09252016Sun
Last update: Sun, 25 Sep 2016 06pm

Banking & Finance

Business & Finance - Banking & Finance

Ex-Deutsche Bank trader pleads not guilty in US in Libor case NEW YORK: A former Deutsche Bank AG trader pleaded not guilty on Thursday to US charges that he conspired to manipulate Libor, the benchmark interest rate at the center of global investigations into misconduct at various banks. Gavin Black, 46, a former director on Deutsche Bank's money market derivatives and pool trading desks in London, entered his plea in federal court in Manhattan to conspiracy and wire fraud charges after waiving extradition from Britain.Black was indicted in June along with Matthew Connolly, formerly Deutsche Bank's director of the pool trading desk in New York, becoming one of four onetime employees at the bank to be charged by the US Department of Justice.Libor is based on what banks say they believe they would pay if they borrowed from other banks. The rate underpins trillions of dollars of financial products globally from mortgages to credit card loans.US and European authorities have been ...

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ECB revises 2016 growth up but trims forecast for 2017, 2018 FRANKFURT: The European Central Bank on Thursday raised its 2016 growth forecast slightly but lowered its projections for 2017 and 2018, with bank chief Mario Draghi saying "uncertainties" caused by the Brexit vote would weigh on trade."The economic recovery in the euro area is expected to be dampened by still subdued foreign demand, partly related to the uncertainties following the UK referendum outcome... and a sluggish pace of implementation of structural reforms," Draghi said at ...

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Canada central bank keeps key lending rate at 0.5pc OTTAWA: Canada's central bank maintained its key lending rate at 0.5 percent Wednesday while signaling hope for an economic rebound in the coming months following a dismal first half of 2016.Recently released economic data showed the biggest quarterly decline in GDP in seven years in the second quarter due to a disruption of oil production caused by massive wildfires, while an across-the-board downturn in exports was the worst since 2009.But the Bank of Canada said ...

Business & Finance - Banking & Finance

Bank of England chief defends post-Brexit vote policy LONDON: Bank of England governor Mark Carney on Wednesday dismissed accusations of exaggerating Brexit's economic risks to Britain, insisting that BoE action since the EU exit vote had reduced recession risks.Largely better-than-expected UK economic data compiled since the June referendum in favour of exiting the European Union has led analysts -- and MPs grilling Carney Wednesday -- to suggest that the central bank may have been too dramatic in its assessment of Brexit's fallout on ...

Business & Finance - Banking & Finance

Brexit could see UBS slash 30pc of London staff ZURICH: Britain's decision to leave the European Union could see UBS slash nearly a third of its employees from the London office, the head of the Swiss banking giant said in an interview to a Japanese publication."We currently employ more than 5000 people in London and probably 20 percent to 30 percent of our workforce could be affected," Sergio Ermotti was quoted as saying by the Nikkei Asian Review on Wednesday.London serves as the headquarters ...

Business & Finance - Banking & Finance

China August forex reserves fall to lowest since 2011 BEIJING: China's foreign exchange reserves fell to the lowest since 2011 in August as the central bank intervened to support the yuan currency as it weakened to near-six year lows.While the $15.89 billion drop was in line with market expectations and was described by analysts as modest, it was the biggest decline since May and could signal fresh capital outflows from the economy even as it starts to show signs of steadying.China's reserves fell to ...

Business & Finance - Banking & Finance

Bank of Korea seen on hold in Sept before Fed meets SEOUL: South Korea's central bank is forecast to keep its benchmark interest rate unchanged at its meeting on Friday as board members would prefer to wait for the Federal Reserve's next policy decision in two weeks, a Reuters poll found.Twenty-five of 26 economists surveyed by Reuters expect Bank of Korea Governor Lee Ju-yeol and his board to hold the rate at a record low of 1.25 percent. The bank last cut, unexpectedly, in June.Korea Investment ...