02092016Tue
Last update: Tue, 09 Feb 2016 06am

Banking & Finance

Business & Finance - Banking & Finance

Polish central banker sees no reason for central bank governor to resign WARSAW: Polish central bank rate-setter Elzbieta Chojna-Duch said on Monday she saw no reasons for central bank's governor Marek Belka to resign and that she has accepted his apologies. "It would be a shame to loose such a competent person and sentence him for academic work only", she told reporters in a broadcast relayed by TVN. "Tomorrow we will hold a meeting of the Council, we will talk about the situation, but I had several conversations already and I feel satisfied with his apologies". The Wprost news magazine on Saturday released a recording of a conversation in a restaurant last year in which, it said, Belka told a minister he would be willing to help the government out of its economic troubles if the finance minister was fired. He also used an expletive to describe the central bank's Monetary Policy Council, which sets rates. Belka chairs the council.Copyright Reuters, 2014 ...

Business & Finance - Banking & Finance

Turkish central bank says will use interest rates as needed KONYA: Turkey's central bank will use interest rates as needed to provide financial stability and is not subject to political interference, Governor Erdem Basci said on Monday. Prime Minister Tayyip Erdogan, determined to maintain growth ahead of elections, has been a frequent critic of high borrowing costs, raising concerns about political interference in monetary policy.Copyright Reuters, 2014 ...

Business & Finance - Banking & Finance

Taiwan's yuan deposits inch up to 290bn yuan as of May TAIPEI: Taiwan's central bank said on Monday the island had 290.08 billion yuan in yuan deposits as of late May, slightly more than 287.5 billion yuan from the prior month.Taiwan's yuan deposits have grown rapidly after signing a yuan clearing agreement with China last year. But the rate of increase has eased due to the yuan's weakness in the past few weeks. Copyright Reuters, 2014 ...

Business & Finance - Banking & Finance

Swedbank gets green light for corporate credit risk model STOCKHOLM: Swedbank said on Monday Sweden's Financial Supervisory Authority had approved its use of a credit risk model for corporate exposures in Sweden and Norway, boosting some measures of its capital position. Swedbank said the use of the advanced internal ratings-based approach will reduce the bank's risk exposure amount by nearly 70 billion crowns ($10.5 billion), adding this was a bit more than it had previously estimated.It will also strengthen the bank's Common Equity Tier ...

Business & Finance - Banking & Finance

Thai central bank seen holding key rate steady in first review after coup BANGKOK: Thailand's central bank will likely leave its key interest rate unchanged on Wednesday, in its first policy review since a military coup, with an end to political gridlock and the junta's spending plans expected to support the economy, a Reuters poll showed.The army seized power on May 22 in a bid to restore order and confidence after months of political turmoil that has depressed economic activity and tourism. The junta has acted fast to ...

Business & Finance - Banking & Finance

Another BNP exec departs under US pressure: sources NEW YORK: Another top BNP Paribas executive has resigned as the French bank tries to satisfy US regulators seeking to punish it dearly for alleged violations of US sanctions, sources said Friday.Dominique Remy, who has held a number of senior posts, resigned in mid-May after New York state banking regulator Benjamin Lawsky named him as one of the 12 officials who should step down due to their roles in the scandal, according to two people ...

Business & Finance - Banking & Finance

Busy high-grade week ends with signs of fatigue NEW YORK: The US high-grade market racked up nearly US$29bn in issuance this week, though as the days progressed there were signs of investor fatigue after such another big surge of supply.While trades earlier in the week mostly found decent pricing leverage and substantial interest, there was some investor pushback as the week wore on.Home Depot led the way on Monday with US$2bn in five and 30-year bonds that priced about 10bp inside initial price ...