07022016Sat
Last update: Sat, 02 Jul 2016 02pm

Banking & Finance

Business & Finance - Banking & Finance

ECB's Villeroy: Brexit talks must be quick, City of London at risk of losing 'EU passport' PARIS: Talks on Britain leaving the European Union must be carried out quickly to limit uncertainty, ECB Governing Council member Francois Villeroy de Galhau said on Saturday, adding London's financial centre was at risk of losing its prized "EU passport". Banks based in London rely on a so-called EU passport to operate across the bloc's capital market unhindered. Some banks have said they would shift operations to the euro zone if Britain left the EU.The City of London will not be able to keep that passport if Britain leaves the EU's single market of trade in goods and services, Villeroy told France Inter radio."There is a precedent, it is the Norwegian model of European Economic Area, that would allow Britain to keep access to the single market but by committing to implement all EU rules," he said."It would be a bit paradoxical to leave the EU and apply all EU ...

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Saudi Arabia says adjusted some assets denominated in sterling and euros ABU DHABI: Saudi Arabia said on Saturday it had made some adjustments to assets denominated in sterling and euros in anticipation of Britain's vote to exit the European Union. The adjustments were made ahead of the results of the vote as the Kingdom had been monitoring the situation and made the changes as a "precautionary stance," Saudi Arabian Monetary Authority Governor Ahmed al-Kholifey was quoted as saying by state news agency SPA."For the banking sector, ...

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Swiss central bank confirms FX intervention after Brexit ZURICH: Switzerland's central bank on Friday gave rare confirmation that it had intervened in the currency market to weaken the Swiss franc in the wake of Britain's vote to leave the European Union. On the back of the unexpected Leave vote, the safe-haven franc rose to its highest level against the euro since August 2015 and had its biggest one-day jump since the Swiss National Bank removed its franc peg to the euro on Jan. ...

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Singapore central bank says ready to curb excessive SGD volatility SINGAPORE: Singapore's central bank said on Friday it was ready to curb excessive volatility in the Singapore dollar and will provide additional liquidity to the banking system if needed after Britain voted to leave the European Union. The Monetary Authority of Singapore said the currency remained within its policy band and interbank markets continued to function in an orderly manner, while the banking system remained "sound." "The liquidity positions of the major banks in Singapore ...

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Bank of England's Carney speaks after UK votes for Brexit LONDON: Bank of England Governor Mark Carney made a statement after voters decided in a referendum that Britain should leave the European Union. Here is his full statement: The people of the United Kingdom have voted to leave the European Union. Inevitably, there will be a period of uncertainty and adjustment following this result. There will be no initial change in the way our people can travel, in the way our goods can move or ...

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UBS tells Asia staff 'Brexit' streaming is hurting network performance SHANGHAI: UBS has warned staff in Asia to stop streaming live coverage of the outcome of Britain's EU referendum, saying it is hindering the performance of the bank's systems. "Live streaming has an undue effect on our company network performance," Claus Norup, the bank's head of Group technology for Asia Pacific, said in an email to all staff in the region seen by Reuters. Staff should use network and internet sites for critical business purposes ...

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BNP online bank temporarily unavailable on Brexit-related volume spike FRANKFURT: The German online bank of BNP Paribas has been temporarily unavailable for clients seeking to log into their accounts via the internet due to a spike in customer demand."We have seen up to the tenfold in volumes mainly related to equities and derivative trades," a spokesman for Consorsbank said on Friday, adding that the situation had improved but was not yet fully resolved. Consorsbank has about 1 million customers. Copyright Reuters, 2016 ...