12082016Thu
Last update: Thu, 08 Dec 2016 02pm

Banking & Finance

Business & Finance - Banking & Finance

Malaysia's central bank says liquidity available for smooth functioning of markets KUALA LUMPUR: Malaysia's central bank said on Friday that enough liquidity is available for financial markets to function smoothly, after the regulator's move last week to halt trading of its currency in offshore markets spooked local and global investors. The bank said non-resident market participants such as companies, global asset and fund managers, and clearing and custodian banks continue to do transactions in financial markets."A number of foreign banks have begun discussing with BNM on their financial market transaction needs to facilitate smooth transition during this period, without causing market disruption," the statement said.During the Nov 14-18 week, a total of 39.7 billion ringgit ($8.9 billion) and $49.1 billion was transacted in the Malaysian bond and foreign exchange markets, it added.Copyright Reuters, 2016 ...

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India central bank seen intervening to support rupee MUMBAI: India's central bank intervened heavily in morning trade on Friday as the rupee fell to around 68.65 per dollar, approaching the record low hit in the previous session, traders said. The intervention sparked a sharp rebound in the rupee, which was trading at 68.4750 per dollar as of 0432 GMT, up from its 68.7350 close on Thursday.The rupee fell to a record low of 68.8650 on Thursday, pressured by a rallying US dollar, capital ...

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Australia banks admit to Malaysian ringgit cartel SYDNEY: Australian banks ANZ and Macquarie on Friday agreed to pay Aus$15 million (US$11 million) in fines for trying to manipulate the benchmark rate of the Malaysian ringgit.ANZ admitted to 10 instances of attempted cartel conduct and Macquarie to eight relating to setting the daily rates for derivative instruments linked to Malaysia's currency in 2011.The Australian Competition and Consumer Commission (ACCC) said both banks had cooperated with their investigation, with ANZ agreeing to a Aus$9 ...

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ADB chief urges Trump to remain engaged with Asia MANILA: The head of the Asian Development Bank on Thursday urged Washington to remain engaged with Asia, days after US President-elect Donald Trump vowed to scrap a trans-pacific trade pact.Takehiko Nakao told reporters the incoming US leader had previously talked about the importance of the "trade relationship".He added, "it's important for the United States to continue to engage in Asia and that is good for the Asian region as a whole".The US-led Trans-Pacific Trade Partnership ...

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Monte dei Paschi shareholders vote on vital capital raising SIENA: Italy's Monte dei Paschi di Siena gathered enough shareholders at a meeting on Thursday to enable a vote to go ahead on a 5 billion euro ($5.3 billion) share issue needed to stave off the risk of the bank being wound down. A required 20 percent quorum had risked proving a hurdle because Italy's third-largest bank has a very fragmented shareholder base following two successive cash calls worth a total 8 billion euros in ...

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Chile central bank head says policy will not automatically react to inflation SANTIAGO: Inflation moving temporarily outside the central bank's target range should not automatically spark a reaction in monetary policy, said Chile central bank head Rodrigo Vergara on Thursday. Monetary policy should be flexible but not react to short-term volatility in price changes, as long as expectations remain anchored to 3 percent on the policy horizon, said Vergara at a presentation in Santiago.Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Deutsche Bank Switzerland names Peter Hinder as new CEO ZURICH: Deutsche Bank said veteran Swiss banker Peter Hinder will take over as head of its operations in Switzerland and its European wealth management business. Hinder, who takes on his new role from Dec. 1, will replace Marco Bizzozero, who is leaving to pursue other opportunities, the bank said in a statement on Thursday. Hinder joined Deutsche Bank last year after a 23-year stint at UBS and four years as CEO of Thurgauer Kantonalbank . ...