01202017Fri
Last update: Fri, 20 Jan 2017 09pm

Banking & Finance

Business & Finance - Banking & Finance

HSBC funding Indonesian forest destruction JAKARTA: Greenpeace on Tuesday accused banking giant HSBC of helping to arrange billions of dollars in financing for companies whose palm oil operations have been blamed for destroying vast swathes of Indonesian rainforest.The environmental group said the British bank had broken its own guidelines which ban supporting palm oil companies involved in unsustainable practices as it was part of syndicates that had arranged $16.3 billion of loans since 2012.The bank was also involved in arranging nearly $2 billion of corporate bonds, the activists said in a new report. "HSBC claims it's a respectable bank with responsible policies on deforestation. But somehow these fine words get forgotten when it's time to sign the contracts," said Annisa Rahmawati, senior forest campaigner for Greenpeace Southeast Asia.The bank said it did not knowingly provide services to directly support palm oil companies that do not comply with their policies on deforestation.Vast tracts of Indonesian jungle ...

Business & Finance - Banking & Finance

Tanzania seeks $200mn World Bank loan to clear arrears of state utility DAR ES SALAAM: Tanzania is seeking a loan of $200 million from the World Bank for debt-ridden state power supplier TANESCO, the country's energy ministry said on Monday, two weeks after the president refused to allow the utility to hike prices to cover costs. President John Magufuli wants cheap electricity to drive industrialization, but the World Bank is likely to insist the loss-making utility increases prices so it can cover the cost of producing power ...

Business & Finance - Banking & Finance

Deutsche Bank to price 1.5bn five-year senior at 150bp over mid LONDON: Deutsche Bank will price a five-year senior unsecured bond in a 1.5bn size at swaps plus 150bp, according to a source.The bank opened books on the Baa2/BBB+/A- rated note at 165bp area over mid-swaps and revised guidance to 155bp area (+/-5bp, will price in range) on books around 2.5bn. Books were last heard over 3.25bn. Deutsche Bank is sole bookrunner on the transaction. Copyright Reuters, 2017 ...

Business & Finance - Banking & Finance

JPMorgan looks for big payoff from lead in deposit race NEW YORK: Over the past five years, stock analysts have challenged JPMorgan Chase & Co executives for keeping so many branches open as customers did more and more banking online. Giving up real estate, the analysts said, was an obvious way the bank could save money when interest income was flagging and regulatory and legal costs were climbing. But executives at the largest US bank resisted. They argued that branches are great billboards for the ...

Business & Finance - Banking & Finance

Czech central bank chief: inflation trend matters more than spot data PRAGUE: The Czech central bank is more concerned with the inflation trend than with hitting a specific rate of price growth when considering when to lift its cap on the crown's exchange rate, Governor Jiri Rusnok was quoted as saying on Monday. Inflation reached the central bank's 2 percent target in December for the first time in four years, and the markets are betting increasingly heavily on the bank scrapping the cap in the second ...

Business & Finance - Banking & Finance

Qatar National Bank Q4 net profit up 8.3pc DUBAI: Qatar National Bank (QNB), the Gulf's largest lender, reported a 8.3 percent increase in fourth-quarter net profit, according to Reuters calculations on Sunday. The bank's net profit was 2.75 billion riyals ($755 million) in the three months to Dec. 31, compared with 2.54 billion riyals in the corresponding period of 2015, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown. EFG Hermes forecast the bank would make a net profit ...

Business & Finance - Banking & Finance

India central bank employees urge governor to protect autonomy MUMBAI: The employee union of the Reserve Bank of India (RBI) has urged the bank's governor to protect central bank autonomy and not allow the federal government to interfere in processes following criticism over how it handled a ban on high-value currency.The bank and Prime Minister Narendra Modi have been criticised for the implementation of their November decision to abolish high-value bills that accounted for 86 percent of currency in circulation.Economists said slow replacement of ...