05302016Mon
Last update: Mon, 30 May 2016 08am

Banking & Finance

Business & Finance - Banking & Finance

Bank of Canada may sound dovish in May statement, hike seen next year OTTAWA/BENGALURU: The Bank of Canada is expected to strike a more dovish tone in its May policy statement, partly due to a still-raging wildfire in Alberta that has disrupted oil production, but a Reuters poll suggests it will not cut interest rates again. The survey of more than 40 economists this week showed the central bank will probably not move to adjust rates again until the third quarter of next year, when it is expected to raise rates by 25 basis points to 0.75 percent. The economists' responses suggested a greater likelihood that the bank's next move will be a hike, about a three-in-four chance, compared with a one-in-five chance of another rate cut. The central bank is almost unanimously expected to leave rates unchanged when it makes its policy announcement on May 25, with most of those polled arguing a rate cut was not the right remedy for a ...

Business & Finance - Banking & Finance

HSBC says to close 24 retail banking branches in India MUMBAI: HSBC Holdings Plc said it plans to close 24 branches in India after a strategic review of its retail banking and wealth management business showed customers are increasingly opting for digital banking services. The bank said it would consolidate from 50 branches across 29 cities to 26 branches across 14 cities, and the closures will take place gradually over the next few months. The move comes five months after the lender said it was ...

Business & Finance - Banking & Finance

Mexico central bankers flag peso risk, some see pre-Fed hike MEXICO CITY: Mexico's central bank board is worried global financial volatility could spur a deeper slump in the peso, and some of its members think it might need to hike interest rates before the US Federal Reserve, according to the minutes of their last policy meeting. Policymakers voted 5 to 0 to keep their benchmark rate at 3.75 percent at their May 5 meeting, according to the minutes released on Thursday. The central bank had ...

Business & Finance - Banking & Finance

TD Bank to retire coin-counting machines after reports of errors NEW YORK: Toronto-Dominion Bank's TD Bank NA said on Thursday it has decided to retire its Penny Arcade coin-counting machines in the wake of reports that they were short-changing customers. "We have determined that it is difficult to ensure a consistently great experience for our customers," Michael Rhodes, TD Bank's Head of Consumer Bank, said in a statement. "We will continue to assess the Penny experience and intend to appropriately address customer impact." Lawsuits are ...

Business & Finance - Banking & Finance

UniCredit names Dewan head of Asia financing LONDON: Italian bank UniCredit has appointed Amit Dewan as head of financing and advisory in Asia-Pacific, a newly created role at the bank. Dewan will start on July 1 and report to Michele Amadei, head of the Asia-Pacific region, UniCredit said on Thursday. He will relocate to Singapore from London. Dewan will have regional responsibility for debt capital markets, equity capital markets, corporate finance advisory, export finance and natural resources. UniCredit said the appointment is ...

Business & Finance - Banking & Finance

US Fed awards $63.29bn in reverse repos NEW YORK: The Federal Reserve on Thursday awarded $63.29 billion of one-day, fixed-rate reverse repurchase agreements to 33 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. On Wednesday, the Fed allotted $63.92 billion in one-day reverse repos to 30 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. The reverse repurchase agreement program is seen ...

Business & Finance - Banking & Finance

BOJ's Kuroda vows to ease more if yen moves hurt price target SENDAI: Bank of Japan Governor Haruhiko Kuroda said on Thursday the central bank would not hesitate easing monetary policy further if market moves, including a spike in the yen, threatened prospects for achieving its 2 percent inflation target.Kuroda shrugged off the view that Japan was triggering a currency devaluation war with its ultra-loose monetary policy, saying that its aggressive easing steps were aimed purely at achieving its price goal."Like other major advanced nations, the BOJ ...