09282016Wed
Last update: Wed, 28 Sep 2016 03pm

Banking & Finance

Business & Finance - Banking & Finance

Bank of England begins corporate debt purchases LONDON: The Bank of England on Tuesday began buying £10 billion of corporate debt under a wide-ranging stimulus programme aimed at propping up the economy after Britain voted to exit the EU. The BoE last month announced it would buy company bonds worth the equivalent of $13 billion or 11.6 billion euros over an 18-month period.It came as the BoE slashed its key interest rate by a quarter-point to a record-low 0.25 percent and expanded its main quantitative easing (QE) bond-buying scheme by £60 billion to £435 billion.At the same time, it unveiled in August a scheme worth up to £100 billion to encourage banks to lend to households and businesses. The BoE is meanwhile purchasing debt from non-financial companies which make a "material contribution" to Britain's economy, while foreign firms such as Apple, German rail operator Deutsche Bahn and French oil giant Total as eligible to participate in the ...

Business & Finance - Banking & Finance

IMF warns central banks could lose deflation fight WASHINGTON: The International Monetary Fund warned Tuesday that central banks are struggling to beat back deflationary forces and that governments need to spend to help them succeed.In a new assessment of global economic conditions, the IMF said many countries worldwide are battling disinflation -- low and slowing inflation -- due to weak global economic growth.If central banks around the world cannot halt this stall, and if companies and people increasingly believe they can't halt it, ...

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Commerzbank could trim around 9,000 jobs: report BERLIN: Germany's second-largest lender Commerzbank could slash around a fifth of its staff in the coming years as part of a billion-euro restructuring programme, a German newspaper said on Tuesday.Chief executive Martin Zielke is to present his vision for the bank's future up to 2020 -- including some 9,000 job cuts -- to fellow board members on Friday, according to business daily Handelsblatt.Zielke has yet to decide whether to achieve the cuts through redundancies or ...

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Argentina central bank chief says targets inflation of 8-12pc for 2018 BUENOS AIRES: Argentina's central bank will target inflation of 8 percent to 12 percent in 2018, down from a 12 percent to 17 percent target in 2017, central bank chief Federico Sturzenegger said on Monday. Inflation should fall to around 5 percent in 2019, he said in a presentation to explain the bank's inflation targeting strategy for next year. Although some analysts had expected the bank to move to a monthly policy rate like most ...

Business & Finance - Banking & Finance

Fed seeks more capital from big banks, relief for regional lenders WASHINGTON: The Federal Reserve will seek significantly more capital from the largest US banks and give some relief to smaller lenders as it updates its annual stress test, Fed Governor Daniel Tarullo said on Monday.The reforms will include a new capital buffer to better protect the financial system from a shock at the nation's largest lenders like JPMorgan Chase, Bank of America and Wells Fargo. "In pulling this package of modifications together, we have consciously ...

Business & Finance - Banking & Finance

African Development Bank says aims to provide $4.1bn to Nigeria in 2016/2017 LAGOS: The African Development Bank is looking to provide a total of $4.1 billion to Nigeria over the course of 2016 and 2017, its president said on Monday. Akinwumi Adesina told reporters the funds would be used to develop the power and agriculture sectors in the west African country, as well as infrastructure development. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Bank of America to cut Asia investment banking jobs SINGAPORE/HONG KONG: Bank of America is set to cut about two dozen investment banking jobs in Asia, including some top dealmakers, sources told Reuters, as a slowdown forces western banks to cut costs.The job cut plan comes after Reuters reported on Friday that Goldman Sachs is planning to cut almost 30 percent of its 300 investment banking jobs in Asia outside Japan, in response to a fall in activity in the region. Some bankers handling ...