12112016Sun
Last update: Sun, 11 Dec 2016 06pm

Banking & Finance

Business & Finance - Banking & Finance

Australia banks admit to Malaysian ringgit cartel SYDNEY: Australian banks ANZ and Macquarie on Friday agreed to pay Aus$15 million (US$11 million) in fines for trying to manipulate the benchmark rate of the Malaysian ringgit.ANZ admitted to 10 instances of attempted cartel conduct and Macquarie to eight relating to setting the daily rates for derivative instruments linked to Malaysia's currency in 2011.The Australian Competition and Consumer Commission (ACCC) said both banks had cooperated with their investigation, with ANZ agreeing to a Aus$9 million penalty and Macquarie Aus$6 million.The case involved Singapore-based traders communicating via private online chat rooms about daily submissions on the Malaysian ringgit fixing rate to be made to the Association of Banks in Singapore."These proceedings are a reminder that Australian cartel laws apply to financial markets, and capture cartel conduct by firms that carry on business in Australia, regardless of where that conduct occurred," said ACCC chairman Rod Sims."The ACCC recognises the integrity of ...

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ADB chief urges Trump to remain engaged with Asia MANILA: The head of the Asian Development Bank on Thursday urged Washington to remain engaged with Asia, days after US President-elect Donald Trump vowed to scrap a trans-pacific trade pact.Takehiko Nakao told reporters the incoming US leader had previously talked about the importance of the "trade relationship".He added, "it's important for the United States to continue to engage in Asia and that is good for the Asian region as a whole".The US-led Trans-Pacific Trade Partnership ...

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Monte dei Paschi shareholders vote on vital capital raising SIENA: Italy's Monte dei Paschi di Siena gathered enough shareholders at a meeting on Thursday to enable a vote to go ahead on a 5 billion euro ($5.3 billion) share issue needed to stave off the risk of the bank being wound down. A required 20 percent quorum had risked proving a hurdle because Italy's third-largest bank has a very fragmented shareholder base following two successive cash calls worth a total 8 billion euros in ...

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Chile central bank head says policy will not automatically react to inflation SANTIAGO: Inflation moving temporarily outside the central bank's target range should not automatically spark a reaction in monetary policy, said Chile central bank head Rodrigo Vergara on Thursday. Monetary policy should be flexible but not react to short-term volatility in price changes, as long as expectations remain anchored to 3 percent on the policy horizon, said Vergara at a presentation in Santiago.Copyright Reuters, 2016 ...

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Deutsche Bank Switzerland names Peter Hinder as new CEO ZURICH: Deutsche Bank said veteran Swiss banker Peter Hinder will take over as head of its operations in Switzerland and its European wealth management business. Hinder, who takes on his new role from Dec. 1, will replace Marco Bizzozero, who is leaving to pursue other opportunities, the bank said in a statement on Thursday. Hinder joined Deutsche Bank last year after a 23-year stint at UBS and four years as CEO of Thurgauer Kantonalbank . ...

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Turkey makes first rate hike for almost 3 years ISTANBUL: The Turkish central bank on Thursday announced it was hiking its main interest rate by 50 basis points, in a bid to counter a drastic fall in the value of the lira in recent months.The monetary policy committee of the bank said the one-week repurchasing rate was being lifted to 8.0 percent from 7.5 percent, the first rate hike by the bank since January 2014.The Turkish lira has lost over 10 percent in value ...

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Euro central banks can lend out more bonds to aid repo market, ECB's Constancio says FRANKFURT: Euro zone central banks can lend out more of the bonds they have bought as part of the European Central Bank's stimulus programme to support the market for short-term funding, Euroepan Central Banl Vice President Vitor Constancio told Reuters on Thursday.The ECB's purchases of more than a trillion euros ($1.06 trillion) of euro zone government bonds has made it hard for investment funds to source such high-quality collateral to use for borrowing in so ...