Banking

  Reuters The Islamic Development Bank (IDB) governors agreed on Thursday to elect Saudi Arabia’s former haj minister as its new president starting at the beginning of the Islamic year, or in October. The nomination of Bandar Hajjar, whose candidacy was endorsed by the Saudi government and the outgoing IDB President Ahmad Mohamed Ali, was uncontested during an annual meeting ...

  Reuters Egypt’s central bank held the pound steady at a regular dollar sale but said the dollars would be directed to imports of pharmaceutical products, manufacturing components, vaccines and related chemicals and infant formula. The bank sold $120 million at the price of 8.78 per dollar, unchanged from last week. That is weaker than the rate for the dollar ...

  Bloomberg For energy investors, saving energy has never been as profitable as producing it. That’s starting to change, with institutions from Deutsche Bank AG to Societe Generale SA making it bankable to squeeze more out of electricity and fossil fuels. Their efforts have the potential to channel more money into energy-saving beyond the $45 billion reaped in 2014, blunting ...

  BLOOMBERG Bank of America Corp. and Deutsche Bank AG were among five banks sued over claims that traders conspired to manipulate trading agency bonds issued by government entities and institutions like the World Bank, harming investors who bought and sold the securities. The suit by Boston Retirement System, a pension fund representing city workers, follows inquiries by US and ...

  Bloomberg Jean-Baptiste Esmenjaud, 26, hasn’t set foot in his bank in over five years. “La Banque Postale lets me do everything online, and I speak over the phone once a year with an adviser,” said the biology student, a decade-long customer of the state-backed bank whose 9,000-plus French branches gives it one of Europe’s biggest such networks. “I’ve been ...

  Bloomberg Credit Suisse Group AG is targeting Thai millionaires as part of the firm’s goal to bolster the new money it attracts from wealthy clients in the Asia-Pacific region. The Swiss bank is adding a client-relationship team of six in Bangkok, a total expected to increase to 12 by the end of the year, said Francesco de Ferrari, Credit ...

  Bloomberg Jan Hatzius, the chief economist at Goldman Sachs Group Inc., warned bond investors aren’t prepared for the Federal Reserve to raise interest rates. Fed Bank of Atlanta President Dennis Lockhart and his San Francisco counterpart John Williams both said that at least two rate increases may be warranted this year as the economy picks up. Their comments echo ...

  Bloomberg Georgia’s new central bank governor said he’ll repair public confidence in the regulator following bruising confrontations with the government, as he indicated that interest rates will continue to fall. The monetary authority “lost some credibility” due to a “quite turbulent 2015” amid clashes between the government and his predecessor over the lari’s exchange rate and plans to strip ...

  Bloomberg Deutsche Bank AG investors expressed their frustration with management at the company’s annual meeting a year ago. Weeks later, co-Chief Executive Officer Anshu Jain was gone. Now it’s Chairman Paul Achleitner and Jain’s replacement, John Cryan, who are set to feel the displeasure of shareholders when they gather in Frankfurt on Thursday. With revenue plunging and the need ...

  London / AFP China’s biggest bank ICBC has become the country’s first lender to buy a precious metals vault in Britain, cementing its role as a major player in the gold market. ICBC has bought the London vault, used to store also silver, platinum and palladium, from British bank Barclays, which is exiting the precious metals business as it looks ...