Banking

  AP A US congressional committee is investigating how hackers managed to divert US$101 million from Bank of Bangladesh accounts held at the Federal Reserve in New York. The February theft led the Bangladesh central bank’s chairman to resign, and added to worries about the security of online bank data. This week, the Science Committee in the US House of ...

  REUTERS Kuwait’s Gulf Bank said a court ruled in favour of the lender in a 55.3 million dinar (US$182.99 million) dispute with The Cube Group to auction assets, according to a bourse filing. This is to go towards covering part of its debt to the lender, Gulf Bank said in the statement. The court ruling is final, the statement ...

  Bloomberg Brazil’s state development bank BNDES will sell equity assets and utilize concessions and privatisations as it seeks to attract the private investment needed to pull Latin America’s largest economy out of recession, according to the bank’s new president. Maria Silvia Bastos Marques took over as head of the bank known as BNDES, saying she will personally oversee the ...

  BLOOMBERG Australia’s securities regulator is set to start civil legal proceedings against National Australia Bank Ltd. for allegedly manipulating the nation’s benchmark swap rate, according to a person familiar with the matter. It will be the third such legal action in a more-than three-year investigation by the Australian Securities & Investments Commission into alleged manipulation of the bank-bill swap ...

  Bloomberg Japan for years has been renowned for having the world’s largest government debt load. No longer. That’s if you consider how the effective public borrowing burden is plunging — by one estimate as much as the equivalent of 15 percentage points of gross domestic product a year, putting it on track toward a more manageable level. Accounting for ...

  Bloomberg China’s central bank is expanding the fight to monitor and control risks emerging in the burgeoning market for loosely-regulated shadow lending. The People’s Bank of China has started collecting data from the murky world of online financing, in which firms make loans for everything from weddings to mining projects. It’s a growing part of a shadow banking market ...

  AFP The head of the world’s biggest bank by assets, Industrial and Commercial Bank of China (ICBC), is retiring, according to a statement, amid flat profit growth for the massive lender. Jiang Jianqing, 63, is leaving his post as chairman and will be replaced by current president and vice chairman Yi Huiman, ICBC said in a statement to the ...

  Bloomberg Hyundai Heavy Industries Co, the world’s biggest shipbuilder, received an initial approval from its creditor KEB Hana Bank to raise 2.6 trillion won ($2.2 billion) selling assets, according to a person familiar with the plan. The shipbuilder plans to sell stakes in other companies and real estate projects, the person said, asking not to be identified as the ...

  Lagos / AFP Investors won’t necessarily be surprised if the Federal Reserve embarks upon another edition of quantitative easing when the next US recession hits. What would come as a shock is if the central bank decided to purchase assets before exhausting its more traditional form of accommodation: rate cuts. But that approach might be just what the doctor ...

  Bloomberg Federal Reserve officials spent 2015 pining for a pickup in US wage gains. For the heads of the district banks, anecdotal evidence existed in their own paychecks. Fed presidents saw a 4 percent average salary increase last year, following a 6.6 percent bump in 2014, according to the central bank’s annual report released. Those gains follow a pay ...