• US STOCKS-S&P 500 turns higher after Fed statement Wednesday, 30 Jul 2014 | 2:33 PM ET

    NEW YORK, July 30- The S&P 500 turned higher while the Dow pared losses on Wednesday after the Federal Reserve raised its assessment of the U.S. economy while reiterating it is in no hurry to increase interest rates. Shares of Wells Fargo gained 1.4 percent to $52.26.

  • *The central bank cut its monthly asset purchases to $25 billion from $35 billion, leaving it on course to shutter the program this fall. KIM RUPERT, MANAGING DIRECTOR AT ACTION ECONOMICS IN SAN FRANCISCO:. OMER ESINER, CHIEF MARKET STRATEGIST, COMMONWEALTH FOREIGN EXCHANGE, WASHINGTON:.

  • NEW YORK, July 30- Last-ditch efforts by Argentina's local banking association Adeba to act as a white knight in talks with creditors has raised hopes the country can avoid a second default in 13 years. By having banks satisfy such claims instead of Argentina, the government may find away around the so-called RUFO clause.

  • WASHINGTON, July 30- The Federal Reserve on Wednesday pressed ahead with its plan to wind down its bond-buying stimulus and upgraded its assessment of the U.S. economy, while reaffirming it is in no rush to raise interest rates. The central bank cut its monthly asset purchases to $25 billion from $35 billion, leaving it on course to shutter the program this fall.

  • Asia a hard sell for Russian firms seeking cash Wednesday, 30 Jul 2014 | 1:44 PM ET

    *Flows of Russian wealth to Singapore rising. *Banks in Singapore are clamping down on who they let in. New sanctions imposed by Washington and Europe over the Ukraine crisis have prompted firms such as VTB- Russia's second-largest bank by assets- and Gazprombank to look east for new sources of funding.

  • *Twitter rallies after blockbuster results. NEW YORK, July 30- U.S. stocks were flat on Wednesday, paring earlier gains as a strong read on second-quarter economic growth sparked concerns the Federal Reserve may adjust its stimulus earlier than expected.

  • LONDON, July 30- Gold fell on Wednesday, pressured by a multi-month high in the dollar following stronger-than-expected U.S. economic growth data and ahead of a Federal Reserve statement that could give hints on interest rate policy. Spot gold, flat initially, fell 0.3 percent to $1,295.20 an ounce by 1452 GMT, after breaking below $1,300 in the previous session.

  • LONDON, July 30- Miscreant bankers face having their bonuses clawed back for up to seven years after their award under measures set out on Wednesday by the Bank of England, as it tightens its regulatory clampdown on wrongdoing in the financial sector.

  • WASHINGTON, July 30- The U.S. House of Representatives Financial Services Committee narrowly approved a bill on Wednesday that would require the Federal Reserve to set a specific rule to follow when implementing monetary policy. Even if it were approved by the Republican-led House, there is no sign the Democrat-controlled Senate would take it up.

  • BUENOS AIRES, July 30- A consortium of Argentine banks is set to offer to buy out the country's debt held by holdout investors suing Argentina, in an eleventh-hour deal aimed at averting a default, a senior banking executive familiar with the offer told Reuters on Wednesday.

  • *UK Bank Rate seen at 1.25 pct end-2015, 2.25 pct end-2016. LONDON, July 30- It could be as soon as next week that the first member of the Bank of England's Monetary Policy Committee votes to increase interest rates but it will be early 2015 before a majority agrees, a Reuters poll found on Wednesday.

  • July 30- Banks are likely to take up three-quarters of the 400 billion euros of cheap loans on offer from the European Central Bank in coming months, a Reuters poll found, although few expect an ensuing surge in bank lending to companies any time soon. We are less convinced, "wrote Paul Mortimer-Lee, global head of market economics at BNP Paribas.

  • INSIGHT-Mobile money grows in Africa but hurdles remain Wednesday, 30 Jul 2014 | 10:13 AM ET

    *Mobile money faces obstacles to growth outside Kenya,. DAKAR, July 30- IT technician Mansour Diagne is one of the lucky few in Senegal to have a bank account, but when he needs to pay some bills or transfer cash to his sisters on the other side of the crowded capital Dakar, he reaches for his mobile phone.


  • LONDON, July 30- Britain's Serious Fraud Office is examining material that might trigger a criminal investigation into former and current staff at Lloyds Banking Group, the partly state-owned bank, sources said on Wednesday. The SFO simply said it worked closely with UK and overseas agencies.

  • No2 Irish bank profitable for 1st time since 2008 Wednesday, 30 Jul 2014 | 10:05 AM ET

    DUBLIN— Ireland's second-largest bank, Allied Irish Banks, has returned to profit for the first time since a 2008 property crash pushed the nation to the brink of bankruptcy. Ireland pumped 20 billion euros into Allied Irish to keep it afloat from 2009 onward, eventually acquiring 99.8 percent of its shares.

  • *VTB says ready to borrow in other currencies, markets. MOSCOW, July 30- VTB, Russia's second-largest bank by assets, said it is ready to borrow in other currencies and markets after sanctions imposed by the United States thwarted its ability to access dollar financing, a move it called "politically motivated" and "unjust".

  • As scrutiny mounts, mortgage servicers push into lending Wednesday, 30 Jul 2014 | 8:46 AM ET

    July 30- Mortgage servicers in the United States are evolving into the next big lenders, sidestepping regulatory scrutiny to win business in a gap left by the retreat of big banks from the home-loan market.

  • MOSCOW, July 30- The Russian Central Bank said on Wednesday it was ready to provide banks hit by Western sanctions with liquidity through existing instruments if they face additional risks.

  • *European shares slip as Total hurt by Russia. LONDON, July 30- The euro hit an eight-month trough against the dollar on Wednesday and German bond yields were near record lows ahead of inflation data expected to boost the case for further policy easing by the European Central Bank.

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