07292016Fri
Last update: Fri, 29 Jul 2016 07am

Banking & Finance

Business & Finance - Banking & Finance

US Fed awards $80.81bn in reverse repos NEW YORK: The US Federal Reserve on Monday awarded $80.81 billion of one-day, fixed-rate reverse repurchase agreements to 32 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. Monday's amount was the highest since July 6 when the Fed awarded $83.40 billion to 39 bidders. On Friday, the Fed allotted $41.16 billion in three-day reverse repos to 29 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. The reverse repurchase agreement program is seen as a critical policy tool for the US central bank to drain money from the financial system in an effort to achieve its interest rate objectives. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Bank of America wealth management struggles to retain small brokers NEW YORK: Bank of America's wealth business is struggling to retain younger financial advisers, who are having a hard time meeting revenue targets because they have a small book of business, Chief Executive Brian Moynihan said on Monday. Big wealth firms have had trouble developing young staff, creating a conundrum as older peers approach retirement, industry studies show. Many smaller advisers get frustrated with challenging performance targets, and either move to smaller firms or leave ...

Business & Finance - Banking & Finance

Peru says World Bank panel rejects lawsuit over smelter LIMA: A World Bank panel has rejected an $800 million lawsuit filed against Peru for allegedly failing to clean up and take legal responsibility for pollution tied to a smelter in the South American nation, the Peruvian government said on Monday. New-York-based Renco Group Inc sued Peru in 2011, accusing it of failing to clean the soil around the La Oroya smelter as promised when it was sold to the company in 1997. It also ...

Business & Finance - Banking & Finance

German economy to grow strongly in Q3 despite Brexit risks: Bundesbank FRANKFURT: The German economy, Europe's biggest, will continue to expand strongly in the third quarter, despite potential risks from the British vote to quit the European Union, the German central bank or Bundesbank said on Monday.After growth slowed in the second quarter of 2016, "the underlying economic trend remains very strong and a sharp increase in overall economic output can be expected in the summer quarter," the Bundesbank wrote in its latest monthly report.In the ...

Business & Finance - Banking & Finance

Bank of America earnings dip NEW YORK: Bank of America on Monday reported a drop in second-quarter earnings as the drag of low interest rates offset a pickup in some key consumer banking categories.Chief executive officer Brian Moynihan said the earnings, which topped expectations, nevertheless reflected the bank's engineering of "another solid quarter in a challenging environment" by keeping a lid on expenses.Net income for the quarter ending June 30 was $3.9 billion, down 19.4 percent.Revenue fell 7.1 percent to ...

Business & Finance - Banking & Finance

Bank of England's Weale sees little urgency to cut interest rates LONDON: Bank of England policymaker Martin Weale said on Monday he was unsure if he would back an interest rate cut at next month's BoE meeting, in contrast to most of his colleagues who think a cut is likely. Weale - who will step down after next month's meeting - said he did not see any sense of panic among consumers or businesses after Britain's vote to leave the European Union last month, and that ...

Business & Finance - Banking & Finance

Qatar's Commercial Bank gets $166mn international loan DUBAI: Commercial Bank of Qatar (CBQ) has obtained a $166 million, three-year loan from international banks for general corporate purposes, it said on Monday. Seven lenders participated in the deal, with Mizuho Bank acting as sole co-ordinator, sole bookrunner and mandated lead arranger. Agricultural Bank of China, State Bank of India and Bank of Taiwan were also mandated lead arrangers; Gunma Bank and Shizuoka Bank were lead arrangers, while Fuyo General Lease was an arranger.Copyright ...