Arab Today, arab today Bearish Fed minutes send dollar tumbling
New York - AFP
The unexpectedly bearish minutes of the Federal Reserve's July policy meeting sent the dollar sinking Wednesday. Markets took the tone of the record of the July 28-29 meeting as a sign that the central bank was less likely to begin hiking interest rates in its September meeting, though some analysts said that could still be in the cards. The dollar…Read more
Arab Today, arab today Deutsche Bank mulls selling activities in China, India
Frankfurt - AFP
Deutsche Bank, Germany's biggest lender, is considering selling its stake in Chinese group Hua Xia Bank and divesting its retail banking activities in India, the business daily Handelsblatt reported on Wednesday. Deutsche Bank spent a total 1.3 billion euros ($1.4 billion) in amassing a stake of nearly 20 percent in Hua Xia Bank between 2006 and 2010, the newspaper said.…Read more
Arab Today, arab today Iceland raises key rate by half-point to 5.5%
Reykjavik - AFP
Iceland's central bank on Wednesday raised its key interest rate by a half point to 5.5 percent, citing the risk of inflation following collective wage hikes. "The inflation outlook has deteriorated markedly," the bank's monetary policy committee wrote in a statement. The bank forecast the inflation rate will rise to four percent in early 2016, and predicted economic growth of…Read more
Arab Today, arab today Vietnam widens VND / USD trading band to 3%
Hanoi - XINHUA
Vietnamese central bank decided to widen the trading band for interbank Vietnamese dong/U.S. dollar ( VND/USD) transactions from 2 percent to 3 percent from Wednesday. Meanwhile, the State Bank of Vietnam (SBV), the country's central bank, also announced it would lift the inter-bank average exchange rate up by 1 percent, from 21,673 VND/USD to 21,890 VND/ USD which is applicable…Read more
Arab Today, arab today China injects nearly $100bn into banks for economy lift
Shanghai - AFP
China has injected nearly $100 billion from its foreign exchange reserves into two policy banks, which lend based on government directives, to help spur the country's sluggish economy, state media reported. The central bank on Tuesday completed putting $48 billion into the China Development Bank and $45 billion into the Export-Import Bank of China, the official Xinhua news agency reported.…Read more
Arab Today, arab today Myanmar central bank refutes rumors about bank closure
Yangon - XINHUA
The Central Bank of Myanmar (CBM) has refuted rumors about impending closure of some banks triggered by withdrawal of saving by large number of customers. The central bank, in its statement released on Wednesday, denied that it has plan to shut down some banks, pointing out that stories circulating about bank closure are just rumors. The release assured that the…Read more
Arab Today, arab today China's central bank injects 120bn into market
Beijing - XINHUA
The People's Bank of China (PBOC), the central bank, pumped 120 billion yuan (18 billion U.S. dollars) into the money market via open market operations on Tuesday. It is the largest single-day cash injection in the form of reverse repurchase agreement (repo) since Jan. 2014, with the PBOC looking to reassure the market amid tightening liquidity. The yield for the…Read more
Arab Today, arab today Citigroup pays $180m to settle hedge fund fraud case
New York - AFP
US securities regulators ordered two Citigroup affiliates Monday to pay $180 million to settle charges that they defrauded investors by falsely claiming a pair of hedge funds were low-risk. Citigroup collected nearly $3 billion from 4,000 investors by claiming the ASTA/MAT fund and the Falcon fund were low-risk investments akin to investing in government bonds, said the US Securities and…Read more
Arab Today, arab today CBD’s Active Saver rewards fitness-conscious customers
Abu Dhabi - WAM
Commercial Bank of Dubai, CBD, yesterday announced the launch of a unique new mobile app, "CBD Active Saver", that allows fitness-conscious customers to get rewarded with higher interest rates on their savings. The app invites customers to link their CBD saving account with their Fitbit or Jawbone activity tracker devices. Customers can then transfer money from their CBD account to…Read more
Arab Today, arab today ADX hosts briefing for brokers on ADIB rights issue
Abu Dhabi - WAM
Abu Dhabi Securities Exchange, ADX, recently hosted a briefing session by the Abu Dhabi Islamic Bank, ADIB, for many of the UAE's leading brokers in support of the launch of trading of the rights issue for ADIB. Abu Dhabi Islamic Bank rights started trading on the Abu Dhabi Securities Exchange yesterday, which marks the first time rights issued by a…Read more
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