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  • The competition intensified as banks bet on robust demand for the currency for use in the Shanghai- Hong Kong stock connect scheme, a landmark link that gives foreign and Chinese retail investors unprecedented access to the two exchanges. "Some banks actively stored yuan funds in the past few months, but now they found demand for the currency was not as strong as...

  • WASHINGTON, Nov 26- Federal Reserve Chair Janet Yellen has said the tenor of economic data will decide when the U.S. central bank raises interest rates. But she also has placed special emphasis on a set of equations for what she dubbed in a November 2012 speech as "optimal policy" or "optimal control." Several top officials have said they are not likely to bump rates up...

  • Nov 26- Bank Leumi Le Israel BM is close to a $400 million settlement with U.S. authorities following a probe into whether it helped Americans evade taxes, Bloomberg News reported, citing a person with knowledge of the matter. Israel's second-largest lender would pay about $270 million to the Justice Department and $130 million to New York's Department of...

  • LAGOS, Nov 26- Nigeria's naira touched a record low against the dollar on Wednesday, a day after the central bank devalued the currency, complicating efforts to contain inflation before presidential elections early next year. The central bank devalued the naira by 8 percent and raised interest rates sharply on Tuesday, trying to stem losses to its foreign...

  • PRECIOUS-Gold slips as ECB stimulus talk benefits dollar Wednesday, 26 Nov 2014 | 6:02 AM ET

    LONDON, Nov 26- Gold fell on Wednesday as the dollar rose against the euro on the prospect of more stimulus from the European Central Bank, but moves remained muted as physical demand lent support. The euro eased after European Central Bank vice president Vitor Constancio said the bank will be able to gauge in the first quarter of 2015 whether it needs to start...

  • MUMBAI, Nov 26- Investors in India's markets are betting that Finance Minister Arun Jaitley will persuade a more hawkish central bank to reduce benchmark interest rates as early as next week. Finance ministry sources have told Reuters that Jaitley will urge Reserve Bank of India Governor Raghuram Rajan to cut rates at the Dec. 2 policy review, fearing that...

  • MOSCOW, Nov 26- An economic slowdown, losses in Ukraine and a weaker rouble reduced third-quarter profits by 24 percent at Sberbank, Russia's biggest bank, as provisions for loan losses more than doubled. Russia's economy is showing signs of strain as Western sanctions over the Ukraine crisis and tumbling oil prices depress growth and many of its major banks are...

  • MUMBAI, Nov 26- Investors in India's markets are betting that Finance Minister Arun Jaitley will persuade a more hawkish central bank to reduce benchmark interest rates as early as next week. Finance ministry sources have told Reuters that Jaitley will urge Reserve Bank of India Governor Raghuram Rajan to cut rates at the Dec. 2 policy review, fearing that...

  • India's state-owned bank to launch Islamic fund Wednesday, 26 Nov 2014 | 2:24 AM ET

    NEW DELHI— India's largest state-owned bank will launch an Islamic equity fund next month aimed mainly at attracting investments from the country's 170 million Muslims.The Securities and Exchange Board of India, the country's capital markets regulator, recently allowed the government-owned State Bank of India and three mutual funds to launch Shariah...

  • MOSCOW, Nov 26- Russia's top bank Sberbank posted a 24 percent fall in third-quarter net profit on Wednesday because of higher loan-loss provisions linked to an economic slowdown and the Ukraine crisis. Sberbank is one of several Russian state-controlled banks subject to Western sanctions over the Ukraine crisis that limit their access to international...

  • WASHINGTON, Nov 25- The U.S. Federal Reserve on Tuesday proposed to impose tougher capital standards on General Electric's finance unit, one of a handful of non-bank firms deemed critically important to the health of the financial system. "GE Capital has been preparing for the enhanced regulatory standards provided for in the Dodd-Frank Act," company spokesman...

  • HSBC to pay $12.5 million to settle SEC charge Tuesday, 25 Nov 2014 | 4:37 PM ET

    The SEC says HSBC Private Bank began doing so more than 10 years ago and collected fees totaling about $5.7 million. HSBC, Europe's largest bank by market value, said in a statement that it is pleased to have reached a settlement with the SEC. According to the SEC, HSBC Private Bank decided to exit the U.S. cross-border business in 2010..

  • WASHINGTON, Nov 25- HSBC Holdings Plc will pay $12.5 million to resolve charges that its Swiss private banking unit illegally offered services to U.S. clients without being properly registered, the U.S. Securities and Exchange Commission said on Tuesday. The SEC said HSBC's Swiss unit amassed 368 U.S. accounts, and its employees traveled to the United States at...

  • WASHINGTON, Nov 25- HSBC Holdings Plc will pay $12.5 million to resolve charges that its Swiss private banking unit illegally offered services to U.S. clients without being properly registered, the U.S. Securities and Exchange Commission said on Tuesday. The SEC said HSBC's Swiss unit amassed 368 U.S. client accounts, and its employees traveled to the United...

  • Europe shares end higher; banks rally on stimulus hopes Tuesday, 25 Nov 2014 | 12:48 PM ET

    PARIS, Nov 25- European stocks ended slightly higher on Tuesday as euro zone banking shares climbed on mounting expectation of more stimulus from the European Central Bank. Crude prices fell again on Tuesday, down by more than $1 a barrel to near four-year lows, after a meeting between Saudi Arabia, Venezuela and major non- OPEC oil exporters ended with no deal on...

  • *Falling oil prices have undermined Nigeria's reserves. ABUJA, Nov 25- Nigeria's central bank devalued the naira by 8 percent and raised interest rates sharply on Tuesday, as it sought to stem losses to its foreign reserves from defending the currency against weaker oil prices. The last time it devalued was in November 2011, when it lowered the band from 145- 150...

  • US bank earnings up 7.3 percent in 3Q Tuesday, 25 Nov 2014 | 10:58 AM ET

    The data issued Tuesday by the Federal Deposit Insurance Corp. showed that the banking industry continues to recover from the financial crisis that struck six years ago. Banks and other financial institutions insured by the FDIC earned $38.7 billion in the third quarter, up from $36.1 billion a year ago. "The banking industry had another positive quarter," FDIC...

  • NAIROBI, Nov 25- Kenya's central bank chief filed an appeal on Tuesday asking a court to throw out a case accusing him of abusing his office through his involvement in issuing a tender to install security software at the bank. Earlier this month, Kenya's High Court ruled the government's anti-graft agency and chief prosecutor could pursue the case against...

  • ABUJA, Nov 25- Nigeria's central bank devalued the naira and raised interest rates by 100 basis points on Tuesday, as it sought to stem losses to its foreign reserves from defending the currency hit by weaker oil prices. The bank moved the target band of the currency to 160- 176 naira to the U.S. dollar, compared with 150- 160 naira previously, owing to prolonged naira...

  • BEIJING, Nov 25- China's central bank will wait until fourth-quarter economic data is out and monitor U.S. and Japanese monetary policy before considering any more rate cuts or easing, a central bank adviser said on Tuesday. The People's Bank of China surprised the markets by cutting rates last Friday for the first time in more than two years to help stabilize the...

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