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Last update: Sat, 01 Oct 2016 06pm

Banking & Finance

Business & Finance - Banking & Finance

Commerzbank says to cut 9,600 jobs by 2020 in restructuring FRANKFURT: Germany's second largest lender Commerzbank said on Thursday it plans to cut 9,600 jobs by 2020 and withhold dividends to pay for a 1.1-billion-euro restructuring.The Frankfurt-based firm added that the plan, still to be agreed at a supervisory board meeting on Friday, would see it report a loss in the third quarter as it writes down the value of goodwill and other intangible assets.Copyright AFP (Agence France-Presse), 2016 ...

Business & Finance - Banking & Finance

RBNZ says housing market poses financial stability risk, NZD is high WELLINGTON: New Zealand's currency remained high and imbalances in the housing market posed a financial stability risk, the Reserve Bank of New Zealand said on Thursday. "We remain vigilant about financial stability risks arising from imbalances in the housing market," said RBNZ governor Graeme Wheeler in the bank's annual report. The comments came after the central bank kept rates on hold at a record low of 2.0 percent last week, but said that further easing ...

Business & Finance - Banking & Finance

Russian central bank says no target to raise gold's share in reserves MOSCOW: Russia's central bank is ready to keep buying gold from banks but has no quotas or objective to increase gold's share in its reserves, the bank's First Deputy Governor Dmitry Tulin said on Wednesday. "We are not currently selling foreign currency from reserves but keep buying gold for which prices are rising, which has led to a rise of gold's share in reserves," Tulin told reporters. "We don't have an operational target of increasing ...

Business & Finance - Banking & Finance

SEC says UBS to pay $15mn over sales practices NEW YORK: UBS Group AG has agreed to pay more than $15 million to settle US Securities and Exchange Commission charges that its failure to properly train brokers led to customers buying hundreds of millions of dollars of unsuitable securities. The SEC said on Wednesday that UBS from 2011 to 2014 sold about $548 million of "reverse convertible notes," derivatives tied to individual stocks, to more than 8,700 retail customers who were relatively inexperienced and ...

Business & Finance - Banking & Finance

Turkey central bank sees recovery in economic activity from Q4 ISTANBUL: A recovery in Turkey's economic activity is seen from the fourth quarter, Central Bank Governor Murat Cetinkaya said in a statement on Wednesday. He also said the reformation of Turkey's food committee showed the determination to fight inflation and that the committee would make an important contribution to reducing price volatility. The statement was released by the central bank as Cetinkaya started speaking at an event in Istanbul. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Fed may change stress tests, capital buffers for US banks: Yellen WASHINGTON: The Federal Reserve is considering changes to the annual stress tests it gives US banks to move to a more risk-sensitive, firm-specific approach that would raise capital requirements for big banks based on their test results, according to its chair, Janet Yellen. Testifying at a House of Representatives Financial Services Committee hearing on Wednesday, Yellen said the Fed is "now considering making several changes to our stress testing methodology and process."The stress tests aim ...

Business & Finance - Banking & Finance

US fines RBS bank $1.1bn over pre-crisis mortgages LONDON: Royal Bank of Scotland on Wednesday said it had agreed a fine of $1.1 billion (982 million euros) with US authorities over the alleged mis-selling of mortgage securities ahead of the 2008 financial crisis.It comes a week after US authorities said they would seek $14 billion from Deutsche Bank over similar allegations."The Royal Bank of Scotland Group has reached a final settlement with the National Credit Union Administration Board to resolve two outstanding civil ...