02072016Sun
Last update: Sun, 07 Feb 2016 04am

Business & Finance - Banking & Finance

Private sector deposits in Cyprus banks tick down in April: ECB FRANKFURT: Private-sector deposits in Cypriot banks fell slightly in April and deposits in other southern European countries hit by the euro zone debt crisis remained relatively stable, European Central Bank data showed on Wednesday. Big account holders in Cyprus's two largest lenders were forced to take a hit as part of an international bailout for Cyprus last year and private sector deposits at all banks on the island had been broadly declining since June 2012. In April, private-sector deposits at Cypriot banks fell by 0.7 percent to 34.3 billion euros from the previous month, data showed.The deposits are about 32 percent below their peak of 50.5 billion euros in May 2012. Banks in the euro zone member state were shut for nearly two weeks in March last year after Cyprus agreed a 10-billion-euro bailout under which major depositors had to pay part of the cost of the rescue. Capital controls ...


Business & Finance - Banking & Finance

Turkish central bank injects 9bn lira in repo, bids 17.39bn ISTANBUL: Turkey's central bank injected 9 billion turkish lira ($4.28 billion) into the market in a one-week repo auction on Wednesday at a fixed simple rate of 9.5 percent, bank data showed. Bids totalled 17.39 billion lira for the repo, which matures on June 4. Copyright Reuters, 2014

Business & Finance - Banking & Finance

MtGox operator looks to sell Bitcoin trademarks: report TOKYO: The holding company of collapsed virtual currency exchange MtGox is looking to sell the trademark to the word Bitcoin, The Wall Street Journal said Wednesday.The company hopes to raise at least 100 million yen, or about $1 million, for a package including the Bitcoin trademarks in Japan and the European Union, the Journal quoted an executive of the company as saying.It is also looking for a buyer for the domain name bitcoins.com, the paper ...

Business & Finance - Industries & Sectors

Telekom Austria free float target is 24pc VIENNA: America Movil aims to keep 24 percent of Telekom Austria listed on the Vienna Stock Exchange within two years of completing its takeover offer, the Mexican group's finance chief said. "We will buy every share that is tendered," Carlos Garcia Moreno told Austria's News magazine. "If we get more than 50 percent of the shares, we will sell as many shares as necessary within two years to ensure this free float." America Movil, which ...

Business & Finance - Managed Funds

China bond market success will depend on how weakest regions fare HONG KONG: China's push for a municipal bond market could increase the pressure on those provinces already struggling to fund massive debt piles, effectively creating a two-tier market dominated by its major cities and financially strong regions. The challenge for investors will be how to assess risks of different provinces in the world's third-largest bond market as the central government tries to withdraw its implicit guarantee on their debts and introduces market discipline to fundraising. ...

Business & Finance - Industries & Sectors

Sanofi, Lilly pursue Cialis over-the-counter approval PARIS: Sanofi and Eli Lilly and Co have agreed to pursue regulatory approval for over-the-counter sales of erectile dysfunction treatment Cialis, the French and US drugmakers said in a statement on Wednesday. Cialis is currently available by prescription only, and was first approved by the European Medicines Agency in 2002 and then by the US Food and Drug Administration in 2003. It generated $2.16 billion in worldwide sales in 2013 and has recorded total sales ...

Business & Finance - Banking & Finance

India central bank asks urban co-op banks not to lend to govt entities MUMBAI: The Reserve Bank of India adviced urban co-operative banks (UCBs) on Wednesday to refrain from giving large loans to public sector or government entities, saying these transactions go against the core functions of these lenders.RBI defined UCBS as needing to provide loans to lower and middle income groups, as well as agriculture and small businesses, instead of government-owned companies, which are called public sector undertakings (PSUs) in India. "Grant of high value loans to ...