01192017Thu
Last update: Thu, 19 Jan 2017 09pm

Banking & Finance

Business & Finance - Banking & Finance

Italy lawmakers approve 20bn euro plan to prop up banks ROME/MILAN: Italy's parliament gave the green light on Wednesday for a 20 billion euro ($20.8 billion) plan to prop up the country's weaker banks, starting with a bailout as early as this week for the third largest, Monte dei Paschi di Siena. The Tuscan lender, recently judged the weakest of the European Union's major banks, needs to erase a mountain of bad loans and raise 5 billion euros in capital by the end of this month or risk being wound down by European regulators.But its hopes of raising the money from private investors, via a debt-for-equity swap and a share placement that ends on Thursday, are fading. A failure of Monte dei Paschi would rock Italy's banking system, the euro zone's fourth largest.In the latest prospectus for the deal, the bank warned it could run out of liquidity in four months -- compared to a previous 11 months estimate published ...

Business & Finance - Banking & Finance

EU bank sector exceeds liquidity rules ahead of deadline LONDON: The European Union banking sector has complied with new liquidity rules ahead of a 2018 deadline and no extra time is needed to plug an 11 billion euro shortfall at a few banks, the bloc's watchdog said on Wednesday. The new rules, known as the liquidity coverage ratio (LCR), require banks to hold enough cash and top quality securities to last a 30-day outflow of funds in rocky markets.Drawing on the lessons of the ...

Business & Finance - Banking & Finance

India central bank rolls back cash deposit curb with immediate effect MUMBAI: The Reserve Bank of India on Wednesday rolled back a recent curb on cash deposits that had been put in place just 10 days before the end of the government's demonetisation deadline of Dec. 30.The measure had directed banks to question any individual depositing more than 5000 rupees ($74) in old discontinued notes in the days leading up to the deadline.Customers had to give the banks a satisfactory reason on why they had not ...

Business & Finance - Banking & Finance

Philippine central bank seen holding rates, confident on growth and inflation MANILA: Strong growth and manageable inflation should let the Philippine central bank, at its first meeting since the Federal Reserve hiked U.S. interest rates, keep its benchmark interest rate on hold at 3.0 percent on Thursday.The Fed last week signalled a faster pace of increases in 2017, potentially luring more capital away from the Philippines and other emerging markets.All 13 economists polled by Reuters said they expect no change in the central bank's key overnight ...

Business & Finance - Banking & Finance

Lloyds bank says buys credit card firm MBNA for 1.9bn pound LONDON: Britain's state-rescued Lloyds Banking Group has agreed to buy Bank of America's UK credit card division MBNA for 1.9 billion pound ($2.4 billion, 2.3 billion euros), it said on Tuesday."The acquisition... increases our participation in the expanding UK credit card market with a multi-brand strategy and advances our strategic aim to deliver sustainable growth as a UK focused retail and commercial bank," said LBG Chief Executive Antonio Horta-Osorio in a statement announcing the acquisition.Copyright ...

Business & Finance - Banking & Finance

Lloyds bank buys UK credit card firm MBNA for 1.9bn LONDON: British bank Lloyds on Tuesday bought Bank of America's UK credit card division MBNA for 1.9 billion in the first acquisition since its government bailout during the global financial crisis.The deal, worth $2.4 billion or 2.3 billion euros, will bolster the group's position in Britain's prime credit card market, Lloyds Banking Group (LBG) said in a statement detailing its first purchase since 2008."The acquisition increases our participation in the expanding UK credit card market ...

Business & Finance - Banking & Finance

Bank of Japan lifts view of economy TOKYO: The Bank of Japan on Tuesday boosted its view of the world's number-three economy as exports pick up on the yen's slide and providing some relief to the government with its growth plan stuttering.Policymakers held fire on further stimulus and said they would maintain a plan to keep the yield on government 10-year bonds around zero, part of a broader bid to stimulate growth.The bank's final meeting of 2016 came on the heels of ...