potential.” He added.

Citi, the leading global bank– has approximately 200 million customer accounts and does business in more than 160 countries. 

-GBO Correspondent.

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