07252016Mon
Last update: Mon, 25 Jul 2016 03am

Business & Finance - Banking & Finance

Nigeria central bank grants loan to Skye Bank after capital problems LAGOS: Nigeria's central bank has provided a short-term loan to Skye Bank to help to stabilise its operations after it replaced top executives for failing to meet minimum capital requirements. The central bank has been seeking to contain growing problems at Nigerian banks where profits have been falling and bad loans rising due to a heavy exposure to the oil industry and a weak economy due to low oil prices. "We provide a short-term facility to help them manage the panic withdrawal that happened," central bank spokesman Isaac Okorafor said. Depositors had rushed to withdraw money after Skye Bank's bosses were replaced. "In order to support the new management we decided to give them some money, just to support them," he said. Okorafor did not disclose how much money was granted to Skye. The central bank had decided to replace Skye's senior executives two weeks ago. It subsequently appointed Tokunbo ...


Business & Finance - Banking & Finance

US Fed awards $70.52bn in reverse repos NEW YORK: The US Federal Reserve on Thursday awarded $70.52 billion of one-day, fixed-rate reverse repurchase agreements to 31 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. On Wednesday, the Fed allotted $79.37 billion in one-day reverse repos to 28 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. The reverse repurchase agreement program is ...

Business & Finance - Banking & Finance

Paraguay's central bank raises 2016 growth forecast to 3.5pc ASUNCION: Paraguay's central bank said on Thursday the country's economy would expand by 3.5 percent this year, up from a previous forecast of 3.0 percent, boosted by faster growth in livestock, meat and construction output. Electrical production, a barometer of industrial activity, was also seen strengthening, the central bank said in a report. Construction will likely expand 8 percent in 2016 as the government and private sector move ahead with infrastructure projects, the central bank ...

Business & Finance - Managed Funds

US 10-year TIPS supply fetches solid demand NEW YORK: The US Treasury Department on Thursday sold $13 billion of 10-year Treasury Inflation Protected Securities to solid investor demand at a yield of 0.045 percent, the lowest yield at an auction since May 2013, Treasury data showed. The ratio of bids to the amount of 10-year TIPS offered was 2.39, up from 2.27 at the prior auction in May and the highest since March 2015.Indirect bidders which include fund managers and foreign central ...

Business & Finance - Banking & Finance

HSBC reviewing 2013 forex probe after trader's arrest LONDON: HSBC is reviewing a past investigation of forex trades after the arrest on Tuesday night of a senior manager in New York for alleged fraud, according to a source familiar with the matter. HSBC examined the trades done by Mark Johnson, its global head of foreign exchange cash trading, in 2013 as part of a broader internal probe and found no irregularities, the source said.A spokeswoman for HSBC declined to comment. Johnson was on ...

Business & Finance - Managed Funds

US 10-year yields hit four-week high after US data  NEW YORK: US Treasury long-dated debt yields rose on Thursday, boosted by generally upbeat US economic data as well as remarks by the European Central Bank's president that downplayed the impact of Britain's move to exit the European Union.US 10-year note yields, which move inversely to prices, climbed to four-week peaks, while that of US 30-year bondsadvanced to three-week highs. Long-dated yields climbed for a second straight session.Thursday's data showed US initial jobless claims hit ...

Business & Finance - Industries & Sectors

VW labour head warns of tough talks over savings, strategy BERLIN: Volkswagen's efficiency drive at its namesake brand is paying off, but talks over further savings and strategy changes will be tough, the carmaker's labour boss predicted.Europe's largest automaker said on Wednesday its first-half profit rose 7 percent to 7.5 billion euros ($8.3 billion), excluding one-off items, beating forecasts and helped by an improved performance at the mass-market VW brand.However, the German group is under pressure to make more savings to help meet the billions ...