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Morning Briefing

Morning Briefing

Vali Zarabiyeh, the chairman of the Board of Directors of Iran's Saman Bank, has said that Iran is ready to boost banking cooperation with Europe beyond the levels of the pre-sanctions era.

Speaking at Euro Finance Week in Frankfurt, Mr Zarabiyeh said all necessary measures had been taken to help re-establish banking relations between Europe and Iran.

India's booming e-commerce industry is under threat as a result of two lawsuits from bricks-and-mortar retailers alleging breaches of regulations governing foreign direct investment. The country's online marketplaces have raised more than $5 billion in two years from backers that include China's Alibaba.

However, two groups representing bricks-and-mortar retailers have claimed that this breaches foreign direct investment rules, with the All-India Footwear Manufacturers and Retailers Association accusing the government of ignoring "rampant illegalities" in the sector.

Cyber Monday surpassed $3 billion in total digital sales, making it the highest US online spending day ever. Desktop sales posted a 12 percent rise to $2.3 billion. Mobile sales are estimated to have accounted for 27 percent of total digital commerce on Cyber Monday, with $838 million spent via smartphones and tablets, according to figures from analytics company comScore.

Standard & Poor's has downgraded eight of the biggest banks in the US as it now considers it to be less likely that they would receive federal government support in a future financial crisis.

The holding companies of Bank of America, JPMorgan Chase, Citigroup, Wells, Morgan Stanley, Goldman Sachs, Bank of New York Mellon and State Street were all affected by the move.

Barclays has revealed that it has agreed to sell its Italian retail business to CheBanca!, a part of the Mediobanca group, as it continues to narrow its focus to core operations. The bank's Italian retail business consists of 89 branches and Barclays estimates that the sale will reduce its risk-weighted assets by $1.2 billion.

Bank of England adviser: 'Everyone should have two bank accounts in case of cyber attack'
China's internet consumer finance mkt forecast to exceed RMB100 bln by 2017
Target reaches another data breach settlement
German start-up Number26 launches pan-European bank for mobile users

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