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  • LAGOS, Nigeria— The Central Bank of Nigeria has raised its benchmark interest rate to 14 percent, a 10- year high, as the naira currency continues its free-fall and the West African oil producer heads into recession. Godwin Emefiele on Tuesday said the rate hike will encourage savings and investment. Nigeria is suffering inflation running at 16.5 percent, and the...

  • LONDON, July 26- A buoyant yen and oil prices at their lowest in three months kept stock markets on the defensive on Tuesday as investors awaited central bank meetings this week that will unveil new stimulus in Japan and may provide clues on U.S. interest rates. The yen hit two-week highs against the euro and more than one-week highs against the dollar as traders...

  • July 26- First Hawaiian Inc, a unit of BNP Paribas SA, said its initial public offering could raise as much as $485 million, giving the Honolulu- based bank a market valuation of about $3.21 billion. First Hawaiian Bank, with more than $16 billion of assets, has 62 branches throughout Hawaii, Guam and Saipan. The bank's net income inched up to $54.9 million in the quarter...

  • TIRANA, Albania— The European Bank for Reconstruction and Development is looking to support financially the development of the Trans Adriatic Pipeline, which plans to bring gas across the Balkans and on to Italy. "In the energy sector, the EBRD is well aware of the need to secure energy for Europe which is affordable and acceptable from the point of view of climate...

  • Banks across Europe have started to feel the heat as markets eagerly await their second-quarter earnings.

  • MILAN— Italian bank Unicredit is overhauling its management as part of moves to improve the bank's financial health. Unicredit CEO Jean Pierre Mustier said the changes, announced Tuesday, are the first step "in the simplification of the group," with an aim to "streamline and improve its efficiency." Key appointments include GianniFranco Papa as general manager...

  • *LME lead risks long liquidation if breaks $1,800- Triland. LONDON, July 26- Copper, zinc and nickel touched one-week lows on Tuesday on market uncertainty ahead of the U.S. central bank meeting and as investors sold to book profits from a recent rally. Our economists think markets have become too complacent about the outlook for U.S. monetary policy, "said analyst...

  • July 26- U.S. stock index futures were flat on Tuesday as investors braced for a flurry of corporate earnings, including those of Apple, and ahead of the Federal Reserve's policy meeting. *The central bank will announce its decision at 2:00 p.m. ET on Wednesday. *Traders have priced in an 18.7 percent chance of a rate increase in September and 42.8 percent in...

  • FRANKFURT, July 26- Commerzbank's new chief executive is expected to cut up to 20 percent of jobs at its Mittelstandsbank business as he seeks to counteract the impact of low interest rates on the German bank's earnings, sources told Reuters on Tuesday. Mittelstandsbank, which in the past provided steady earnings to Commerzbank from lending to Germany's small...

  • CAIRO, July 26- Economists expect Egypt's central bank to keep rates unchanged at its monetary policy committee meeting on Thursday, after it raised rates by 100 basis points at its last meeting. The central bank put up its key rates by 100 basis points to their highest level in years at its last MPC meeting on June 16, a move economists said was meant to rein in...

  • LONDON, July 26- Gold rose on Tuesday as the dollar slipped ahead of a two-day Federal Reserve policy meeting this week, which will be closely watched for clues on the outlook for U.S. interest rates. Spot gold was up 0.5 percent at $1.321. 57 an ounce at 0930 GMT, while U.S. gold futures for August delivery were up $1.90 an ounce at $1,321.40. "Looking at Fed funds futures,...

  • LONDON, July 26- State-backed Royal Bank of Scotland has told more than a million business customers that it may have to impose charges on deposits, potentially becoming the first British bank to introduce negative interest rates. The Bank of England is expected to cut interest rates to a record low next week, prompting RBS to write to about 1.3 million business...

  • William C. Dudley, president and chief executive officer of the Federal Reserve Bank of New York.

    Two men had pleaded guilty in the 2014 case, which involved the passing of confidential information from the New York Fed to a Goldman banker.

  • LONDON, July 26- Bank of England policymaker Martin Weale said he saw the economic outlook differently after much weaker-than-expected British purchasing managers' data, a week after saying he needed firmer evidence before backing an interest rate cut. Weale, speaking to the Financial Times, did not state explicitly if he would back a rate cut when the central...

  • Adds details, closing prices) Adds details, updates prices). MILAN, July 26 (Reuters)- European shares fell slightly on Tuesday as weaker bank and oil sectors weighed, with Commerzbank among the biggest fallers after the German lender disappointed with a decline in second-quarter core capital. The pan-European STOXX 600 index was down 0.4 percent to 339.5 points...

  • European banks under the spotlight

    Commerzbank’s operating profit has fallen in the second quarter, demonstrating that Italy’s banks aren’t the only ones suffering. Filippo Alloatti, senior credit analyst at Hermes Investment Management, discusses.

  • Have to solve very quickly the issue of BMPS: Professor

    Is the bad debt situation in Italy accelerating? Stefano Caselli, professor of banking and insurance at Bocconi University, weighs in about the state of Italy’s banks, in particular BMPS.

  • ROME/ MILAN, July 26- Specialist Italian pension funds have agreed to a government call to invest in bad bank loans, as Rome works to build a safety-net around Italy's No. 3 lender Monte dei Paschi ahead of European bank stress test. The Tuscan bank, which has one of the heaviest bad loan burdens in Italy, is likely to be found short of capital under an adverse scenario...

  • Second-quarter operating profit dropped to 342 million euros ( $375.82 million), from 419 million euros in the year-earlier period.

  • CARACAS, Venezuela— Venezuela is getting some financial relief as it burns through foreign reserves to pay for imports of badly needed food and medicine. On Monday, the Latin American Reserve Fund said it approved a three-year-loan of $482 million for Venezuela* s central bank. But the Colombia- based multilateral lender, which was created by regional...

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