08252016Thu
Last update: Thu, 25 Aug 2016 02am

Banking & Finance

Business & Finance - Banking & Finance

Czech central bank balance sheet growth indicates August interventions PRAGUE: The Czech central bank's foreign assets grew by nearly a billion euros in the 10 days to Aug. 20, the bank's balance sheet showed on Wednesday, suggesting the bank intervened markedly in the foreign exchange market to keep the crown from firming.The bank initially intervened to weaken the crown in November 2013. Since mid-2015 it has been buying euros, at various intensities, to prevent it from firming to the strong side of 27 per euro. Interventions have been relatively small recent months.But in the Aug. 10-20 period, central bank assets abroad rose by 26.3 billion crowns, or 975 million euros. In the Aug. 1-10 period, the receivables abroad also rose, by 11.8 billion crowns. The statistic can involve other factors, especially conversion of inflows of EU subsidies into crowns which the bank does for the Finance Ministry, but the majority has been attributable to central bank activity. A spokesman ...

Business & Finance - Banking & Finance

Euro area banks see net profit fall 20pc in first quarter: ECB FRANKFURT: Euro area banks saw their profits fall by a fifth in the first three months of this year as they made less money from trading and most other business areas, European Central Bank data showed on Wednesday. The ECB survey painted a gloomy picture, with all the main sources of profit for banks - lending, trading and fees - down from the year before. Net profit fell by 20 percent year on year to ...

Business & Finance - Banking & Finance

US Fed reverse repo awards fall from 7-week high NEW YORK: The Federal Reserve on Wednesday awarded $95.35 billion of one-day, fixed-rate reverse repurchase agreements to 48 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. On Tuesday, the US central bank allotted $121.65 billion in one-day reverse repos to 41 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. Tuesday's amount was the largest ...

Business & Finance - Banking & Finance

UBS leads team of banks working on blockchain settlement system LONDON: Swiss bank UBS is leading a team of four of the world's biggest banks developing a system to enable financial markets to make payments and settle transactions quickly using blockchain technology.UBS has developed a "Utility Settlement Coin" (USC), which is a digital cash equivalent of each of the major currencies backed by central banks, such as the dollar or euro, rather than a decentralised new digital currency such as bitcoin.The USC would be convertible ...

Business & Finance - Banking & Finance

RBC's third-quarter earnings beat market expectations TORONTO: Royal Bank of Canada on Wednesday reported third-quarter results which beat market expectations, with funds set aside to cover bad loans falling helped by higher oil prices.Like other Canadian lenders, RBC had seen a rise in loans to oil and gas companies that had turned sour due to declining energy prices.Canada's biggest bank also benefited from a strong performance from its wealth management and capital markets businesses.RBC said net income excluding one-off items was ...

Business & Finance - Banking & Finance

China publishes new rules tightening regulation of peer-to-peer lending BEIJING: China announced new rules on Wednesday to tighten regulation of the country's $60 billion peer-to-peer lending sector, which has been dogged by scandals and fraud due to loose oversight. Among the rules, P2P platforms will not be able to take public deposits, nor create asset pools, nor provide any forms of guarantee for lenders, according to a joint document issued by the China Banking Regulatory Commission (CBRC), Ministry of Public Security, Cyberspace Administration of ...

Business & Finance - Banking & Finance

World Bank presidency search opens with Kim's hat in ring WASHINGTON: World Bank chief Jim Yong Kim will seek a second term of office, the global development lender said Tuesday as it announced the start of a selection process for the presidency.Kim's bid to remain as president comes in the face a rare public rebuke from the Bank's rank-and-file, who earlier this month declared that the institution faced a "crisis of leadership.""The executive directors expressed unanimous support for an open, merit-based and transparent selection, with ...