French ‘rogue trader’ Kerviel loses bid for retrial

Jerome Kerviel has been trying for almost a decade to shift the blame on to Société Générale for the €4.9 billion loss he was found guilty of causing at the bank a decade ago. (AFP)
Updated 20 September 2018
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French ‘rogue trader’ Kerviel loses bid for retrial

  • The former French investment banker’s trades cost his employer Société Générale €4.9 billion
  • Kerviel has fought a 10-year legal battle against his former employer, alleging that his superiors were aware of his trading

PARIS: Jerome Kerviel, the former French investment banker whose trades cost his employer Société Générale €4.9 billion, lost a legal bid Thursday to force a retrial following his 2010 conviction, a lawyer acting for the bank said.
A French legal commission that deals with requests for retrials “has decided that there was nothing new, that Mr.Kerviel’s request was without basis,” a lawyer acting for Société Générale, Jean Veil, told reporters.
Kerviel was sentenced to a five-year prison term in 2010, with two years suspended, for breach of trust, forgery and entering false data over his huge trading losses which he attempted to hide from the bank.
The losses amount to $5.8 billion at current exchange rates.
The former trader, now aged 41, has fought a 10-year legal battle against his former employer, alleging that his superiors were aware of his trading and then attempted to manipulate the judicial investigation afterwards.
Kerviel, who was released from jail after four months behind bars, has lost two previous appeals against his convictions in 2012 and 2014.


Oil prices fall as US crude output hits record

Updated 1 min 25 sec ago
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Oil prices fall as US crude output hits record

  • US crude oil production reached 12 million barrels per day for the first time last week
  • As output surges, US oil stocks are also rising
SINGAPORE: Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East-dominated producer club OPEC to withhold supply and tighten global markets.
International Brent crude futures were at $66.87 per barrel at 0326 GMT, down 20 cents, or 0.3 percent, from their last close.
US West Texas Intermediate (WTI) crude oil futures were at $56.84 per barrel, down 12 cents, or 0.2 percent, from their last settlement.
US crude oil production reached 12 million bpd for the first time last week, the Energy Information Administration (EIA) said on Thursday in a weekly report.
That means US crude output has soared by almost 2.5 million bpd since the start of 2018, and by a whopping 5 million bpd since 2013. America is the only country to ever reach 12 million bpd of production.
As output surges, US oil stocks are also rising.
US commercial crude oil inventories rose by 3.7 million barrels to 454.5 million barrels in the week ended Feb. 15, the EIA said.
Analysts say US output will rise further and that oil firms will export more oil to sell off surplus stocks.
“We see total US crude production hitting 13 million bpd by year-end, with 2019 averaging 12.5 million bpd,” US bank Citi said following the release of the EIA report.
Of that, the bank said, “we could be seeing some weeks with 4.6 million bpd of gross crude exports by end-year, adding to this week’s new record” of 3.6 million bpd.
Friday’s dips at least temporarily halted a rally that pushed crude prices this week to their highest for 2019 so far amid the supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
OPEC and some non-affiliated producers such as Russia agreed late last year to cut output by 1.2 million bpd to prevent a large supply overhang from growing.
Another recent price driver has been US sanctions against oil exporters Iran and Venezuela.