05012016Sun
Last update: Sun, 01 May 2016 02pm

Banking & Finance

Business & Finance - Banking & Finance

Fed awards $29.56bn reverse repos NEW YORK: The Federal Reserve on Tuesday awarded $29.56 billion of one-day, fixed-rate reverse repurchase agreements to 26 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. On Monday, the Fed allotted $24.15 billion in one-day reverse repos to 23 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. The reverse repurchase agreement program is seen as a critical policy tool for the US central bank to drain money from the financial system in an effort to achieve its interest-rate objectives. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Bank of England says investors may need to accept lower bank profits LONDON: Investors have not fully priced in the likelihood that banks will generate lower returns than in the past as they shift to less risky business models, a deputy governor of the Bank of England said on Tuesday. Major global banks such as Citi and Goldman Sachs have reported sharp falls in profits in their latest earnings, and some British ones such as Royal Bank of Scotland are in the midst of large-scale job cuts. ...

Business & Finance - Banking & Finance

New York City's FY 2017 executive budget plan reaches $82.2bn NEW YORK: New York City's executive budget proposal for the 2017 fiscal year will amount to $82.2 billion, almost identical to a preliminary budget estimate in January of $82.1 billion, Mayor Bill de Blasio said on Tuesday. "At its core, our budget is our roadmap for lifting up communities," de Blasio said. "The strategic investments we have put to work in every neighborhood, coupled with disciplined fiscal management - are producing real results for New ...

Business & Finance - Banking & Finance

Egypt's central bank sells $118.7 million at Tuesday auction CAIRO: Egypt's central bank sold $118.7 million at its regular rate of 8.78 to the dollar at Tuesday's sale.Egypt's pound strengthened on the black market, traders quoting rates of 10.40/10.50 to the dollar, after it had sharply weakened in the past couple of weeks, hitting around 11.50 Egyptian pounds to the dollar.The United Arab Emirates has allocated $4 billion to Egypt, half of it in investment and half as a central bank deposit to support ...

Business & Finance - Banking & Finance

StanChart profits rebound as unwanted loans are cut LONDON: Standard Chartered took an extra US$107m charge to cover losses from the sale of US$20bn of assets it no longer wants, but said it was making good progress in getting rid of the loans.New CEO Bill Winters in January put the risky loans in a "liquidation portfolio" to be sold or closed. It reduced the portfolio by 5% in the first quarter, leaving it with gross loans of US$7.5bn, or US$19bn on a risk-weighted ...

Business & Finance - Banking & Finance

Standard Chartered profit rebound lifts shares as CEO flags progress LONDON: Standard Chartered posted stronger-than-expected first quarter results and said restructuring costs were in line with its plans, lifting its shares by 10 percent on Tuesday. Chief Executive Bill Winters said the results, including a bumper statutory profit that was more than double the previous quarter, reflected "good progress on our strategic objectives."Investors responded positively to the emerging markets-focused bank's pretax profit of $589 million, against a loss of $4.05 billion in the final quarter ...

Business & Finance - Banking & Finance

Malaysia's troubled 1MDB fund defaults on bonds KUALA LUMPUR: Troubled Malaysian state investment fund 1MDB said Tuesday it had defaulted on $1.75 billion in bonds it issued after missing an interest payment, raising fears of financial-market fallout from the scandal-tainted company.The fund, founded in 2009 by Malaysian Prime Minister Najib Razak, who remains the chair of its advisory board, is teetering on the verge of collapse amid multiple investigations around the world into allegations that billions were looted from it.1MDB, or 1Malaysia ...