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Money & Banking

Aussie, kiwi down
Money & Banking

Aussie, kiwi down

SYDNEY: The Australian and New Zealand dollars eased off highs on Friday but were on track for solid weekly takings...
Published 17 Apr, 2021 03:28am
Erdogan adviser says central bank unlikely to cut rates early in Turkey
Money & Banking

Erdogan adviser says central bank unlikely to cut rates early in Turkey

  • Erdogan has long called for lower rates and abruptly fired the last three bank chiefs in less than two years, including Naci Agbal on March 20. Analysts say the bank's credibility is tarnished given Erdogan's outsized influence on monetary policy.
  • "I do not think the central bank or the governor knows when they will cut the policy rate, since they will act according to the data. I think it is early to make a comment on rate cuts before seeing the inflation data," said Ertem.
Published 16 Apr, 2021 08:06pm
New UniCredit chief sees technology at core of every decision
Money & Banking

New UniCredit chief sees technology at core of every decision

  • Orcel, former head of investment banking at UBS, started in his new role on Thursday, after narrowly overcoming an investor revolt over an up to 7.5 million euro ($9 million)pay package that makes him one of Europe's best-paid bank executives.
  • "Getting this right in a time frame that will have a material impact is critical to the success of our business, for the service that we provide for our clients and for our customers," he said.
Published 16 Apr, 2021 08:03pm
Congo central bank cuts interest rate to 10.5pc
Money & Banking

Congo central bank cuts interest rate to 10.5pc

  • It had hiked the interest rate from 7.5% to 18.5% last August to re-anchor inflation expectations.
  • Growth is forecast at 4.4% in 2022, the IMF said. Congo is Africa's top producer of copper and recorded record output of the metal last year.
Published 16 Apr, 2021 07:41pm
Morgan Stanley profit blows past estimates, flags credit event loss
Money & Banking

Morgan Stanley profit blows past estimates, flags credit event loss

  • The Wall Street powerhouse, however, recorded a total one-off loss of over $900 million that it said was related to a credit event and subsequent losses from "a single prime brokerage client."
  • Morgan Stanley was one of six banks who had exposure to Archegos Capital Management, a family office fund that defaulted on margin calls late last month and triggered a firesale of stocks across Wall Street.
Published 16 Apr, 2021 05:21pm
Goldman Sachs communications head Jake Siewert to leave
Money & Banking

Goldman Sachs communications head Jake Siewert to leave

  • Siewert, a veteran of the Clinton and Obama administrations, joined the Wall Street bank in 2012. Before that, he was a top aide to former Treasury Secretary Timothy Geithner.
  • Siewert led Goldman's makeover efforts after the 2008 global financial crisis and was also involved in the launch of Marcus, its online retail banking division, the report said.
Published 16 Apr, 2021 05:31pm
Chinese banking sector's first-quarter profit growth at 1.5pc, says regulator
Money & Banking

Chinese banking sector's first-quarter profit growth at 1.5pc, says regulator

  • Chinese banks have begun to improve earnings in tandem with an economic recovery and are expected to continue to do so throughout the year.
  • The amount of special bonds for capital replenishment "will be relatively stable compared with last year", said Xiao Yuanqi, vice-chairman of CBIRC, adding that the disposal of bad loans will be no less than in previous years.
Published 16 Apr, 2021 04:53pm
Cheaper cellphone charges to weigh on BOJ's inflation forecast
Money & Banking

Cheaper cellphone charges to weigh on BOJ's inflation forecast

  • Cellphone fee cuts to weigh on BOJ's price forecast – sources.
  • Impact of lower fees likely transitory, won't affect policy.
  • Price trend stripping away one-off factors 'solid' – sources.
  • Analysts expect fee cuts to shave up to 0.6% point off core CPI.
  • BOJ to mull impact of fee cut in April quarterly f'cast review.
Published 16 Apr, 2021 04:30pm
Aussie, kiwi up
Money & Banking

Aussie, kiwi up

SYDNEY: The Australian and New Zealand dollars touched three-week tops on Thursday as their US counterpart extended...
Updated 16 Apr, 2021 09:54am
Sterling struggles
Money & Banking

Sterling struggles

LONDON: The pound was steady on Thursday, edging up against the euro but struggling to regain momentum as market...
Updated 16 Apr, 2021 09:54am
Citigroup profit triples, exits some overseas consumer units
Money & Banking

Citigroup profit triples, exits some overseas consumer units

  • Like JPMorgan Chase & Co, which reported earnings on Wednesday, Citi benefited from a boom in capital markets activity, but its consumer bank felt the impact of low interest rates that hurt earnings.
  • Revenue fell 7% on low interest rates and a 10% decline in loans, largely due to lower consumer credit card loan balances.
Published 15 Apr, 2021 07:38pm
Turkish central bank holds rates, drops policy pledge under new chief
Money & Banking

Turkish central bank holds rates, drops policy pledge under new chief

  • In a statement, the bank also ditched last month's pledge to "decisively" maintain a tight monetary policy "for an extended period" to address inflation, which has risen above 16% and been in double-digits for most of the last four years.
  • The lira slipped as much as 0.7% to 8.125 versus the dollar after the bank under new governor Sahap Kavcioglu replaced the hawkish guidance with a softer assessment of risks to inflation that analysts said signalled interest rate cuts were on the way.
Published 15 Apr, 2021 06:02pm