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Banking & Finance

Business & Finance - Banking & Finance

HSBC to shift some staff to Paris after Brexit in blow to London DAVOS: HSBC became the first major bank to detail plans to move jobs out of London after Brexit, saying it will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris after Britain leaves the EU. Major financial firms warned for months before Britain's referendum on European Union membership in June that they would move jobs out of the country if there was a vote to leave, but have set out few details since on how many will go or where to. "We will move in about two years time when Brexit becomes effective," the bank's Chief Executive Stuart Gulliver told Reuters on Wednesday at the annual meeting of the World Economic Forum in Davos, in a potentially damaging first blow to London's status as Europe's main financial centre. Other banks are expected to announce more concrete plans for how they will adapt to Brexit ...

Business & Finance - Banking & Finance

Qatar National Bank raising $1bn loan from Asian lenders DUBAI: Qatar National Bank, the largest bank in the Middle East and Africa by assets, is raising a $1 billion, three-year syndicated loan in the Asian bank market, sources familiar with the situation said on Wednesday. The Qatari lender is not new to the international loan market and has previously raised large debt facilities in both US dollars and euros. Agricultural Bank of China has a leading role in the new loan, the sources said.A ...

Business & Finance - Banking & Finance

Regulation should not squeeze life out of euro zone banks: ECB's Nouy KOBLENZ: New European rules aimed at preventing a repeat of the 2008 financial crisis should not "squeeze the life out of banks" but rather stop them from taking on too much risk, the European Central Bank's top bank supervisor said on Wednesday. Bankers have complained that the new rules, which include higher capital requirements and tighter checks on lending, are hurting their business at a time when their profits are also suffering as a result ...

Business & Finance - Banking & Finance

US sues JPMorgan for alleged mortgage discrimination NEW YORK: The United States on Wednesday sued JPMorgan Chase & Co, accusing the bank of discriminating against minority borrowers by charging them higher rates and fees on home mortgage loans between 2006 and at least 2009. Filed in a Manhattan federal court, the government's complaint accused the bank of violating the US Fair Housing Act and the Equal Credit Opportunity Act by charging thousands of African-American and Hispanic borrowers more than white borrowers with ...

Business & Finance - Banking & Finance

VTB says helped Rosneft manage forex ops for share sale MOSCOW: Russian state-owned lender VTB helped in the privatisation of a 19.5 percent stake in oil firm Rosneft by ensuring foreign currency operations were carried out without causing market volatility, Interfax news agency quoted a VTB executive as saying. "As regards the participation of VTB in the Rosneft privatisation, we were the organising bank on the deal from the company's side," Interfax quoted VTB first deputy president Yuri Soloviev as saying. "We, as a bank, ...

Business & Finance - Banking & Finance

Hong Kong regulator sues Standard Chartered, UBS over IPO HONG KONG: Hong Kong's stock market regulator has filed a lawsuit against major banks Standard Chartered and UBS along with consultancy firm KPMG over a 2009 initial public offering on the city's bourse.The Securities and Futures Commission (SFC) on Monday filed documents to the High Court alleging "market misconduct" in connection with China Forestry Holdings's IPO, worth $217 million, and the firm's financial statements for 2009 to the first half of 2010.London-based, Asia-focused lender Standard ...

Business & Finance - Banking & Finance

ECB to resist calls for tighter money in 2017 kickoff FRANKFURT AM MAIN: The European Central Bank will hold to its course at its first meeting of 2017 Thursday, analysts said, resisting clamour to tighten monetary policy from critics pointing to increasing inflation.Since December's meeting of the ECB's Governing Council, when it extended mass bond-buying from March to December 2017, price increases in the 19-nation single currency area have picked up.The increase to 1.1 percent from 0.6 average inflation across the eurozone in December still ...