08272016Sat
Last update: Sat, 27 Aug 2016 06pm

Banking & Finance

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UAE to deposit $1bn in Egypt central bank ABU DHABI: The United Arab Emirates agreed Monday to deposit $1 billion into Egypt's central bank in a new show of support for President Abdel Fattah al-Sisi, state news agency WAM said.The announcement comes as Egypt grapples with a dollar shortage and dwindling foreign reserves, and as Sisi has been preparing public opinion for economic reform measures, including further subsidy cuts.The $1 billion (800,000 euro) deposit, which is for a six-year period, comes as part of the UAE's "unwavering position in supporting Egypt and its people" and in recognition of Egypt's "pivotal role in the region", WAM said.Egypt has already received more than $20 billion in aid from Gulf countries that supported the overthrow of Sisi's Islamist predecessor Mohamed Morsi, but that has not stemmed the decline of its economy.The UAE, which considers Morsi's Muslim Brotherhood movement to be a "terrorist" group, has been among the strongest backers of Sisi's ...

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Nigeria's central bank selling dollars in forex market LAGOS: Nigeria's central bank sold dollars in the forex market on Monday, four hours after the market opened with no trades, traders said. The naira rate was 308 to the dollar, its closing level in the previous session, by 1245 GMT. Copyright Reuters, 2016 ...

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RBS to relive unpleasant memories as investor lawsuit looms LONDON: At an English country mansion last month, lawyers for Royal Bank of Scotland (RBS) sat down with representatives of angry shareholders to broker an end to what may end up being the costliest case in British legal history. The meeting at The Grove, an 18-century estate near London that served as the secret World War Two HQ for Britain's biggest railway company, was convened to persuade investors to drop claims they were misled into ...

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Taiwan probes leading bank linked to Panama Papers TAIPEI: Taiwan is investigating a bank linked to the so-called Panama Papers scandal, in the wake of a $180 million fine levied by US authorities for "flagrant disregard" of anti-money laundering laws.American regulators last week said Taiwan's Mega International Commercial Bank showed indifference towards transactions carried out through Panama, which it calls a "high-risk jurisdiction for money-laundering". The US Department of Financial Services (DFS) said it had identified "suspicious transactions" between Mega International's New York ...

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Credit Suisse rules out negative rates for retail clients for now ZURICH: Credit Suisse has no plans at present to pass on negative Swiss interest rates to retail clients, Thomas Gottstein, head of the bank's Swiss business, tells SonntagsBlick paper. "If the Swiss National Bank cuts rates further we would have to consider whether to demand negative rates from retail customers as well, but from today's perspective I rule this out. We demand negative interest rates only from large customers," he is quoted as saying. Says ...

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India's SBI says will gain $120bn in assets from takeover of units NEW DELHI: State Bank of India (SBI) , the nation's biggest lender by assets, will gain $120 billion in assets following its merger with associate banks and Bhartiya Mahila Bank, the lender said in a statement on Saturday.In a first move to consolidate India's struggling public sector banks, SBI's board on Thursday approved share swap ratio for the proposed takeover of five units that had been run at arms-length, as well as state-run Bharatiya Mahila ...

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BOJ's Kuroda says won't rule out deepening negative rate cut: Sankei TOKYO: The Bank of Japan will not rule out deepening a cut to negative rates it introduced in February, the Sankei newspaper quoted Governor Haruhiko Kuroda as saying, even as the controversial policy has failed to spur inflation or economic growth.In an interview with the daily, Kuroda said the BOJ's negative rate policy has not reached its limits."The degree of negative rates introduced by European central banks is bigger than Japan. Technically there definitely is ...