09302016Fri
Last update: Fri, 30 Sep 2016 03pm

Banking & Finance

Business & Finance - Banking & Finance

Barclays bank ramps up foreign exchange rigging costs LONDON: Barclays on Tuesday ramped up the size of costs it expects to face over its alleged role in the rigging of foreign exchange markets, tipping the troubled lender into a loss last year.It has set aside £1.25 billion ($1.92 billion, 1.72 billion euros) "for ongoing investigations and litigation relating to foreign exchange", including £750 million for the final quarter of 2014, the bank said in an earnings statement.Barclays had announced in October a provision of £500 million for any eventual costs and fines linked to the probes.The latest announcement from Barclays -- which was at the heart also of the 2012 Libor interbank interest-rate rigging scandal -- comes as global regulators investigate the alleged rigging of foreign exchange (forex) markets around the world.In Britain, watchdogs the Serious Fraud Office and the Financial Conduct Authority (FCA) have launched probes into the alleged manipulation of the £3-trillion-a-day forex market."We remain focussed ...

Business & Finance - Banking & Finance

Rising Singapore interest rates sting mortgage borrowers SINGAPORE: The era of ultra-easy money is drawing to an end for Singapore mortgage holders, with domestic interest rates rising at their fastest pace in a decade in a country that already ranks among the world's most expensive places to live.The three-month Singapore inter-bank offered rate (Sibor), used to set floating-rate mortgages, climbed to 0.78756 percent on Tuesday. It has gained 33 basis points so far this year, exceeding all the annual increases since 2005.Analysts ...

Business & Finance - Banking & Finance

Tunisia's El Wifack Leasing to convert to Islamic bank in Q3 MANAMA: Tunisia's El Wifack Leasing plans to become the country's third full-fledged Islamic bank by August and will receive a capital injection from the private sector arm of the Islamic Development Bank, a senior executive told Reuters.El Wifack, rated BBB- by Fitch Ratings, will complete the conversion process through a partnership and technical assistance agreement signed on Monday with the Islamic Corporation for the Development of the Private Sector (ICD).The ICD will inject up to ...

Business & Finance - Banking & Finance

Bank of England's Carney declines to comment on auctions probe report LONDON: Bank of England Governor Mark Carney declined to comment on a report that the central bank had launched an internal inquiry into possible wrongdoing in British money markets. The Financial Times reported in November that the Bank of England was investigating whether staff knew or even aided possible manipulation of auctions it held at the onset of the financial crisis to pump liquidity into the banking system. Carney was asked about the report by ...

Business & Finance - Banking & Finance

Ukraine's central bank extends obligatory sales of 75pc of foreign currency revenue KIEV: Ukraine's central bank said on Tuesday it would extend a rule obliging companies to sell 75 percent of their foreign currency earnings to help stabilise the struggling national hryvnia currency. Speaking in a briefing, central bank chief Valeriia Gontareva did not say how long the measure would remain in place. Copyright Reuters, 2015 ...

Business & Finance - Banking & Finance

China urges banks to speed up agriculture sector loans BEIJING: China urged its banks to speed up lending to agriculture, the country's banking regulator said on Tuesday, in an effort to bolster a sector that employs almost one third of its 1.4 billion people, but remains in desperate need of funding.Policymakers have cut interest rates, increased lending targets and freed up banks' reserves to lend more, but this has done little for farming, which produces some 9 percent of China's GDP, though with low ...

Business & Finance - Banking & Finance

Turkish central bank says core inflation expected to continue to fall ISTANBUL: Turkey's core inflation is expected to decline further in the period ahead and its current account deficit will continue to narrow thanks to an improvement in its energy trade balance, the central bank said in minutes published on Tuesday. In the minutes of last week's interest rate decision, the bank said it would employ policy tools to support the economy if an additional slowdown in external demand and a sizeable decline in global growth ...