06252016Sat
Last update: Sat, 25 Jun 2016 01am

Banking & Finance

Business & Finance - Banking & Finance

Ex-BNP Paribas head of spot currency trading sues bank LONDON: A former head of spot currency trading at BNP Paribas is claiming the French bank dismissed him for whistle blowing, according to a court filing released on Wednesday. Bob de Groot is scheduled to appear at the Central London Employment Tribunal on July 5. BNP Paribas declined to comment. Groot was suspended by BNP Paribas in 2014 as part of a global investigation into possible currency market manipulation. He did not immediately respond to a Reuters' request for comment via LinkedIn. A growing number of former bank staff are going to employment tribunals in London with unfair dismissal lawsuits in the wake of a crackdown on the banking industry after the financial crisis. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Spanish banking bailout fund books loss of 1.3bn euros in 2015 MADRID: Spain's bank restructuring fund said on Wednesday it made a bigger loss of around 1.3 billion euros ($1.5 billion) in 2015, up from the previous year due to lower valuations of its stakes in several state-controlled institutions. The FROB, which was created in 2009 to bail out distressed Spanish banks, said that lower valuations in BFA, parent company of lender Bankia, and Banco Mare Nostrum had a negative impact of 763 million euros and ...

Business & Finance - Banking & Finance

Sri Lanka central bank expected to keep policy rates steady COLOMBO: Sri Lanka's central bank is expected to keep its key interest rates steady for a fourth straight month on Friday, a Reuters poll showed, despite signs of rising inflation and stubbornly high private sector credit growth.The central bank has tightened monetary policy twice since December to fend off selling pressure on the fragile rupee currency, which is hovering around record lows.The International Monetary Fund on June 3 welcomed the current policy stance and agreed ...

Business & Finance - Banking & Finance

Hungary bad loans vehicle draws offers from nearly two dozen banks BUDAPEST: Nearly two dozen Hungarian banks, including lenders saddled with the biggest pile of distressed project loans, have signed up for the sale of their toxic assets to MARK, a specialised vehicle to tackle the problem, the central bank said on Wednesday. MARK is part of efforts by central bank Governor Gyorgy Matolcsy, an ally of Prime Minister Viktor Orban, to revive lending to companies and support economic recovery. After more than a year of ...

Business & Finance - Banking & Finance

Polish central banker calls for calm if Brexit weakens zloty WARSAW: Poland's central bank should stay calm in face of a potential weakening of the zloty in the aftermath of Britain's referendum on whether to remain a member of the European Union, one of the bank's policymakers said. Poland's economic fundamentals are healthy enough to keep the zloty from weakening past 5 to the euro if Britain votes to quit the EU, Jerzy Kropiwnicki told Reuters."We have a stable economy, healthy fundamentals, which have been ...

Business & Finance - Banking & Finance

Nigeria central bank sells FX third day after naira float LAGOS: Nigeria's central bank sold dollars onto the interbank forex market for a third day to try to ease dollar shortages after it floated the currency, traders said. Nigeria ditched a 16-month peg on the naira to allow the currency trade freely on the interbank market but traders say dollar liquidity was tight, leaving the central bank as the main supplier of hard currency. The naira traded as firm as 281.50 to the dollar, from ...

Business & Finance - Banking & Finance

Deutsche Bank in deal with staff over branch closures FRANKFURT: Deutsche Bank has struck a deal with its German works council over closing about a quarter of branches in its home market, several people familiar with the matter said. Germany's flagship lender has embarked on a deep strategic overhaul and cost-cutting programme, announcing in 2015 that it would cut 9,000 staff, 4,000 of which in Germany. The bulk of these job cuts will be related to shutting down about 200 of its 723 branches ...