12082016Thu
Last update: Thu, 08 Dec 2016 05am

Banking & Finance

Business & Finance - Banking & Finance

Mexico MEXICO CITY: Mexican Central Bank Governor Agustin Carstens is set to leave the Banco de Mexico in July 2017 to lead the Bank for International Settlements from October next year, a central bank spokesman said on Thursday.  Carstens, a former Mexican finance minister, has been the governor of the central bank since 2010.  The peso weakened nearly 1 percent on the news.        Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Bank of England sees global financial risks after Trump victory   LONDON: Donald Trump's victory in the US presidential election has increased the threats to the world economy from higher interest rates and less trade, the Bank of England said on Wednesday.  The BoE also pointed to potential dangers from rapid Chinese credit growth or a disorganised British departure from the European Union in a half-yearly assessment of risks to Britain's financial system.  BoE Governor Mark Carney highlighted a big rise in US market interest rates since Trump's victory, which the Bank said ...

Business & Finance - Banking & Finance

AFDB to lend Tunisia up to 2bn euros over next five years TUNIS: The African Development Bank (AFDB) will lend Tunisia between 1.5 billion euros and 2 billion euros ($1.6 bln-$2.1 bln) over the next five years, the bank's North Africa director Jacob Kolster said on Wednesday.  Kolster announced the loan at an investment conference in Tunis at which regional and Western partners have pledged billions in financial assistance to shore up Tunisia's economy.  "The AFDB will remain in Tunisia and will continue to support Tunisia," Kolster said as he announced the deal.  Tunisia is ...

Business & Finance - Banking & Finance

Monte dei Paschi still debating Fresh inclusion in debt swap, but ‘quite difficult’            ROME: Monte dei Paschi di Siena is still considering the possible inclusion of a 1-billion euro financial instrument in a debt-to-equity swap currently under way, but this is looking "quite difficult" given regulatory and time constraints, the bank's chief financial officer said on Wednesday.  In a conference call with bond holders, CFO Francesco Mele said the issue would be discussed at a board meeting on Wednesday and a statement could come later in the day.  He also said that under ...

Business & Finance - Banking & Finance

ECB stimulus creating room for economic reforms: Draghi FRANKFURT: The European Central Bank's ultra-loose monetary policy is creating room for governments to carry out economic reforms but is no substitute for them, ECB President Mario Draghi said on Wednesday.  "We are lowering the risk that the current low rates of growth become entrenched, but we alone cannot eliminate that risk," Draghi said at an event in Spain.  Responding to criticism that low rates ease pressure on governments to act, Draghi added: "Monetary policy is providing support and space for ...

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RBC hit by capital markets profit decline, loan losses         TORONTO: Royal Bank of Canada reported a worse-than-expected decline in fourth-quarter profits on Wednesday, reflecting lower earnings from its capital markets business and an increase in loans to oil firms turning bad.  Earnings per share fell to C$1.65, down from C$1.74 in the same period last year and short of the C$1.71 average forecast given by analysts, according to Thomson Reuters I/B/E/S Estimates.  Barclays analyst John Aiken said he expected the market to be disappointed with the miss, especially as rival ...

Business & Finance - Banking & Finance

Raiffeisen says listed arm to dominate post-merger board VIENNA: Senior executives from Raiffeisen Bank International will stay on and dominate the board of the combined company once a planned merger with its parent Raiffeisen Zentralbank is confirmed next year, the Austrian firms said on Wednesday.  Under the plan, which will be put to shareholders for final approval in January, parent company RZB will be merged into central and eastern Europe specialist RBI, with RZB shareholders receiving RBI stock in exchange.  RBI's Chief Risk Officer Johann Strobl will take over as ...