Banking

  Bloomberg Standard Chartered Plc can finally start to move beyond its woes in India. The London-based lender is set to receive a $2.1 billion repayment in the next few weeks from Essar Global, the steel-to-power conglomerate that’s been one of its most problematic borrowers in the country, people with knowledge of the matter said. Standard Chartered may be able ...

  Bloomberg Banks should be given three to five years until new accounting rules for loan losses have an impact on regulatory capital, according to the Basel Committee on Banking Supervision. Accounting standards that require banks to set aside money for expected bad-loan losses will enter into force in 2018 in most of the world, and in 2020 in the ...

  Dubai / Reuters Commercial Bank of Qatar (CBQ) swung to a third-quarter net loss, it reported late on Tuesday, as the Gulf Arab state’s third-largest lender by assets was forced to set aside more cash to cover bad loans. The results, the first since the appointment of former Australia and New Zealand Banking Group banker Joseph Abraham as chief ...

  Bloomberg The Bank of Uganda lowered its benchmark interest rate by 100 basis points to 13 percent, saying slowing inflation gave it room to support flagging growth. Two of three analysts surveyed by Bloomberg predicted the reduction, while one expected policy makers to keep the benchmark rate at 14 percent. The monetary policy committee has cut the rate by ...

  Dubai / AFP A modest recovery in oil prices falls short of filling budgetary gaps in crude-exporting Gulf countries, the International Monetary Fund said, stressing the need to cut spending. The price of the region’s main commodity has partially rebounded and is hovering around $50 per barrel having hit a 10-year low of less than $30 in January, from ...

  Shanghai / Agencies China’s two-week money-market rate climbed the most in almost two years as the central bank drained funds from the financial system and a weakening yuan reduced the possibility of monetary easing. The 14-day repurchase rate, a gauge of interbank funding availability, surged 52 basis points, the most since December 2014, to a two-week high of 3.03 ...

  Bloomberg Britain’s banks face a ban on restrictive contract clauses and misuse of league tables in pitches to clients, in an attempt by the UK’s financial regulator to shake-up competition in investment and corporate banking. In a final report published by the UK Financial Conduct Authority on Tuesday, the agency said improvements must be made by banks in primary ...

  Bloomberg Goldman Sachs Group Inc., once the most profitable firm on Wall Street, reported a 47 percent increase in third-quarter earnings as revenue from bond trading surpassed analysts’ predictions. Net income rose to $2.09 billion, or $4.88 a share, from $1.43 billion, or $2.90, a year earlier, the New York-based company said. Chief Executive Officer Lloyd Blankfein, 62, has ...

  Bloomberg BlackRock Inc., the world’s largest money manager, said third-quarter profit rose 3.8 percent as the firm cut costs while assets under management increased. Net income increased to $875 million, or $5.26 a share, from $843 million, or $5, a year earlier, according to a statement on Tuesday. Adjusted earnings of $5.14 a share beat the $4.98 average estimate ...

  Bloomberg Chinese central bank Deputy Governor Fan Yifei talked up the importance of asset-management firms created to clean up bad loans at a briefing on Sunday, saying that they played a key role in reducing corporate leverage. Speaking in Beijing at the launch of a restructured China Orient Asset Management, a bad-loan manager backed by the Finance Ministry and ...