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Banking & Finance

Business & Finance - Banking & Finance

Citigroup reaches $23mn 'ice breaker' yen Libor settlement NEW YORK: Citigroup Inc will pay $23 million to end private U.S. antitrust litigation claiming that it conspired to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.Lawyers for the plaintiff investors called the accord an "ice breaker" that could spur some of the roughly 20 other bank defendants to settle.Settlement papers were filed on Monday night in the U.S. District Court in Manhattan. Court approval is required.RP Martin, a brokerage whose main assets are now part of BGC Partners Inc, also settled, without making a payment. Citigroup and RP Martin agreed to cooperate in the litigation.Danielle Romero-Apsilos, a Citigroup spokeswoman, said the New York-based bank is pleased to settle. BGC, also based in New York, did not immediately respond to a request for comment.Investors including the California State Teachers' Retirement System and J. Kyle Bass' hedge fund Hayman Capital Management LP accused banks of conspiring to rig yen ...

Business & Finance - Banking & Finance

US Fed awards $80.13bn reverse repos NEW YORK: The Federal Reserve on Tuesday awarded $80.13 billion of one-day fixed-rate reverse repurchase agreements to 40 bidders at an interest rate of 0.25 percent, the New York Fed said on its website.The reverse repurchase agreement program is seen as a critical policy tool for the U.S. central bank to drain money from the financial system in an effort to achieve its interest-rate objectives.On Monday, the Fed allotted $76.79 billion in one-day reverse repos ...

Business & Finance - Banking & Finance

Morgan Stanley to pay $63mn US mortgage bond settlement: FDIC NEW YORK: Morgan Stanley has agreed to pay nearly $63 million to resolve claims over the sale of toxic mortgage-backed securities to three banks that later failed, the Federal Deposit Insurance Corp said on Tuesday.The settlement resolves lawsuits the U.S. regulator filed as receiver for the three failed banks against Morgan Stanley and other defendants over what the FDIC said were misrepresentations in the offering documents for the mortgage-backed securities.Morgan Stanley declined comment on the ...

Business & Finance - Banking & Finance

Nigeria central bank tells lenders to fund accounts for Thursday's dollar sales LAGOS: Nigeria's central bank told commercial lenders to fund their naira accounts on Tuesday to be able to participate in a currency intervention on the interbank market on Thursday, traders said, citing a message from the regulator. The central bank did not disclose how much it would sell but one trader said the bank sold between $100 million and $150 million at its intervention last Thursday. Last month the bank banned dollar sales to retail ...

Business & Finance - Banking & Finance

Russian central bank considering increase of risk weighting on FX loans TULA: The Russian central bank is considering increasing the risk weighting on loans in foreign currency, a first deputy chairman of the bank said on Tuesday. "We are not talking about shock measures but about a gradual increase of risk weighting on all FX loans... We want more capital to be set aside for risk related to FX operations," Alexei Simanovsky told reporters. He said he expected the bank would begin discussion of the proposal ...

Business & Finance - Banking & Finance

Mexico's central bank sells $200mn after peso slump MEXICO CITY: Mexico's central bank on Tuesday said it sold $200 million of $200 million offered in an auction after a sharp slump in the peso currency. The central bank sold the dollars at an average weighted price of 18.4289 pesos per dollar. An auction is triggerd when the currency is trading 1 percent weaker than its fix rate in the previous session. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

UBS net profit soars on tax benefits ZURICH: Swiss banking giant UBS on Tuesday posted a 79-percent higher net profit for 2015, beating analyst expectations, with tax benefits offsetting a difficult fourth quarter hit by market turmoil.Last year, Switzerland's largest bank raked in a net profit of 6.2 billion Swiss francs ($6.1 billion, 5.5 billion euros), it said in its earning statement."Despite a very challenging environment, we had an excellent year," UBS chief Sergio Ermotti said in the statement.Investors were not convinced. ...