07302016Sat
Last update: Sat, 30 Jul 2016 09pm

Banking & Finance

Business & Finance - Banking & Finance

Goldman Sachs leads second round of investment in Brazil startup SAO PAULO: US investment bank Goldman Sachs has led a second round of investment to inject around 35 million reais ($11 million) into Brazilian technology startup CargoX, in a sign of investor confidence despite the deepest recession in decades. The Brazilian logistics firm is using mobile technology to connect companies that need freight services to more than 100,000 independent truck drivers. CargoX began to operate last March and expects 50 million reais ($15.4 million) in revenue in the first year. CargoX's chief executive, Federico Vega, a former JPMorgan Chase & Co executive, said that around 40 percent of truck trips in Brazil are made without cargo, usually while coming back from freight destinations. "The idea is to test our model thoroughly in a single country, in this case Brazil, and then do as Uber did, launching the service in several countries simultaneously," Vega told Reuters. With little rail infrastructure in ...

Business & Finance - Banking & Finance

Brazil central bank holds steady on high interest rate BRASÍLIA: Brazil's central bank left unchanged Wednesday its benchmark interest rate as Latin America's largest economy remains mired in recession and high inflation.The central bank, as expected, kept the key Selic rate at 14.25 percent, where it has been pegged for a year to support the flailing economy.The meeting of the Central Bank Monetary Policy Committee (Copom) was the first one headed by the new market-friendly central bank governor, Ilan Goldfajn. Goldfajn has made reining ...

Business & Finance - Banking & Finance

JPMorgan promotes oil chief Katz to global commodities head NEW YORK: JPMorgan Chase & Co has promoted Jeff Katz, the head of oil trading, to the position of global commodities chief, replacing Mike Camacho, who is moving to the bank's asset management division, according to an internal memo seen by Reuters. Katz joined the bank in 2005 from Goldman Sachs Group Inc as senior foreign exchange options trader, and moved to the commodities team managing the global oil business four years ago, according to ...

Business & Finance - Banking & Finance

US Fed awards $79.37bn in reverse repos NEW YORK: The US Federal Reserve on Wednesday awarded $79.37 billion of one-day, fixed-rate reverse repurchase agreements to 28 bidders at an interest rate of 0.25 percent, the New York Fed said on its website.On Tuesday, the Fed allotted $82.27 billion in one-day reverse repos to 34 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. Tuesday's amount was the highest since July ...

Business & Finance - Banking & Finance

Egypt's central bank says not time to float pound, devaluation depends on timing CAIRO: Egypt's central bank governor said on Wednesday that the time was not right to float the Egyptian pound, which has come under intensifying pressure in recent weeks, but he left the door open to a possible devaluation. Economists say a devaluation is all but inevitable.But the timing is crucial to maximise its impact while mitigating the inflationary effect, particularly as the government plans to introduce value-added tax this year and has yet to complete ...

Business & Finance - Banking & Finance

Bank of England sees no clear evidence of sharp Brexit hit yet LONDON: The Bank of England said on Wednesday it had seen no clear signs yet of a sharp economic slowdown after last month's vote to leave the European Union, raising questions over how aggressively it will act to boost the economy when it meets next month.The BoE's regional agents, who speak regularly with companies, said business uncertainty had risen markedly but most firms did not plan to cut hiring or investment."As yet, there was no ...

Business & Finance - Banking & Finance

Indonesia's Bank Central Asia H1 profit rises 12pc JAKARTA: Indonesia's biggest lender by market value, PT Bank Central Asia Tbk (BCA), reported on Wednesday a 12.1 percent rise in net profit for the first half of 2016, lifted by growth in current and savings accounts as well as lower cost of funds. The bank posted a net profit of 9.6 trillion rupiah ($732.3 million) for the six months ended June 30, up from 8.5 trillion rupiah a year earlier."Solid current and savings accounts ...