08282016Sun
Last update: Sun, 28 Aug 2016 11am

Banking & Finance

Business & Finance - Banking & Finance

Lloyds investors fret over CEO's future and who could replace him LONDON: Top investors in Lloyds Banking Group are concerned that chief executive Antonio Horta-Osrio might leave the bank sooner than anticipated following press scrutiny of his private life and want its board to start looking for his successor. After a stellar 2015, which saw Lloyds swing back to profit, restore dividends and millions of British government shares sold to private owners, 2016 has been less auspicious for the Portuguese banker, who took the top job five years ago. Britain's vote to leave the European Union in June and the Bank of England base rate cut that followed has put Lloyds' ambitious profit and dividend targets under strain, and cast fresh doubts about when the government might be able to recoup the last of the taxpayer cash used in its 2008 bailout. Then on Wednesday, Lloyds was forced to defend Horta-Osrio's expenses after The Sun newspaper, published by Rupert Murdoch's News ...

Business & Finance - Banking & Finance

RBS looks to sell Turkish loans in latest bid to exit shipping LONDON: Royal Bank of Scotland has put its portfolio of Turkish shipping loans up for sale, in the latest move by the state-backed bank to exit this troubled sector and cut overall losses through asset sales, two sources told Reuters. RBS, which has not made an annual profit since 2007, is restructuring under chief executive Ross McEwan and is looking to offload its entire shipping loans business to shore up its capital and avoid more ...

Business & Finance - Banking & Finance

Bulgarian banking system stable after stress tests SOFIA: Bulgaria's banking system is stable and does not need state funding to support it, results from the Balkan country's first asset quality review and stress test show, the central bank and the finance minister said on Thursday. Bulgaria tested its 22 commercial banks following the collapse of its fourth largest lender, Corporate Commercial Bank, in 2014, which triggered the country's biggest financial crisis since the 1990s. The results for individual lenders will be presented ...

Business & Finance - Banking & Finance

IMF says reached initial deal with Egypt for $12bn loan CAIRO: The International Monetary Fund has reached an initial agreement with Egypt for a $12 billion loan over three years, the fund said on Thursday.The Egyptian government hopes the loan will provide a lifeline amid a dollar shortage, dwindling foreign reserves and an economy battered by years of unrest.The agreement, which will have to be ratified by the IMF and Egyptian authorities, will require Cairo to undertake economic reforms.IMF delegation head Chris Jarvis said in ...

Business & Finance - Banking & Finance

Bank of Korea holds rates but easing expectations grow SEOUL: South Korea's central bank kept interest rates unchanged on Thursday as policymakers watch the effects of existing stimulus measures but the dire state of global trade has kept the possibility of a rate cut this year open.The Bank of Korea's decision to hold rates at 1.25 percent was in line with the forecasts of all 24 analysts in a Reuters poll, but expectations are rising the bank will lower them to 1.0 percent by ...

Business & Finance - Banking & Finance

New Zealand's Reserve Bank cuts cash rate, signals more to come WELLINGTON: New Zealand's central bank cut its benchmark interest rate by 25 basis points to a record low 2.0 percent on Thursday and indicated at least one more rate cut would be needed. Of 28 economists polled by Reuters, 27 had expected the Reserve Bank of New Zealand (RBNZ) to cut the rate by 25 basis points and one had tipped the central bank to remain on hold."Our current projections and assumptions indicate that further ...

Business & Finance - Banking & Finance

US Fed awards $80.17bn in reverse repos NEW YORK: The Federal Reserve on Wednesday awarded $80.17 billion of one-day, fixed-rate reverse repurchase agreements to 39 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. On Tuesday, the US central bank allotted $66.88 billion in one-day reverse repos to 38 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. Copyright Reuters, 2016 ...