09272016Tue
Last update: Tue, 27 Sep 2016 06pm

Banking & Finance

Business & Finance - Banking & Finance

Hungary keeps rates on hold, to squeeze deposit funds into economy BUDAPEST: Hungary's central bank kept its base rate on hold on Tuesday and said it would ease monetary conditions further by squeezing out at least 200-400 billion forints from its main deposit tool into the economy by year-end. The bank, under Governor Gyorgy Matolcsy, an ally of Prime Minister Viktor Orban, wants private banks to offer cheaper loans to households and firms and to buy government debt instead to boost growth and reduce debt-financing costs. The National Bank of Hungary said it would cap funds placed by commercial banks in its main 3-month deposit tool at 900 billion forints ($3.26 billion) by the end of this year, and that this should drive down interbank rates and debt yields. "The purpose of today's decision is to stimulate the interbank market further and to facilitate the targeted easing of monetary conditions by way of unconventional instrument", the bank said in a statement. ...

Business & Finance - Banking & Finance

Kenya central bank cuts main lending rate to 10pc NAIROBI: Kenya's central bank cut its benchmark lending rate by 50 basis points to 10 percent on Tuesday on concerns about sluggish credit growth, its Monetary Policy Committee (MPC) said. A Reuters consensus forecast of 12 economists and analysts was for rates to be held, based on the view that the bank would give a new law capping commercial lending rates time to settle before taking action. But the MPC said lending to the private ...

Business & Finance - Banking & Finance

Russian VTB bank, subsidiary hit with $5mn penalty for false trades WASHINGTON: The US Commodity Futures Trading Commission on Monday ordered JSC VTB Bank and VTB Capital PLC to jointly pay a $5 million civil penalty for executing fictitious and noncompetitive block trades in Russian Rouble/US dollar futures contracts.The CFTC said in a statement that JSC VTB Bank, based in St. Petersburg, Russia, and VTB Capital, which is incorporated in Britain, executed 100 block trades on the Chicago Mercantile Exchange between December 2010 and June 2013 ...

Business & Finance - Banking & Finance

Societe Generale names Ricke as UK country head LONDON: Societe Generale said Sadia Ricke, its head of global finance in Asia-Pacific, will take charge of its business in the UK from January. Ricke will take over as country head and head of the coverage and investment banking (CIB) division in the UK from Ian Fisher, who has been appointed to a new position as head of the French bank's culture and conduct programme. Fisher will start running the culture and conduct programme next ...

Business & Finance - Banking & Finance

BoJ may rattle global bond markets as Fed seen on hold NEW YORK: The Bank of Japan may steal the thunder from the US Federal Reserve and its chair Janet Yellen this week if it chooses to give more monetary stimulus in its latest effort to jumpstart its economy and the US central bank decides to stand pat on interest rates. If the BoJ, led by Governor Haruhiko Kuroda, decides to shake up its policy stance, one avenue would be to be less aggressive in purchasing ...

Business & Finance - Banking & Finance

Europe's regulators must tell banks to cut bad debts to help recovery: ECB FRANKFURT: European regulators must tell banks to cut their bad debts as they are holding back the euro zone's recovery, ECB Executive Board member Yves Mersch said on Monday. "We cannot afford to waste too much time," he said. "High levels of non-performing loans are paralysing banks, preventing them from passing on the ECB's monetary stimulus to companies and households, and effectively holding back the recovery in the euro area." "We have to be realistic ...

Business & Finance - Banking & Finance

EBRD head urges Ukraine to rethink Naftogaz charter change SOFIA: The head of one of Ukraine's largest creditors, the European Bank for Reconstruction and Development, urged Ukraine on Monday to reverse changes that have moved control of its natural gas transport firm to the country's economy ministry. While Ukraine's international lenders have long been calling for state run Naftogaz to be broken up, Kiev's recent decision to move the Ukrtransgaz transportation operations under the economy ministry has them left them dismayed."We have been talking ...