02062016Sat
Last update: Sat, 06 Feb 2016 02pm

Banking & Finance

Business & Finance - Banking & Finance

ECB should separate monetary and supervisory decision makers FRANKFURT: The European Central Bank should have separate decision-making bodies for monetary policy and banking supervision as the current set-up could lead to conflicts of interest, the deputy president of Germany's Bundesbank said on Thursday. "The ECB's Governing Council, for instance, is the ultimate decision making body for both, monetary policy and supervisory decisions," Claudia Buch, who sits in on governing council meetings, said in remarks prepared for a speech. "A clear separation of the ECB's responsibilities for banking supervision and monetary policy would be desirable." Buch also called for a simplification of the rules governing the participation of the European Commission and the Council in the decision-making process of the Single Resolution Mechanism for winding up failed banks. She said the current institutional framework is vulnerable to possible conflicts of interest but acknowledged that any change would require modifying primary European Union law. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Top Dutch bank ING post three-fold jump in 2015 profit THE HAGUE: Top Dutch bank ING more than tripled its profit last year on the back of a recovering economy and an increase in lending, it said on Thursday.Net profits stood at just over 4.01 billion euros ($4.47 billion), up by 220.5 percent year-on-year, while turnover jumped 8.2 percent to 16.55 billion euros, it said in a statement.In 2014 ING saw profits plunge by 64 percent because of a major restructuring. Loans increased last year ...

Business & Finance - Banking & Finance

Portugal bows to EU pressure to lower budget deficit LISBON: Portugal has agreed to lower its 2016 budget deficit and growth forecasts following pressure from the European Commission, a government official told AFP Wednesday.The new Socialist-led minority government, allied with the radical left, cut its projected budget deficit to 2.4 percent of Gross Domestic Product (GDP), from 2.6 percent announced two weeks before, the source said on condition of anonymity.It also lowered its growth forecast to 1.9 percent, from 2.1 percent, after Brussels said ...

Business & Finance - Banking & Finance

HSBC to honour 2016 pay rises for 28,000 UK workers: union LONDON: Europe's largest lender HSBC will honour agreed 2016 pay rises for over 28,000 junior British workers despite a global freeze on pay, trade union Unite said on Wednesday.HSBC is imposing a hiring and pay freeze across the bank this year, as it pushes through with plans for annual cost savings of up to $5 billion by 2017."HSBC will abide by pay deals made with recognised trade unions, such as Unite," Unite said in a ...

Business & Finance - Banking & Finance

Bank of England says proposals to keep UK in EU need fleshing out LONDON: European Union proposals to make it harder for euro zone countries to impose rules on Britain's financial sector need fleshing out so they work on the ground, Bank of England Deputy Governor Andrew Bailey said on Wednesday.The proposals offer safeguards to limit euro zone countries' ability to impose regulation on the City of London, the EU's biggest banking centre, as part of reforms designed to dissuade Britons from voting to leave the 28-member bloc."These ...

Business & Finance - Banking & Finance

Wells Fargo to pay $1.2 bn to settle US mortgage suit NEW YORK: Wells Fargo will pay $1.2 billion to settle a US lawsuit that accused it of improperly certifying loans for a federal mortgage insurance program, the bank said Wednesday.Wells Fargo said it had reached an agreement in principle with the US Department of Justice and other US agencies on allegations the bank improperly certified Federal Housing Administration loans from 2001-2010. The agreement resolves an October 2012 US lawsuit against Wells Fargo that charged that ...

Business & Finance - Banking & Finance

Disgraced ex-IMF chief Strauss-Kahn joins Ukraine bank KIEV: Disgraced former IMF chief Dominique Strauss-Kahn has been appointed to the supervisory board of a bank owned by Ukraine's second-richest businessman Viktor Pinchuk.Kiev's Kredit-Dnipro Bank said the decision to accept Strauss-Kahn and five others to the advisory body was taken on Monday and goes into immediate effect.It added that Strauss-Kahn would serve as an independent committee member who does not represent shareholders' interests.Pinchuk is the son-in-law of former Ukrainian president Leonid Kuchma and is ...