09272016Tue
Last update: Tue, 27 Sep 2016 11am

Banking & Finance

Business & Finance - Banking & Finance

Argentina central bank chief says targets inflation of 8-12pc for 2018 BUENOS AIRES: Argentina's central bank will target inflation of 8 percent to 12 percent in 2018, down from a 12 percent to 17 percent target in 2017, central bank chief Federico Sturzenegger said on Monday. Inflation should fall to around 5 percent in 2019, he said in a presentation to explain the bank's inflation targeting strategy for next year. Although some analysts had expected the bank to move to a monthly policy rate like most central banks around the world in 2017, Sturzenegger said Argentina would continue to set its policy rate once a week. The reference rate will change from 35 days currently to 7 days, however, and will no longer be associated with the auction of short-term Lebac debt notes. "This will give greater stability to reference rate prices," Sturzenegger said. The bank will auction off Lebac on the third Wednesday of every month rather than every week, ...

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Fed seeks more capital from big banks, relief for regional lenders WASHINGTON: The Federal Reserve will seek significantly more capital from the largest US banks and give some relief to smaller lenders as it updates its annual stress test, Fed Governor Daniel Tarullo said on Monday.The reforms will include a new capital buffer to better protect the financial system from a shock at the nation's largest lenders like JPMorgan Chase, Bank of America and Wells Fargo. "In pulling this package of modifications together, we have consciously ...

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African Development Bank says aims to provide $4.1bn to Nigeria in 2016/2017 LAGOS: The African Development Bank is looking to provide a total of $4.1 billion to Nigeria over the course of 2016 and 2017, its president said on Monday. Akinwumi Adesina told reporters the funds would be used to develop the power and agriculture sectors in the west African country, as well as infrastructure development. Copyright Reuters, 2016 ...

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Bank of America to cut Asia investment banking jobs SINGAPORE/HONG KONG: Bank of America is set to cut about two dozen investment banking jobs in Asia, including some top dealmakers, sources told Reuters, as a slowdown forces western banks to cut costs.The job cut plan comes after Reuters reported on Friday that Goldman Sachs is planning to cut almost 30 percent of its 300 investment banking jobs in Asia outside Japan, in response to a fall in activity in the region. Some bankers handling ...

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Colombia central bank to hold rates for rest of 2016 BOGOTA: Colombia's central bank will hold its benchmark interest rate at its meeting this week, analysts in a Reuters survey said on Monday, in a trend set to continue for the remainder of the year as policymakers await a fall in inflation.All 15 analysts polled said the seven-member bank board will keep the rate at 7.75 percent at its meeting on Friday, which would mean a second consecutive month of rate holds. Thirteen of those ...

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Deutsche Bank says no need for Berlin's help in $14bn US dispute FRANKFURT/BERLIN: Deutsche Bank said on Monday it had no need for German government help with a $14 billion US demand to settle claims it missold mortgage-backed securities, as its shares hit a record low. German magazine Focus reported at the weekend that Chancellor Angela Merkel had met Deutsche Bank Chief Executive John Cryan over the summer and had indicated he could expect no help from Berlin in resolving the bank's dispute with the US Department ...

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ECB's Coeure says QE less effective than hoped due to external shocks ROME: The European Central Bank's programme of quantitative easing has been less effective than it had hoped as a result of external shocks, ECB Executive Board Member Benoit Coeure said on Monday. Speaking at a conference in Rome, Coeure said that since the ECB began its asset buying programme the euro zone economy had been hit by "a number of external shocks", including a steep fall in commodity prices and, most recently, Britain's decision to ...