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Last update: Tue, 31 May 2016 05pm

Banking & Finance

Business & Finance - Banking & Finance

Greece's National Bank posts Q1 profit on lower bad debt provisions ATHENS: Greece's National Bank (NBG) on Thursday reported a profit in the first quarter, helped by lower bad debt provisions. National Bank, which is 40 percent owned by the country's bank rescue fund HFSF after its recapitalisation late last year, reported net profit of 87 million euros ($97.37 million), excluding assets held for sale and discontinued operations versus a loss of 1.91 billion euros in last year's fourth quarter. Provisions for impaired credit in Greece fell to 134 million euros in January-to-March from 671 million euros in the fourth quarter. Non-performing credit dropped to 33.6 percent of its loan book from 33.1 percent at the end of December. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Spain's Criteria says to reduce stake in Caixabank to 40pc by end 2017 MADRID: Spain's Criteria, the parent company of Caixabank, said on Thursday it would reduce its stake in the lender to 40 percent from 56.8 percent by the end of 2017. "The reduction will facilitate the entry of new investors and new funds into the shareholder structure of Caixabank," a filing with the Spanish stock market regulator from Criteria said. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

US Fed awards $58.67bn in reverse repos NEW YORK: The US Federal Reserve on Thursday awarded $58.67 billion of one-day, fixed-rate reverse repurchase agreements to 38 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. On Wednesday, the Fed allotted $65.8 billion in one-day reverse repos to 38 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

China central bank plans commercial paper exchange: newspaper SHANGHAI: The People's Bank of China is discussing with banks the creation of a central exchange for commercial paper, the 21st Century Business Herald reported on Thursday, citing multiple anonymous industry sources.The central bank began researching the possibility of an exchange as early as last year, the paper said, but as concerns over management of the market have mounted this year the urgency of the project has increased.Commercial paper, sometimes known as corporate bills in ...

Business & Finance - Banking & Finance

RBC says bad loans rose 19 percent in second quarter TORONTO: Royal Bank of Canada (RBC) said on Thursday bad loans increased by C$583 million ($450 million), or 19 percent, in the second quarter from the quarter before, largely due to a rise in credit to oil firms that had turned sour.Canada's biggest banks are seeing an increase in energy clients struggling to pay back loans following a sharp decline in the price of oil. Bank of Montreal said on Wednesday it had set aside ...

Business & Finance - Banking & Finance

Banco Popular shares dive on cash call MADRID: Shares in Spanish bank Banco Popular lost over a fifth of their value Thursday after the bank asked shareholders to stump up more cash to clear up its balance sheet.In a rights issue worth 2.5 billion euros ($2.8 billion), the bank will create over two billion new shares at 1.25 euros between May 28 and June 11, it said in a regulatory filing. The bank's stock closed at 2.36 euros on Wednesday."With this operation ...

Business & Finance - Banking & Finance

Iraq gets initial accord for $3bn Islamic Development Bank loans BAGHDAD: The Islamic Development Bank has given its initial agreement to provide $3 billion in easy loans and grants to Iraq, helping the nation cope with a sharp decline in oil revenue, a central bank spokesman in Baghdad said Thursday in an email. The spokesman did not give further details.Iraq earlier this month agreed a $5.4 billion standby loan with the International Monetary Fund. Finance Minister Hoshyar Zebari, announcing the agreement on May 19, said ...