08282016Sun
Last update: Sun, 28 Aug 2016 11pm

Banking & Finance

Business & Finance - Banking & Finance

Swiss sight deposits surge after SNB abandons franc cap ZURICH: The amount of cash commercial banks hold with the Swiss National Bank rose the most since at least March 2013 last week, suggesting the central bank intervened to keep the franc down despite scrapping a cap against the euro.Switzerland's central bank shocked financial markets 11 days ago by abandoning the three-year-old cap on the franc, a policy it later said would have cost 100 billion Swiss francs ($112.99 billion) to defend this month alone had it been maintained.The move sent the Swiss currency soaring against the euro and stocks plunging, a reaction the SNB said was overdone.In the week following the removal of the cap, sight deposits surged to 365.486 billion Swiss francs last week, up from 339.614 billion francs in the prior week, SNB data showed on Monday.The SNB can expand sight deposits through foreign exchange swaps and repurchases of its own debt."This increase is a very strong ...

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Russian central bank conducts no forex market interventions on Jan 22 MOSCOW: The Russian central bank said on Monday it had conducted no interventions on the foreign exchange market on Jan. 22.The central bank releases its interventions data with a lag of two working days.-ReutersCopyright Reuters, 2015 ...

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ECB's Visco says no fixed end to QE: paper FRANKFURT: There is no fixed end to the European Central Bank's government bond-buying programme, governing council member Ignazio Visco told a German paper."There is no fixed end to the programme that we have decided on," Visco told Handelsblatt in an interview published on Monday, adding it was also vital that euro zone economies implement their structural reforms and consolidate their budgets.Visco also warned that the ECB should not be overburdened in the current situation."Mario Draghi ...

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Bundesbank's Weidmann: It's in interest of Greek govt to do reforms BERLIN: Bundesbank President Jens Weidmann said Greece, where an anti-bailout party looks set to win a snap election, would continue to need aid and would only get this by sticking to agreements, adding he hoped the new government would not make promises the country could not afford. "I believe it's also in the interest of the Greek government to do what is necessary to tackle the structural problems there," Weidmann said in an interview with ...

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Ecobank to comply with Ivorian order in defamation case ACCRA: Pan-African lender Ecobank will comply with an order by a court in Ivory Coast to publish in international media a judgment in a defamation case brought by its former chief executive even as it appeals against the ruling, a bank spokesman said on Sunday. Ecobank must publish the commercial court's ruling on former CEO Thierry Tanoh's case in "all news media and internet sites" or face a fine of $400,000 a day, according to ...

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Dubai Islamic Bank targets 15-20pc loan growth in 2015: CEO DUBAI: Dubai Islamic Bank is targeting loan growth in 2015 of between 15 percent and 20 percent, with the profitability of its lending activity expected to remain around the same level as last year, its chief executive said on Sunday.Adnan Chilwan said DIB's net interest margin -- the amount it makes lending out money versus the cost of securing the original funds -- would stay at around 3.6 percent in 2015.The head of the United ...

Business & Finance - Banking & Finance

Abu Dhabi Commercial Bank Q4 net profit jumps 29pc, hikes dividend DUBAI: Abu Dhabi Commercial Bank recorded a 28.9 percent jump in fourth-quarter net profit on Sunday, according to Reuters calculations, beating analyst forecasts as it also proposed a higher dividend for 2014.The fourth-largest lender by assets in the United Arab Emirates made a net profit of 1.02 billion dirhams ($277.7 million) in the three months ending Dec. 31 versus 793.1 million dirhams in the corresponding period of 2013.ADCB did not provide a breakdown of its ...