08282016Sun
Last update: Sun, 28 Aug 2016 11am

Banking & Finance

Business & Finance - Banking & Finance

Fed policymakers divided over whether to raise rates soon WASHINGTON: Federal Reserve policymakers agree that more economic data is needed before raising interest rates, although some see a need to tighten policy soon, according to the minutes from the US central bank's July 26-27 policy meeting.The minutes, which were released on Wednesday, showed that members of the rate-setting Federal Open Market Committee were generally upbeat about the US economic outlook and labor market. "Some ... members anticipated that economic conditions would soon warrant taking another step in removing policy accommodation," the Fed said in the minutes. Several Fed policymakers, however, said a slowdown in the future pace of hiring would argue against a near-term hike, and members of the FOMC said they wanted to "leave their policy options open." The US dollar strengthened after the release of the minutes, while US stocks and prices of shorter-dated US Treasuries pared losses. Fed funds futures showed little change in bets on ...

Business & Finance - Banking & Finance

Kenya's central bank warns lenders over misuse of credit bureaus NAIROBI: Kenya's central bank threatened commercial banks with legal action if they submit inaccurate or incomplete data to credit reference bureaus, according to a circular seen by Reuters on Wednesday.Kenyan banks have come under fire in recent weeks for the high costs they impose on borrowers. Two weeks ago, parliament passed a bill to cap the commercial interest rates banks charge. Both the central bank and the Kenyan Finance Ministry oppose the bill, an amendment ...

Business & Finance - Banking & Finance

St. Louis Fed's Bullard sticks with single rate hike outlook ST. LOUIS: With the US Federal Reserve perhaps edging towards a September rate increase, St. Louis Federal Reserve president James Bullard is sticking with his view that a single move is all that's needed for a long time to come.In a presentation prepared for delivery in St. Louis on Wednesday, he said there was no reason yet to conclude the US has shifted from the low-growth, low-inflation "regime" that makes low rates appropriate for what ...

Business & Finance - Banking & Finance

No negative rates, Deutsche Bank promises depositors FRANKFURT: Customers at Deutsche Bank, Germany's largest, will not be charged negative interest rates on their savings, a senior executive said on Wednesday."That won't happen with us," private banking chief Christian Sewing told Bild daily.Banks across Europe are feeling the pinch of a -0.4 percent rate on their deposits with the European Central Bank (ECB).The ECB policy aims to push banks to lend money for investment rather than keeping it in reserve, which would provide ...

Business & Finance - Banking & Finance

Abu Dhabi's Waha Capital secures $500mn revolving credit facility DUBAI: Abu Dhabi investment firm Waha Capital said on Wednesday it had secured a five-year, $500 million revolving credit facility from local and international banks. The funds replace a previous $375 million revolving facility obtained in 2014, it said in the statement.First Gulf Bank was sole coordinator, with that bank and Abu Dhabi Commercial Bank acting as book runners and mandated lead arrangers. Commercial Bank of Dubai was lead arranger with Emirates NBD, Union National ...

Business & Finance - Banking & Finance

ABN Amro beats Q2 expectations, looks at international expansion AMSTERDAM: Dutch bank ABN Amro on Wednesday beat second-quarter earnings expectations and said it was looking to expand internationally for the first time since the global financial crisis. Operating profit of 941 million euros was up 7 percent and topped the 879 million expected by analysts polled by Reuters.Returned to the stock market in November after eight years in government hands, ABN is benefiting from a rebound in the Dutch economy where it does 80 ...

Business & Finance - Banking & Finance

In a shift, Bangladesh Bank says no plans to sue Fed, SWIFT DHAKA/NEW YORK: Bangladesh's central bank said it has reversed its plans to sue the Federal Reserve Bank of New York and the SWIFT money transfer network, and instead intends to seek their help recovering $81 million stolen by cyber thieves in February. "At the moment we have no plan to go for any legal action against the Fed bank or SWIFT; rather we will seek their assistance," said Subhankar Saha, the spokesman for Bangladesh Bank. ...