A surge of Republican pressure is bringing the Fed's long-held independence into question again.» Read More
HONG KONG, July 10- Hong Kong shares ended slightly higher on Thursday after the Federal Reserve indicated it was in no rush to end quantitative easing and begin raising U.S. interest rates, although gains were trimmed after Chinese export data came in weaker than expected.
MOSCOW, July 10- Russian state companies, the backbone of the economy, can only have accounts at banks with capital of no less than 10 billion roubles or at those with ties to the government, a senior finance ministry official said on Thursday.
LONDON, July 10- European shares edged lower on Thursday, led by Nordic shares after disappointing updates by Norwegian bank DNB and Swedish construction firm Skanska. Norway's largest bank posted lower than expected second-quarter results, partly due to higher loan losses, while Skanska said its Latin American operations showed continued losses.
MOSCOW, July 10- The Russian central bank and the Finance Ministry have agreed that state companies will only be allowed to have accounts at banks with capital of more than 10 billion roubles, a senior finance ministry official said on Thursday. The requirement would be lower than an earlier discussed level of 16.5 billion roubles.
With Democrats controlling the Senate since the 2008 financial crisis, the bank and its supporters have had the luxury of shrugging off Fed-related laws from the Republican-controlled House of Representatives.
*CIMB aims to acquire RHB and Malaysia Building Society- source. KUALA LUMPUR, July 10- Malaysia's CIMB Group Holdings Bhd is seeking to acquire two lenders to create the country's biggest bank, a source familiar with the deal said, a move that is likely to push larger rival Maybank and others in the region to bulk up too.
*Hong Kong property rebounds as interest rate rise seems delayed. HONG KONG, July 10- Hong Kong shares rose on Thursday after the Federal Reserve indicated it was in no rush to end quantitative easing and begin raising U.S. interest rates, although gains were trimmed after Chinese export data came in weaker than expected.
SHANGHAI, July 10- China's yuan edged higher against the dollar on Thursday as slightly weaker-than-expected trade data partially offset the stronger midpoint set by the central bank, traders said.
*CIMB, RHB and Malaysia Building Society to seek merger- reports. KUALA LUMPUR, July 10- CIMB Group Holdings Bhd, Malaysia's second largest bank, is seeking to acquire two other lenders to create the country's biggest bank, media reports said.
KUALA LUMPUR, July 10- Malaysia's CIMB Group Holdings Bhd, RHB Capital Bhd and Malaysia Building Society Bhd will seek regulatory approval for a merger, aiming to create the country's largest bank, a newspaper said on Thursday. The Employees Provident Fund will play a significant role in the merger as it owns big stakes in all three firms, said the Star.
U.S. is using a new tactic for money laundering crack downs: asking suspects in a range of cases to help them follow the money back to their bankers.
BNP pleaded guilty to conspiring to violate U.S. sanctions, as part of a nearly $9 billion settlement in which it admitted to breaking embargoes.
ST. LOUIS, July 9- U.S. prosecutors are using a new tactic to crack down on banks that fail to fight money laundering: systematically asking suspects in a wide range of criminal cases to help them follow the money back to their bankers.
Talks to resolve probes into shoddy mortgage securities sold by the bank remain at a standstill, according to sources.
NEW YORK— BNP Paribas, France's largest bank, pleaded guilty Wednesday to a federal charge of violating U.S. economic sanctions by processing transactions for clients in blacklisted countries, a development that a Manhattan judge said should show that no financial institution is "immune from the rule of law."
*Alcoa earnings top expectations; shares at highest since July 2011. NEW YORK, July 9- U.S. stocks finished higher on Wednesday, rebounding from a sharp two-day selloff, after minutes from the last Federal Reserve meeting showed policymakers have started to detail how the central bank will end its easy monetary policy.
WASHINGTON, July 9- The Federal Reserve has begun detailing how it plans to ease the U.S. economy out of an era of loose monetary policy, indicating it will end its asset purchases in October and appearing near agreement on a plan to manage interest rates in the future, according to minutes of the last Fed policy meeting.
Gold prices climbed Wednesday amid expectations that the Federal Reserve will keep interest rates at record lows. Gold for August delivery rose $7.80 to settle at $1,324.30 an ounce on Wednesday. Platinum for October rose $10.40 to $1,506.90 an ounce while palladium for September slipped 20 cents to $872.70 an ounce.
Senator Charles Schumer, (D-N.Y.), weighs in on the political controversy over the Export-Import Bank. While many say the bank helps U.S. firms compete overseas, others say it's time to get rid of crony capitalism.
NEW YORK, July 9- Wall Street stocks rose on Wednesday, lifting a global equities gauge as the Federal Reserve detailed its plan to allow a strengthening economy to fend for itself, while Brent fell as Libyan oil pumps came back online.
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