IMF Warns China of High Corporate Debt

IMF Warns China of High Corporate Debt

The International Monetary Fund’s No 2. Official has urged China to tackle its rising corporate debt. These comments build on the recent warnings about China’s debt including an estimate of a possible $1.3 trillion loans extended to borrowers that don’t have sufficient income to cover interest payments.

“China’s economy grew in 2015 at its slowest pace in a quarter of a century and has been grappling with rising debt levels and overcapacity.”

~ Bloomberg

China’s economy grew in 2015 at its slowest pace in a quarter of a century and has been grappling with rising debt levels and overcapacity. The People’s Bank of China has warned in its mid-year work report that the government’s push to reduce debt levels and overcapacity could increase bond default risks and make it more difficult for companies to raise funds.

Related Reports: Reuters, Bloomberg, Wall Street Journal

 

About International Monetary Fund

The IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944. The 44 countries at that conference sought to build a framework for economic cooperation to avoid a repetition of the competitive devaluations that had contributed to the Great Depression of the 1930s.

The IMF’s primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund’s mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability.

Visit: IMF


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NAB Taken to Court Over Rate Fixing Case

NAB Taken to Court Over Rate Fixing Case

Australia’s securities regulator said it has started civil legal proceedings against National Australia Bank Ltd. for allegedly manipulating the nation’s benchmark swap rate, the third such action against a domestic lender in a more than a three-year investigation.

“Australia’s securities regulator said it has started civil legal proceedings against National Australia Bank Ltd. for allegedly manipulating the nation’s benchmark swap rate.”

~ Bloomberg

The regulator, which has been investigating the setting of the swap rate since mid 2012, has already lodged similar actions against Australia & New Zealand Banking Group Ltd. and Westpac Banking Corp.

Related Reports: Bloomberg, The Australian Business Review

 

About National Australia Bank

National Australia Bank Group (the Group) is a financial services organisation with over 12,700,000 customers and 42,000 people, operating more than 1,700 stores and business banking centres globally.  Our major financial services franchises in Australia are complemented by businesses in New Zealand, Asia, and the United Kingdom. Each of our brands is uniquely positioned, but built on a common commitment to provide our customers with quality products and services, fair fees and charges, and relationships built on the principles of help, guidance and advice.

Visit: National Australia Bank 

 

About Westpac Bank

Westpac has 5 customer facing divisions serving around 13 million customers.  The operating structure aligns Westpac’s business with key customer segments. Under this structure, the Group retains a unique portfolio of brands including Westpac, St.George, Bank of Melbourne, BankSA and RAMS.  These brands operate under the Consumer Bank and Commercial and Business Bank divisions.

Visit: Westpac Bank

 

About Australia & New Zealand Banking Corp

Our history dates back over 180 years. We are committed to building lasting partnerships with our customers, shareholders and communities in 34 countries in Australia, New Zealand, throughout Asia and the Pacific, and in the Middle East, Europe and America. We provide a range of banking and financial products and services to over 9 million customers. We employ over 50,000 people worldwide.

Visit: Australia & New Zealand Banking Corp


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Citigroup Fined $425 million for Rate Rigging

Citigroup Fined $425 million for Rate Rigging

Citigroup became the latest bank accused of attempted manipulation and misreporting of Libor. The Commodity Futures Trading Commission, a federal regulator that oversees Wall Street announced the $425 million in penalties against Citigroup. Despite the findings, Citi looks set to avoid criminal charges.

“The Commodity Futures Trading Commission, a federal regulator that oversees Wall Street announced the $425 million in penalties against Citigroup.”

~ The New York Times

US authorities have issued fines running into several billion dollars over Libor to several European banks, including Deutsche Bank, Royal Bank of Scotland and Lloyds Banking Group.

Related Reports: Financial Times, The New York Times

 

About The Commodity Futures Trading Commission

The mission of the Commodity Futures Trading Commission (CFTC) is to foster open, transparent, competitive, and financially sound markets, to avoid systemic risk, and to protect the market users and their funds, consumers, and the public from fraud, manipulation, and abusive practices related to derivatives and other products that are subject to the Commodity Exchange Act.

In carrying out this mission and to promote market integrity, the Commission polices the derivatives markets for various abuses and works to ensure the protection of customer funds. Further, the agency seeks to lower the risk of the futures and swaps markets to the economy and the public.

Visit: U.S Commodity Futures Trading Commission

 

About Citigroup Inc

Citigroup, Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. The company operates through two segments: Citicorp, consisting of Citi’s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool.

Visit: Citigroup




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Citigroup Bans Key Asian Currencies from Buying Australian Real Estate

Citigroup Bans Key Asian Currencies from Buying Australian Real Estate

Citigroup now has a blacklist of foreign currencies it will no longer accept as payment for Australian real estate from overseas borrowers. Matt Wood, head of the bank’s mortgage distribution has written to mortgage brokers with a list of 12 currencies that it will accept and warned that all others are not negotiable.

“Citigroup now has a blacklist of foreign currencies it will no longer accept as payment for Australian real estate from overseas borrowers.”

~ Australian Financial Review

The only foreign currencies it will now accept from overseas borrowers are the Canadian dollar, Danish kroner, European Union euro, Hong Kong dollar, Japanese yen, New Zealand dollar, Swedish kroner, Singaporean dollar, South Korean won, Swiss franc, UK sterling and US dollar. Major Asian currencies, such as the Chinese yuan and Thai baht, are excluded.  Other exclusions include the Indian rupee, Indonesian rupiah, Malaysian ringit and Taiwan dollar

Related Reports: Australian Business Review, Australian Financial Review

 

About Citigroup

Citigroup, Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. The company operates through two segments: Citicorp, consisting of Citi’s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool

Visit: Citigroup




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Goldman Sachs & Deutsche Bank Shareholders Object to Pay Deals

Goldman Sachs & Deutsche Bank Shareholders Object to Pay Deals

A third of investors who voted on Goldman’s pay plans opposed them even though its Chief Executive Lloyd Blankfein had his first pay cut in four years from US$24 million to US$22.6 million. At the annual meeting of Germany’s largest lender in Frankfurt on Thursday, more than half of shareholders (51.9%) voted against a new pay scheme for its top managers. The vote was non-binding, however.

“Shareholders in Goldman Sachs aired their grievances with revenues in the first quarter down 40% while Deutsche bank slumped to a record EUR6.8 billion loss in 2015 and its share price has halved over the past year.”

~ The Guardian

Shareholders in Goldman Sachs aired their grievances with revenues in the first quarter down 40% while Deutsche bank slumped to a record EUR6.8 billion loss in 2015 and its share price has halved over the past year.

Related Reports: The Guardian, Financial Times

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs

 

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank




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Citibank Launches Voice Biometrics Authentication for Asia Pacific Consumer Banking

Citibank Launches Voice Biometrics Authentication for Asia Pacific Consumer Banking

Citibank will be the first financial services firm to deploy voice biometrics authentication across Asia Pacific as the bank builds further on its innovation in retail banking in the region. Voice biometrics authentication has been implemented in Taiwan with Australia, Hong Kong and Singapore to follow in the upcoming weeks.

“Citi has around 15 million Consumer Banking customers in the region and the bank expects to have at least 1,000,000 customers actively using voice biometrics authentication in the next 12 months. “

~ South China Morning Post

It will be rolled out throughout the region in 2016 and 2017 to cover all 12 of Citi’s consumer banking markets in Asia Pacific that represent more than half of the bank’s 19 consumer markets globally. Citi has around 15 million Consumer Banking customers in the region and the bank expects to have at least 1,000,000 customers actively using voice biometrics authentication in the next 12 months.

Related Reports: Business Wire, South China Morning Post

 

About Citigroup Inc

Citigroup, Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. The company operates through two segments: Citicorp, consisting of Citi’s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool.

 Visit: Citigroup




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HSBC to Close Half of India Branches

HSBC to Close Half of India Branches

HSBC Holdings plans to close down half of its branches in India and rely more on digital banking to expand the consumer business. Chief Executive Officer Stuart Gulliver is shutting money-losing businesses to improve earnings hurt by compliance costs. Since 2011, the bank has slashed more than 87,000 positions, exited at least 80 businesses and reduced its footprint to about 71 countries and territories from 88.

“Since 2011, the bank has slashed more than 87,000 positions, exited at least 80 businesses and reduced its footprint to about 71 countries and territories from 88.”

~ Bloomberg

HSBC however said it remains committed to India, where it is also shutting its global private-banking operations. The country was the fourth-biggest contributor to group earnings before tax in 2015

Related Reports: Bloomberg, International Business Times

 

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories

Visit: HSBC




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More than 600 Branches Closed Over the Past Year in Britain

More than 600 Branches Closed Over the Past Year in Britain

More than 600 bank branches across Britain have closed over the past year. This report is based on data from the big six high street banks: Lloyds, Royal Bank of Scotland, HSBC, Santander, Barclays and the Co-operative.

“RBS has closed the most branches a total of 166, followed by HSBC with 146 over the past year.”

~ Telegraph

RBS has closed the most branches a total of 166, followed by HSBC with 146 over the past year. Banks say that advances in technology and changes to way people communicate have also led to branch closures. HSBC said 93pc of contact with the bank was via telephone, online banking or smartphones, while 97pc of cash withdrawals were made at an ATM.

Related Reports: Telegraph, BBC

 

About Lloyds

Since its foundation on 3 June 1765, Lloyds Bank has been serving the households, businesses and communities of Britain. And, in 2015 we’re celebrating 250 years of helping the people of Britain with the things that matter most to them.  We offer a comprehensive range of financial products and services – including current accounts, savings, mortgages, loans and credit cards.

Visit: Lloyds Bank

 

About Royal Bank of Scotland

 Today’s RBS and its brands are made up of hundreds of past banks. They were all different – large and small, city and country, traditional and innovative – and grew to serve the banking needs of unique communities all over the United Kingdom. Each one has left its mark on our identity today.  The Royal Bank of Scotland was founded in Edinburgh in 1727. It went on to become one of the biggest banks in Scotland.

Visit: Royal Bank of Scotland

 

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.  We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America.  Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories.

Visit: HSBC

 

About Barclays UK

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019

Visit: Barclays

 

About Santander Bank

We are Santander Bank, N.A.– one of the country’s top retail banks by deposits and a wholly owned subsidiary of one of the most respected banks in the world: Banco Santander. Our parent company, Santander Group, serves more than 100 million customers in the United Kingdom, Latin America, and Europe. Here in the Northeast, we are a team of 9,800 individuals all committed to a single mission: to help you make progress toward your goals. We aim to make your banking hassle-free by providing simple ways for you to spend, save and manage your money.

Visit: Santander

 

About The Co-operative Bank

The Co-operative Bank provides high street and internet banking, current accounts, mortgages, savings accounts, credit cards and loans.  We trace our roots back to our founding as the Loans and Deposit department of CWS in 1872 and we’ve worked hard ever since to provide our customers with a viable alternative to our larger competitors.  We pride ourselves on our customer service and customer satisfaction levels, and we’re always looking to put our customers at the heart of what we do.

Visit: The Co-operative Bank




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China’s Bank Lending Drops Significantly

China’s Bank Lending Drops

Chinese banks sharply reduced lending last month after concerns that the world’s second largest economy was having an unsustainable return to debt fueled growth.

“Banks made 555.6 billion yuan ($85.21 billion) in net new yuan loans in April, much lower than expected and less than half of the 1.37 trillion yuan loans in March.”

~ CNBC 

Banks made 555.6 billion yuan ($85.21 billion) in net new yuan loans in April, much lower than expected and less than half of the 1.37 trillion yuan loans in March. Data earlier this week also showed troubled loans at China’s commercial banks reached 4.6 trillion yuan ($706 billion) at end-March, a jump of 428 billion yuan from December. Bad debts in China have now risen for 18 consecutive quarters, reflecting the prolonged economic slowdown.

Related Reports: CNBC, Wall Street Journal

 

About People’s Bank of China

The People’s Bank of China (PBC) was established on December 1, 1948 based on the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. In September 1983, the State Council decided to have the PBC function as a central bank. The Law of the People’s Republic of China on the People’s Bank of China adopted on March 18, 1995 by the 3rd Plenum of the 8th National People’s Congress has since legally confirmed the PBC’s central bank status.

Visit: The People’s Bank of China


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US Banking Regulator Queries Four Investment Banks Including Goldman Sachs on Panama Papers

US Banking Regulator Queries Four Investment Banks Including Goldman Sachs on Panama Papers

New York’s banking supervisor has asked four investment banks including United States group Goldman Sachs and France’s BNP Paribas for details of any offshore dealings related to the Panama Papers. The four investment banks – Goldman Sachs, BNP Paribas, Standard Chartered and Canadian Imperial Bank – have until May 23 to respond.

“New York’s banking supervisor has asked four investment banks including United States group Goldman Sachs and France’s BNP Paribas for details of any offshore dealings related to the Panama Papers”

~ Daily Mail

The banking supervisor had also sent out similar requests for information related to the Panama Papers on April 21 to April 13 other financial institutions including: Societe Generale of France; the Dutch bank ABN Amro; Deutsche Bank and Commerzbank of Germany; Credit Suisse of Switzerland; Nordic institutions Svenska Handelsbanken, Nordea Bank Finland and Skandinaviska Enskilda Banken; and Bank Leumi of Israel.

Related Reports: Business Times, Daily Mail

 

About Goldman Sachs 

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs

 

About BNP Paribas

BNP Paribas is a leading provider of banking and financial services in Europe. It is present in 75 countries with nearly 188,000 employees. The Group holds key positions in its 2 core activities: Retail Banking & Services, comprising Domestic Markets and International Financial Services; and Corporate & Institutional Banking

Visit: BNP Paribas

 

About Standard Chartered

Standard Chartered Bank was formed in 1969 through the merger of two separate banks, the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. These banks had capitalised on the expansion of trade between Europe, Asia and Africa.  We’re one of the world’s most international banks, with over 1,200 branches, offices and outlets in 71 countries across the globe.

Visit: Standard Chartered

 

About Canadian Imperial Bank

CIBC is the strongest publicly traded bank in Canada by Bloomberg Markets and the only North American bank in the ranking for the last five years. We are focused on meeting our clients’ needs today and into the future to help them keep pace with the ever-changing market.

The Canadian Imperial Bank of Commerce, as it is known today, came into being in 1961. The bank was formed through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada. At the time, they were two of Canada’s largest banks. 

Visit: Canadian Imperial Bank




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