02082016Mon
Last update: Mon, 08 Feb 2016 05pm

Banking & Finance

Business & Finance - Banking & Finance

Japan megabank profits down as BoJ stimulus threatens bottom line TOKYO: Japan's biggest banks tumbled in Tokyo share trading Monday as a drop in their latest earnings was compounded by fears that the Bank of Japan's new stimulus measures would hit their bottom line.Shares in the trio -- Mitsubishi UFJ, Sumitomo Mitsui Financial Group and Mizuho Financial Group -- suffered a sell-off after the central bank on Friday unveiled plans to effectively charge lenders on some deposits.The negative interest rate policy is intended to increase lending to people and businesses in order to kickstart the world's number three economy and fend off deflation.The idea is to give commercial banks an incentive not to park their cash at the central bank.But the move threatens to weigh on bank profits, analysts said, as they battle to drive up lending at home.Some analysts saw the BoJ bid as a desperate move after three years of Prime Minister Shinzo Abe's big-spending and monetary easing ...

Business & Finance - Banking & Finance

'Prove it!' Football star Neymar says of Brazil tax charges SAO PAULO: Barcelona football star Neymar insisted Sunday he is innocent of tax evasion allegations, days after losing an appeal against a $112,000 fine for filing irregularities in 2007 and 2008."I am happy within myself," he said in an interview with Brazil's Globo television."Before saying nonsense -- that we hid this, or hid that -- they should prove it," he said.On Thursday Neymar lost his appeal against a fine imposed by tax authorities in 2012 ...

Business & Finance - Banking & Finance

Credit Suisse, Barclays to pay $154.3mn over 'dark pools' WASHINGTON: Barclays and Credit Suisse will pay $154.3 million combined to settle charges that they violated federal securities laws over their so-called "dark pools," the US Securities and Exchange Commission said Sunday.They agreed to record individual settlements for operating alternative trading systems, known as "dark pools," the SEC said in a statement. Barclays admitted wrongdoing and will pay a total of $70 million, while Credit Suisse will pay a total of $84.3 million.Dark pools allow ...

Business & Finance - Banking & Finance

Bahrain's Al Baraka Islamic Bank eyes France, Indonesia for expansion SHARM AL-SHEIKH: Bahrain's Al Baraka Islamic Bank plans to open a sharia-compliant bank in France next year as the lender seeks to expand into Europe, Chief Executive Adnan Ahmed Yousif said on Sunday.France has one of the largest Muslim populations in Europe but cultural and legal obstacles have impeded the development of its Islamic finance industry."We were in the midst of launching an Islamic bank in France, but with the global financial crisis the project ...

Business & Finance - Banking & Finance

Abu Dhabi Commercial Bank Q4 net profit rises 16pc DUBAI: Abu Dhabi Commercial Bank (ADCB) on Sunday posted a 16 percent rise in fourth-quarter net profit.The emirate's third largest bank by assets made a net profit attributable to shareholders of 1.19 billion dirhams ($324 million) in the three months to Dec. 31, compared to 1.02 billion dirhams in the corresponding period of the previous year, it said in a bourse statement.Two analysts polled by Reuters had forecast net profit for the quarter of 986 ...

Business & Finance - Banking & Finance

Britain's HSBC back online after cyber attack LONDON: British bank HSBC said Saturday that its Internet and mobile banking services were fully up and running again after it was hit by a cyber-attack."HSBC internet and mobile banking are now fully recovered. Thanks for your patience and again we apologise for the disruption," the bank said on Twitter.HSBC said it had successfully repelled Friday's attack although customers trying to access their accounts suffered disruptions.The bank has 17 million personal and business customers in ...

Business & Finance - Banking & Finance

Taiwan c.bank guides o/n interbank rate lower to 0.20pc TAIPEI: Taiwan's central bank on Saturday guided the overnight interbank rate down, a move that came a day after government data showed the economy remained weak in the fourth quarter of last year. Traders said the overnight interbank rate was lowered to 0.20 percent from Friday's 0.23 percent.The last time the central bank began guiding market rates lower it followed the moves by cutting the official policy rate. The central bank cut the discount rate ...