Banking

  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 ...

  Bloomberg Southeast Asia’s best-performing currency is giving Indonesia’s central bank the opportunity to continue increasing foreign reserves from a four-year high, a senior official said. “If we see the chance to build our reserves, then surely we will take advantage of it,” Doddy Zulverdi, Bank Indonesia’s executive director for monetary management, said in an interview at his Jakarta office ...

  DUBAI / DOHA / Reuters Qatar’s central bank is offering 3 billion riyals ($825 million) of government bonds in its third domestic bond sale this year, according to a circular seen by Reuters. Bids for the latest offer were due on Monday, with allocations to be made the following day, according to the offer document. The offer is made ...

  Kuwait City / AFP National Bank of Kuwait, the emirate’s largest lender, said on Monday its third quarter net profit rose 6.5 percent mainly thanks to growing public spending despite low oil revenues. The bank posted a net profit of 68.7 million dinars ($227.5 million) for July to September this year compared to 64.5 million dinars ($213.6 million) for ...