Saturday, 15 June 2013 17:21
Posted by Muhammad Iqbal
ABU DHABI: Egypt's government is in the late stages of verifying its economic reform programme with the International Monetary Fund before obtaining a $4.8 billion IMF loan, its central bank governor said on Saturday.The loan, needed to help stabilise Egypt's balance of payments and state finances, has been under discussion for two years but agreement has repeatedly been postponed by political unrest in the country and the government's reluctance to commit to austerity measures."The IMF ...
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LONDON: Britain's Serious Fraud Office said on Tuesday that former UBS trader Tom Hayes had become the first person to be charged in its probe into the Libor rate-rigging scandal that has rocked the banking sector."Tom Hayes, a former trader at UBS...has today been charged with offences of conspiracy to defraud in connection with the investigation by the Serious Fraud Office into the manipulation of Libor," the SFO said in a statement.Copyright AFP (Agence France-Presse), 2013 ...
DHAKA: Bangladesh's pioneering microlender faces an uncertain future after a commission proposed the government take over or break up the Nobel-award-winning bank, analysts said on Tuesday. The government commission has released a working paper on restructuring Grameen Bank, founded by Nobel Laureate Muhammad Yunus and which has lent more than $11 billion to millions of people -- mainly women -- to help them gain financial independence.The paper, to be sent to Bangladesh's financial experts for ...
PRAGUE: The Czech banking sector's capital adequacy would fall to 10 percent, from around 15 percent now, under the most unfavourable scenario in a central bank analysis, the bank said on Tuesday.Several banks would have to raise a total of 31.5 billion crowns ($1.64 billion), or 0.8 percent of gross domestic product in the adverse scenario to bring their capital adequacy to above the central bank's 8 percent regulatory threshold.That scenario included a 50 percent ...
GENEVA: Switzerland said Monday that it wants the OECD group of industrialised nations to broker a global deal on the exchange of information about people who bank their cash outside their homeland.In a statement, the Swiss government said that a "global standard" was necessary for the automatic exchange of information for taxation purposes."The most suitable body for preparing this would be the broadly based Organisation for Economic Co-operation and Development," it said, referring to the ...
ZURICH: Foreign banks based in Switzerland called on Monday for a rapid resolution of a dispute with Washington over Swiss banks' role in tax evasion by Americans, warning the prolonged uncertainty was putting entire financial institutions at risk.Alfredo Gysi, who heads the Association of Foreign Banks in Switzerland, told reporters in Zurich he hoped the lower house of the Swiss parliament would give its blessing Tuesday to a secretive deal between Bern and Washington to ...
BUDAPEST: Hungary central bank has room to cut interest rates further while it is also eyeing external markets "very seriously" and would be ready to act if investor sentiment soured a rate setter told Dow Jones on Monday."As long as financial market and inflation developments are on our side, we do see room for further rate cuts," rate setter Gyula Pleschinger was cited as saying in an interview."There is still room to maneuver, but for ...
ABU DHABI: Egypt's government is in the late stages of verifying its economic reform programme with the International Monetary Fund before obtaining a $4.8 billion IMF loan, its central bank governor said on Saturday.The loan, needed to help stabilise Egypt's balance of payments and state finances, has been under discussion for two years but agreement has repeatedly been postponed by political unrest in the country and the government's reluctance to commit to austerity measures."The IMF ...
