05262016Thu
Last update: Thu, 26 May 2016 07am

Banking & Finance

Business & Finance - Banking & Finance

Swiss bank BSI says Singapore branch operating normally ZURICH: Swiss bank BSI's Singapore branch is operating normally, it said on Wednesday, a day after the Monetary Authority of Singapore (MAS) said it would withdraw its status as a merchant bank in Singapore, and directed it to shut down for serious breaches of anti-money laundering requirements and other lapses. "The decision by MAS to withdraw the Bank's status as a merchant bank will take place only at a future time given that MAS 'will allow the transfer of the Singapore's subsidiary's assets and liabilities to the Singapore branch of EFG or the parent entity, BSI SA,'" Lugano-based BSI said in a statement Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Citigroup to pay $425mn over attempted benchmark manipulation WASHINGTON: Citigroup and its affiliates have agreed to pay a collective $425 million to resolve civil charges the bank attempted to manipulate several key benchmarks, including the US dollar ISDAFIX, the Yen Libor and the Euroyen TIBOR, the Commodity Futures Trading Commission said. The CFTC said on Wednesday the bank was also charged with false reporting in connection with ISDAFIX benchmark rates and with false reporting of US dollar Libor rates during the financial crisis ...

Business & Finance - Banking & Finance

Fitch downgrades Credit Suisse on challenging capital markets HONG KONG: Fitch Ratings downgraded Credit Suisse Group's long-term default rating by a notch to A-minus and its viability rating to a-minus from a, citing the Swiss bank's reliance on difficult capital markets.The agency also blamed the economic slowdown in the Asia-Pacific region which it said would put pressure on the lender's new business model."We expect execution of strategic restructuring to remain more challenged by prevailing unfavourable fixed income and equities capital markets than was ...

Business & Finance - Banking & Finance

Indian banks still resisting rate cuts as liquidity row with RBI drags on NEW DELHI: India's central bank has stepped up fund injections in the two months since Governor Raghuram Rajan pledged to gradually erase a cash deficit in the financial system, but commercial banks say it is still not enough for them to sharply lower interest rates.The Reserve Bank of India has slashed rates by 150 basis points (bps) since the start of last year, bringing the policy rate to a five-year low of 6.50 percent, but ...

Business & Finance - Banking & Finance

Risks to financial stability have increased in recent months: ECB FRANKFURT: The risks to financial stability in the eurozone have increased in recent months, but the single currency bloc is equipped to deal with them, the European Central Bank said on Tuesday. In its half-yearly Financial Stability Review, the ECB identified four key sources of risk for euro area financial stability over the next two years.And "compared with the November 2015 FSR, most risks have increased," the central bank said. Risks of new financial market ...

Business & Finance - Banking & Finance

 Bank of England's Carney, under fresh fire, defends message on Brexit risk LONDON: Bank of England Governor Mark Carney defended the central bank's decision to flag the risks of leaving the European Union on Tuesday, hitting back at one of his toughest critics who has called for him to resign.Carney said the outcome of the June 23 referendum could require the Bank to make a big reassessment to how it sets interest rates, something it needed to explain to businesses and households."It's important not just for those ...

Business & Finance - Banking & Finance

For third straight month, Turkey central bank cuts top end of rate corridor ISTANBUL: Turkey's central bank cut the top end of its interest rate corridor by an expected 50 basis points on Tuesday, as new Governor Murat Cetinkaya charts a dovish course amid cooling inflation and political pressure for lower rates.Inflation hit its lowest in nearly three years last month, helped by slowing food prices and boosting expectations that Cetinkaya would cut again - even though inflation remains above the bank's own target and the lira currency ...