Philippe Brassac makes his mark with a management reshuffle, as the bank nears a settlement with U.S. authorities on sanctions.» Read More
MANILA, Aug 4- Gold hovered near a 5-1/ 2- year low on Tuesday, still pressured by expectations that the Federal Reserve was well on course to raise interest rates this year. "I think it underscores our sense that the Fed may take a cautious approach, hence perhaps defer the first hike to December," said Vishnu Varathan, senior economist at Mizuho Bank in Singapore.
SYDNEY, Aug 4- Australia's central bank held interest rates at record lows on Tuesday in a widely expected decision, but surprised markets by toning down calls for a further fall in the local dollar. The currency jumped half a U.S. cent to $0.7348 after the Reserve Bank of Australia dropped a reference to a further decline being necessary, saying only that the...
NEW YORK, Aug 3- New York state's financial watchdog effectively suspended Promontory Financial Group LLC, a prominent consulting firm, from doing regulatory work for banks licensed by the state after finding that it whitewashed reports it gave to authorities. The New York State Department of Financial Services found that Promontory was not sufficiently...
The sale of Royal Bank of Scotland shares marks the UK's biggest privatization move at a loss to the taxpayer, The Financial Times reports.
CIT Group CEO John Thain discusses Merrill Lynch and Bank of America, the NYSE halt, and current markets.
CIT Group CEO John Thain discusses CIT Group acquiring OneWest bank, the economy, and the regulatory environment.
*Britain starts sale of RBS stake at a loss. *UK faces loss on 45 bln stg RBS bailout after profit on Lloyds. LONDON, Aug 3- Britain started the sale of a 2 billion pounds stake in Royal Bank of Scotland on Monday, beginning the disposal of its holding in the bank seven years after a multi-billion pound bailout at the height of the financial crisis.
Keith Banks, U.S. Trust president shares his outlook on the markets and top sector picks.
Chris Wheeler, banks analyst for Atlantic, discusses the challenges facing HSBC.
MEXICO CITY, Aug 3- Mexican companies warn they will have to raise prices if a steep slide in the peso currency persists, adding pressure on the central bank to hike interest rates despite a weak economy. Price hikes by manufacturers could push service providers to follow suit, unleash demand for higher wages and undo Mexico's success in bringing down inflation.
FRANKFURT/ ATHENS, Aug 3- Greece is unlikely to ask for an increase in emergency funding from the European Central Bank for weeks, because its liquidity buffer has risen thanks to cash inflows and central bank help, two sources familiar with the situation told Reuters. The bank liquidity buffer has grown to about 5 billion euros from 1 billion to 2 billion euros at...
Nikos Vettas, general director at Foundation for Economic & Industrial Research, discusses the current uncertainty surrounding Greece's economic activity.
Eric Moore, fund manager at Miton, explains why HSBC is the "world's most complex bank", while discussing its earnings report.
ATHENS, Greece— Greece suffered its worst stock market bloodbath in decades on Monday, when it opened after a forced five-week closure, and new data showed a dismal outlook for the bailout-dependent country's shrinking economy. "There's a sense of panic," said Evangelos Sioutis, financial analyst and head of equities at Guardian Trust. Markets in the rest of the...
*Bank of England to publish updated forecasts on Aug. 6. LONDON, Aug 3- As the Bank of England moves closer to raising interest rates for the first time since 2007, the strength of sterling is causing disagreement among its policymakers over when to pull the trigger. The pound hit its highest level in over seven years against the currencies of Britain's main trading...
ATHENS, Aug 2- Greece's stock market fell sharply on Monday after being shut down for five weeks under capital controls imposed by the government in Athens to stop a flight of euros from the country. National Bank of Greece, the country's largest commercial bank, was down 30 percent, the daily limit. The bourse was last open for trading on June 26.
*Commerzbank shares indicated up 2.2 percent. FRANKFURT, Aug 3- Commerzbank's second-quarter net profit more than doubled thanks to strong retail banking activities, and the German lender announced its first dividend since 2007.. Commerzbank, a household name in Germany which finances more than a third of the nation's exports, is more than half way through a...
Second-quarter net profit more than doubles to $307 million as the German lender benefits from strong retail banking activities.
Peter Thal-Larsen, Asia editor for Reuters Breakingviews, says there are still growth opportunities in China for HSBC.
Ismael Pili, head of financials research, Asia at Macquarie Securities, discusses HSBC's decision to sell its entire Brazil business to Banco Bradesco.