12082016Thu
Last update: Thu, 08 Dec 2016 02pm

Banking & Finance

Business & Finance - Banking & Finance

Kenya central bank holds benchmark lending rate at 10.0pc NAIROBI: Kenya's central bank will hold its benchmark lending rate at 10.0 percent, amid mild inflationary pressures and a strong economy, the bank said in a statement on Monday. The bank said that private sector credit growth had stabilised at 4.6 percent in October, and that banking system liquidity had stabilised following the introduction of interest rate caps.The economy was also performing strongly at 6.2 percent in the second quarter of 2016, the bank said in a statement. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Barclays nets less than expected from Asia wealth business sale LONDON: Barclays completed the sale of its Singapore and Hong Kong wealth management businesses for a less-than-expected $225 million, as not all of the bank's customers chose to transfer their business across to the buyer, Oversea-Chinese Banking Corp. OCBC, which bought the businesses through its Singapore private banking unit Bank of Singapore, said in April it had agreed to pay $320 million for the operations.The $95 million discrepancy with the final price reflects the fact ...

Business & Finance - Banking & Finance

Monte dei Paschi faces potential legal claims for 8bn euros MILAN: Ailing Italian bank Monte dei Paschi di Siena said on Monday it is facing potential legal claims for a total of more than 8 billion euros ($8.5 billion) in a series of civil lawsuits. In a prospectus for a debt swap offer due to start on Monday, the Tuscan bank said it had set aside 627 million euros to cover for such claims.The bank, which is seeking to raise 5 billion euros through the ...

Business & Finance - Banking & Finance

Greek bank deposits rise in October, still stuck at 13-year lows ATHENS: Greek bank deposits rose in October after a fall in the previous month, remaining at levels last seen 13 years ago and keeping banks hooked on central bank funding, data released by the country's central bank showed on Monday. Business and household deposits rose by 1.16 billion euros, or 0.94 percent month-on-month to 124.63 billion euros ($132.43 billion), their lowest since November 2003. They had dropped by 423 billion euros to 123.47 billion in ...

Business & Finance - Banking & Finance

Indian bonds, bank shares fall as RBI temporarily hikes cash reserve ratio MUMBAI: Indian bonds and banking shares slumped on Monday after the Reserve Bank of India ordered banks to temporarily increase their cash on deposit at the RBI to absorb excess liquidity caused by a government ban on high-denomination notes.The benchmark 10-year bond yield rose as much as 15 bps at one point, while the overnight call rate surged to 14.4 percent from its 5.90 percent close on Friday.The Reserve Bank of India had been forced ...

Business & Finance - Banking & Finance

India central bank takes surprise action to soak up liquidity NEW DELHI/MUMBAI: The Reserve Bank of India on Saturday unexpectedly ordered banks to deposit their extra cash with it, in a bid to absorb excess liquidity generated by a government ban on larger banknotes. Many Indians deposited their old notes with their banks after the ban on 500 and 1,000 rupee notes ($7.30-$14.60) on Nov. 8, which is aimed at tax evaders and counterfeiting.Banks had put some of this cash into government bonds, sparking a ...

Business & Finance - Banking & Finance

S&P's downgrades South Africa's Eskom further into junk territory JOHANNESBURG: Standard & Poor's Global Ratings on Friday cut South African power utility Eskom's credit rating a further notch into subinvestment, raising concerns the country's sovereign rating would also be dragged into junk status. S&P's, which has South Africa's debt on the lowest investment level with a negative outlook, cut Eskom's long-term corporate credit rating to BB from BB+, two steps below the investment threshold.Eskom's 2026 bond weakened on the news, with the yield adding ...