The head of CFTC pledged he would be a tough cop now that the agency has finished a raft of rules to oversee the $710 trillion global swaps market.» Read More
TORONTO, July 31- Canadian Imperial Bank of Commerce has named wealth management head Victor Dodig as its next president and chief executive, replacing Gerry McCaughey who will retire in September.
*Default risks turning Bulgaria into " Argentina of Europe": source. BUCHAREST, July 31- Holders of dollar-denominated bonds at Bulgaria's Corporate Commercial Bank are gearing up for legal action against the government if the bond defaults and the bank is tipped into insolvency, two sources told Reuters on Thursday.
BONDHOLDERS MAY SUE BULGARIAN GOVERNMENT OVER POSSIBLE DEFAULT AT CORPORATE COMMERCIAL BANK- SOURCES.
SAN JUAN, Puerto Rico— New York's Federal Reserve Bank released a report Thursday in which it warned that Puerto Rico needs to improve its financial health soon or face what it called a "painful adjustment."
LONDON, July 31- Gold fell to a six-week low on Thursday and was set for its second monthly drop since May as the dollar rose on optimism over the U.S. economy, which offset a message from the Federal Reserve that it is in no rush to raise interest rates.
NAIROBI, July 31- KCB Bank, Kenya's largest lender by assets, plans to raise funds from international debt markets for lending to the real estate sector, its CEO said after announcing a 16 percent jump in first-half profit.
MANILA, Philippines— The Philippine central bank has raised its key interest rate by a quarter percentage point to counter inflation. The rate the central bank charges commercial banks for overnight borrowing was Thursday raised to 5.75 percent.
LONDON— The part-nationalized Lloyds Banking Group says its six-month net profit more than halved to 699 million pounds after it put aside another 600 million pounds to cover the cost of improperly sold payment protection insurance. The group said Thursday the profit fell from 1.58 billion pounds a year earlier.
Shares in troubled Portuguese lender Banco Espirito Santo slumped 50 percent on Thursday, after trading in the stock resumed following poor results.
Q2 GDP partly offset by mixed Fed views. LONDON, July 31- The dollar held just below a 10- month high against a basket of currencies on Thursday after the Federal Reserve said it was in no rush to raise interest rates, tempering a rally that dates back to early May.
GENEVA— Switzerland's central bank posted a profit Thursday of 16.1 billion Swiss francs for the first half of the year, a big turnaround from its loss of 9 billion francs for 2013..
Swiss bank Credit Suisse became the latest major European bank to say it was caught up in an investigation into alternative trading venues known as dark pools.
Banco Espírito Santo has posted a €3.58 billion loss, which shows the financial woes engulfing its main shareholder, the Espírito Santo family group.
SHANGHAI, July 31- China's yuan weakened against the dollar on Thursday after the central bank set the daily midpoint at its lowest level since early June. The People's Bank of China set the midpoint rate at 6.1675 per dollar prior to market open, down 0.05 percent from the previous fix.
*Nintendo dives after dismal earnings. TOKYO, July 31- Japan's Nikkei share average rose to a fresh six-month high on Thursday after solid U.S. growth buoyed sentiment and as the weakening yen lifted exporters, while Sumitomo Mitsui Financial Group's earnings boosted the banking sector.
DEAL FOR ARGENTINE COMMERCIAL BANKS TO BUY DEBT FROM HOLDOUT INVESTORS SUING THE COUNTRY FELL THROUGH- BANKING, MARKET SOURCES.
WASHINGTON/ ST. LOUIS, July 30- The United States unveiled on Wednesday a long-delayed rule that would require banks to identify hidden account owners in order to curb money laundering and peer behind shell companies.
*Fed cuts monthly bond buying by $10 billion. *Still focused on "significant" labor market slack. WASHINGTON, July 30- The Federal Reserve on Wednesday reaffirmed it was in no rush to raise interest rates, even as it upgraded its assessment of the U.S. economy and expressed some comfort that inflation was moving up toward its target.
*Twitter shares rally a day after results. Among the biggest positives were bank shares, with the S&P financial index up 0.4 percent, helping to support the S&P 500. Shares of Wells Fargo gained 1.1 percent to $52.10.
NEW YORK, July 30- The U.S. dollar pared gains against a basket of major currencies on Wednesday after a Federal Reserve statement disappointed expectations that the central bank would take a more hawkish bias on monetary policy.
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