Banking & Finance
Sunday, 12 May 2013 20:04
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CAIRO: Egypt received a $3 billion deposit from Qatar on Thursday, a central bank official said on Sunday, shoring up finances hit by economic turmoil since a popular uprising that toppled the government two years ago.The funds will remain with the central bank until Egypt's Ministry of Finance issues bonds of the same value to Qatar, said the central bank official, who asked not to be named.The three-year bonds will carry an interest rate of 3.5 percent.Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani promised the money when Egyptian Prime Minister Hisham Kandil visited Qatar on April 10. The Gulf state has already lent Egypt $5 billion since President Mohamed Mursi took office last July.Qatar had asked for 5 percent interest and a maturity of 18 months on the funds, but Egypt was negotiating to get the terms improved, an Egyptian official involved in the talks said last month.Egypt has ...
DUBAI: Bahrain-based Islamic lender Al Baraka Banking Group posted a 15-percent increase in first-quarter net income, the bank said on Sunday.Al Baraka, which has operations across the Middle East, Asia and Africa, said first-quarter net income rose to $66 million from $57 million in the year-ago period, it said in a statement on Sunday. The bank made a total operating income of $233 million in the first quarter of 2013, up 16 percent over same ...
ATHENS: Greece's small troubled lender FBBank has been split into "good" and "bad" parts, with the healthy business absorbed by Greece's largest lender National Bank (NBG), the central bank said on Saturday.Hit by rising bad debts and losses from government bond write-downs, Greek banks have been consolidating to cope with a deep recession, now in its sixth year, and lack of access to wholesale funding markets.Banking sources told Reuters on Friday that FBBank would be ...
ZURICH: Switzerland's finance minister supports exchanging bank client data with foreign tax authorities under certain conditions, which the Swiss government will begin debating in June, according to a newspaper interview.Swiss bank secrecy has come under fire, particularly from the United States, France and Germany, since the financial crisis. Switzerland agreed in 2009 to share more information with foreign authorities hunting tax cheats on request, but until now has rejected an automatic exchange of data."If you ...
WASHINGTON: Federal Reserve Chairman Ben Bernanke on Friday said the central bank is stepping up its monitoring of "too big too fail" companies and other risks to financial stability.Bernanke said the Fed was moving into a more systemic mode of financial monitoring after failing to spot the seeds of the 2008 Wall Street meltdown more than four years ago."The step-up in our monitoring is motivated importantly by a shift in financial regulation and supervision toward ...
MILAN: Italy's biggest bank by assets, UniCredit, returned to profit in the first quarter of 2013 thanks to lower loan-loss provisions and strong trading income.UniCredit, the first Italian retail bank to release its results for the quarter, said on Friday its net profit came in at 449 million euros ($587.97 million) after a loss of 553 million euros in the last three months of 2012.The figure easily beat an analyst consensus distributed by the bank, ...
ISTANBUL: Turkey's Central Bank injected 500 million lira ($278 million) in a one-month repo auction on Friday at an average simple rate of 5.04 percent, bank data showed.Total bids for the repo, maturing on June 7, amounted to 2.2 billion lira.The bank also injected 6.5 billion lira into the market in a one-week repo auction at a fixed simple rate of 5 percent. Bids stood at 14.151 billion lira for the repo, which will mature ...
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