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Bank of America reports $70mn loss on legal charge NEW YORK: Bank of America Wednesday reported a third-quarter loss due to a large mortgage-securities settlement, even as the financial giant scored gains in four of five operating divisions.The second-largest US bank by assets notched a net loss of $70 million due to a previously announced $5.3 billion charge following a record mortgage-securities settlement with the US Department of Justice in August.BofA's results translated into a loss of one cent per share, well below the average analyst estimate of nine cents.But non-legal expenses fell by $1.2 billion, due in part to a smaller workforce.And better results in most operating divisions drew positive commentary from analysts."Behind the noise, it appears to be a solid quarter for BofA with stabilizing revenues and continued progress on expense initiatives," said RBC Capital Markets.Consumer and business banking profits rose on higher credit card issuance, larger deposits and a lower provision in case of credit losses. ...

BOJ senior official QE makes it easier for banks to lend, helps economy TOKYO: A senior Bank of Japan official said on Wednesday that the central bank's quantitative easing makes it easier for banks to lend money as it pushes interest rates lower.Quantitative easing also helps increase demand for funding and contributes to overall growth, BOJ Executive Director Masayoshi Amamiya said in parliament.Amamiya is an architect of the BOJ's quantitative easing and is in charge of an important division that determines monetary policy options.Copyright Reuters, 2014 ...
Bank of Korea governor's comments at news conference SEOUL: South Korea's central bank cut its policy interest rate for the second time in three months on Wednesday to spur the flagging economy, in line with the market's expectations, but many analysts see slim chances of further easing.Following are key remarks from Bank of Korea Governor Lee Ju-yeol at a news conference."The decision to lower rates on Wednesday was not unanimous as one dissenter voted to hold rates steady.""Our decision to cut rates was ...
Bank of Korea cuts rates, avoids signalling end of cycle SEOUL: South Korea's central bank slashed its policy interest rate for the second time in three months on Wednesday to match its record low and gave no clear signal that its easing cycle had ended - keeping the door open for another cut.Bond prices rose modestly as Wednesday's decision had been widely expected, with the anticipated tightening in US monetary policy next year obscuring the outlook for South Korea's own policy direction.The Bank of Korea ...
Former UBS banker's tax trial opens in Florida FORT LAUDERDALE: Former UBS banker Raoul Weil went on trial here Tuesday, charged with conspiring to help Americans hide billions of dollars from US tax authorities.Impeccably dressed in a dark suit, Weil, who has pleaded not guilty, looked relaxed as his trial opened in federal court here with the selection of a 12-member jury.Prosecutors allege that the 54-year-old Swiss citizen helped US clients conceal some $20 billion in assets from tax authorities between 2002 and ...
Deutsche Bank looks to open new branches in China FRANKFURT: Deutsche Bank hopes to open new branches in China at a rate of about one per year as it positions itself to benefit from expanding trade and investment between Asia's largest economy and Europe.Werner Steinmueller, head of transaction banking at Deutsche, said the expansion was part of the bank's wider efforts to profit from China's economic rise."We will steadily open branches," Steinmueller told journalists on Tuesday. The exact pace and path of expansion depends ...
Spanish banks' ECB borrowing falls to 154.8bn euro in September MADRID: Spanish banks borrowed 154.8 billion euros (196.6 billion US dollar) in September from the European Central Bank, according to Bank of Spain data on Tuesday, down from August when banks' borrowings stood at 162.6 billion euros. Spanish banks took an all-time high of 411 billion euros from the ECB in August 2012, when the country's financial turmoil reached a peak and weak lenders were granted a 41.3 billion euro aid package from Europe that ...


Index Closing Chg%
Arrow DJIA 16,380.41 1.63
Arrow Nasdaq 4,258.44 0.97
Arrow S&P 1,886.76 1.29
Arrow FTSE 6,310.29 1.85
Arrow DAX 8,850.27 3.12
Arrow CAC-40 4,033.18 2.92
Arrow Nikkei 14,532.51 1.40
Arrow H.Seng 23,023.21 0.53
Arrow Sensex 26,108.53 0.42

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 10, 2014
Reserves $13.401 bln