09292016Thu
Last update: Thu, 29 Sep 2016 08pm

Banking & Finance

Business & Finance - Banking & Finance

Mongolia shuts down $10mn bond auction after no bids received ULAN BATOR: Mongolia shut down a $10 million government bond auction on Wednesday after receiving no bids, the central bank said, in what analysts said was a fresh sign of the resource-rich country's economic struggles.The 20 billion tugrik ($10.2 million) bond remained unsold due to an "absence of both competitive and non-competitive bids," the Bank of Mongolia said in a statement on its website.The landlocked country, wedged between China and Russia, has sought in recent years to settle on a government policy that balances resource nationalism with the development of its estimated $1.3 trillion in unexploited mineral deposits.The prolonged struggle has led to economic turbulence, with the central bank's failed bond auction the latest symptom of systemic troubles."There have been several failed auctions by Mongol Bank over the last six to nine months," said Nick Cousyn, chief operating officer of BDSec JSC, Mongolia's largest stock brokerage."In every previous auction, domestic ...

Business & Finance - Banking & Finance

Sun Life Q4 profit misses estimates, but set to beat 2015 targets TORONTO: Canadian insurer Sun Life Financial reported a much weaker-than-expected fourth-quarter profit on Wednesday, hurt by disappointing earnings from its US group life and disability operations, but said it was on track to exceed its 2015 earnings target.Net income declined to C$502 million ($398 million), or 81 Canadian cents a share, in the quarter ended Dec. 31.But underlying net income was 59 Canadian cents a share, far below analysts expectations of 78 Canadian cents."It is ...

Business & Finance - Banking & Finance

Abu Dhabi's Aldar Q4 net profit rises 61pc DUBAI: Abu Dhabi's Aldar Properties reported a 61 percent rise in fourth-quarter net profit on Thursday, beating an analyst forecast.The state-run builder of Abu Dhabi's Formula One circuit made a profit attributable to shareholders of 696.3 million dirhams ($189.57 million) in the three months to Dec. 31, according to Reuters calculations based on a company statement.This compares with a profit of 432.6 million dirhams in the corresponding period of 2013.SICO Bahrain forecast Aldar would make ...

Business & Finance - Banking & Finance

Morgan Stanley hires David Bokman for new wealth post NEW YORK: David Bokman, a trusts and estates lawyer who most recently served as chief advisory officer of GenSpring Family Offices in Atlanta, has joined Morgan Stanley Wealth Management in a newly created role running "upper high net worth resources" in its Private Wealth Management unit.He will be based in New York. Bokman is responsible for connecting financial advisers who service very wealthy investors to other parts of the investment bank and for identifying product ...

Business & Finance - Banking & Finance

Fisher floats changes to fix Fed's New York, Washington bias NEW YORK: The Federal Reserve should revamp its rules to address perceptions of conflicts of interest and regulatory capture in the power centers of New York and Washington, the outspoken head of the Dallas Fed said on Wednesday. Richard Fisher, addressing a New York audience for likely the last time before stepping down next month as president of the Dallas branch of the US central bank, again warned against delaying an interest rate hike in ...

Business & Finance - Banking & Finance

Mozambique's central bank keeps key lending rate unchanged at 7.5pc MAPUTO: Mozambique's central bank kept its key lending rate unchanged at 7.5 percent on Wednesday, saying the move would help the flood-ravaged country achieve its 2015 economic objectives. Earlier, Mozambique's government said the economy grew by an estimated 9.6 percent in 2014, higher than an earlier forecast of 7.7 percent. The country is counting the human and economic costs of torrential rains that have killed about 180 people. Copyright Reuters, 2015 ...

Business & Finance - Banking & Finance

UniCredit rules out need for cash call after CET 1 disappoints MILAN: UniCredit expects its core capital ratio to recover in the next few months after it fell in the fourth quarter of 2014 due to the impact of the rouble devaluation, the bank's chief executive said on Wednesday ruling out a cash call. CEO Federico Ghizzoni said the impact of the rouble devaluation on the Common Equity Tier 1 ratio, which fell to 10 percent at the end of December from 10.4 percent three months ...