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Banking & Finance

Business & Finance - Banking & Finance

Colombia central bank to hold rates for rest of 2016 BOGOTA: Colombia's central bank will hold its benchmark interest rate at its meeting this week, analysts in a Reuters survey said on Monday, in a trend set to continue for the remainder of the year as policymakers await a fall in inflation.All 15 analysts polled said the seven-member bank board will keep the rate at 7.75 percent at its meeting on Friday, which would mean a second consecutive month of rate holds. Thirteen of those surveyed said policymakers would hold rates steady for the rest of the year, while two analysts predicted cuts beginning in December to help economic recovery after a sharp fall in oil prices dented national income."The interest rate will stay stable because of inflation and the expectations that it will begin converging towards the bank's target range," said Juan Felipe Pinzon, analyst at the Profesionales de Bolsa brokerage. Twelve-month inflation in August was 8.10 percent, more ...

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Deutsche Bank says no need for Berlin's help in $14bn US dispute FRANKFURT/BERLIN: Deutsche Bank said on Monday it had no need for German government help with a $14 billion US demand to settle claims it missold mortgage-backed securities, as its shares hit a record low. German magazine Focus reported at the weekend that Chancellor Angela Merkel had met Deutsche Bank Chief Executive John Cryan over the summer and had indicated he could expect no help from Berlin in resolving the bank's dispute with the US Department ...

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ECB's Coeure says QE less effective than hoped due to external shocks ROME: The European Central Bank's programme of quantitative easing has been less effective than it had hoped as a result of external shocks, ECB Executive Board Member Benoit Coeure said on Monday. Speaking at a conference in Rome, Coeure said that since the ECB began its asset buying programme the euro zone economy had been hit by "a number of external shocks", including a steep fall in commodity prices and, most recently, Britain's decision to ...

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Fed will seek more capital from largest US banks WASHINGTON: The Federal Reserve will seek significantly more capital from the largest US banks and give some relief to smaller banks as it considers reforms to its annual 'stress test,' Fed Governor Daniel Tarullo said on Monday. The reforms will include a new capital 'buffer' to better protect the financial system from a shock at the nation's largest lenders like JPMorgan Chase, Bank of America and Wells Fargo."In pulling this package of modifications together, we ...

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UniCredit considers share, asset sales worth 15-16bn euros MILAN: Italian bank UniCredit is looking to raise as much as 16 billion euros ($18 billion) via a share issue and asset sales that are likely to include online broker FinecoBank, two sources familiar with the matter said. Italy's biggest bank by assets has started gathering offers for its Pioneer asset management arm and is in talks with Poland's PZU to sell a 40 percent stake in Bank Pekao as it seeks to limit the ...

Business & Finance - Banking & Finance

Euro zone faces trap of low growth and low rates FRANKFURT: The euro zone risks falling into a trap of low growth and low interest rates unless governments stop relying on the European Central Bank to lift the economy and start playing their part, ECB Executive Board member Benoit Coeure said on Monday. Coeure said the ECB's ultra loose monetary policy was built on the explicit assumption that others would also provide support and their lack of action raises the prospect that interest rates would ...

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Ex-IMF boss Rato on trial over bankers' luxury sprees SAN FERNANDO DE HENARES: Former IMF chief Rodrigo Rato went on trial Monday accused of overseeing a "corrupt system" that helped him and other executives misuse funds when he was the boss of two of Spain's top banks.Protesters shouted "thief" and "fraud" at the former economy minister and deputy prime minister as he arrived at the courthouse outside Madrid.Rato is standing trial with 64 other former executives and board members at Caja Madrid and Bankia, ...