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☆ India's SBI raises retail term deposit rates by up to 80 bps
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 21 (Reuters) - State Bank of India (SBI.NS), the country's largest lender, said on Friday it will raise interest rates on retail term deposits below 20 million Indian rupees ($241,499.23) by up to 80 basis points from Oct. 22. While loan growth in India was at a multi-quarter high with a 16.4% jump in the fortnight ended Sept. 23 from a year earlier, according to the central bank data, deposit growth across the industry has remained comparatively tepid at 9.2%. Indian banks are competing harder to boost deposits amid tightening liquidity and rising credit demand ahead of the festive season. read moreSBI raised interest rates on saving bank deposits above 100 million rupees by 30 basis points earlier this week. ($1 = 82.8160 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Chris Thomas in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ These 3 Canadian banks offer the most in-demand emerging mobile feature
▼ + stars: | 2022-10-19 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +5 min

This is a preview of Insider Intelligence's 2021 Canada Mobile Banking Emerging Features Benchmark, available exclusively to subscribers. The Canadian banks that offer the most desirable mobile banking app features in 2021 are RBC, TD Canada, and BMO, according to the inaugural Insider Intelligence Canada Mobile Banking Emerging Features Benchmark. The Insider Intelligence 2021 Canada Mobile Banking Emerging Features Benchmark examines the offerings of the seven largest Canadian FIs by assets to determine which banks best meet customer demand for advanced mobile banking features. The Insider Intelligence 2021 Canada Mobile Banking Emerging Features Benchmark ranks the seven largest Canadian financial institutions by assets according to the strength of their mobile banking capabilities. The Canada Mobile Banking Emerging Features Benchmark covers Banque Nationale, BMO, CIBC, Desjardins, RBC, Scotiabank, and TD.

☆ Italy's Enel in talks with banks to secure $15.7 bln credit line - source
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

MILANO, Oct 18 (Reuters) - Enel (ENI.MI) is discussing with a pool of Italian banks to secure a credit line, worth up to 16 billion euros ($15.7 billion) to support Italy's biggest utility, a source close to the matter said on Tuesday. The facility would have a 70% guarantee from Italy's credit export agency SACE under a state-guarantee scheme to help Italian companies affected by surging energy prices, source added. Enel declined to comment. ($1 = 1.0163 euros)Register now for FREE unlimited access to Reuters.com RegisterAndrea Mandalà, editing by Cristina CarlevaroOur Standards: The Thomson Reuters Trust Principles.

☆ Monte dei Paschi to pay 125 million euros in fees for share sale
▼ + stars: | 2022-10-15 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

MILAN, Oct 15 (Reuters) - Italy's Monte dei Paschi di Siena (MPS) (BMPS.MI) said a new share sale to raise up to 2.5 billion euros ($2.4 billion) would cost it 125 million euros in fees to financial institutions backstopping the issue. Register now for FREE unlimited access to Reuters.com RegisterAfter difficult negotiations that risked derailing the capital raising, the eight banks have agreed to guarantee the share issue for up to 807 million euros. Algebris is backstopping up to another 50 million euros. The fees amount to nearly 15% of the guaranteed sum and compare with a market value of just 99.8 million euros for MPS on Friday. The cost of the capital increase, which totals 132 million euros, would shave 15 basis points off that target, MPS said.

JPMorgan & Chase (JPM.N), Citigroup, Deutsche Bank (DBKGn.DE) and BNY Mellon act as depositary banks for most Russian depositary receipt programs, according to Clearstream. In statements to clients, some banks cited difficulties verifying there are enough shares to execute cancellations of depositary receipts. For example, BNY Mellon cited such a difficulty with Global Depositary Receipts in Russian gas company Novatek. While depositary receipts are under custody of global banks, the shares they represent are parked in Russia. Investors are meanwhile discussing ways online to meet the Russian requirements and how to pay fees to Russian banks.

☆ Exclusive: India's RBI asks banks to stop building positions in offshore market
▼ + stars: | 2022-10-13 | by ( Nimesh Vora | ) www.reuters.com time to read: +3 min

The build-up of positions in this segment of the market is forcing the RBI to spend more reserves to defend the rupee, one of the bankers said. For instance, the USD/INR NDF 1-month rate is currently 7 paisa higher than the corresponding onshore rate and the 3-month forward rate is about 25 paisa higher. To take advantage of this arbitrage, eligible banks could buy spot dollars onshore and pay 1-month premium while selling USD/INR 1-month in the NDF market. Bankers argue that the RBI's curbs on the activity of banks on NDF will not ease pressure on the rupee. Instead, it would lead to offshore rates once again having more influence on the rupee exchange rate.

☆ Aluminium spikes 7% after report of U.S. ban of Russian supplies
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 12 (Reuters) - Aluminium prices on the London Metal Exchange (LME) soared on Wednesday after Bloomberg reported that the United States was considering a ban on Russian aluminium in response to the conflict in Ukraine. Benchmark aluminium was up 3.3% at $2,309 a tonne at 1612 GMT after briefly spiking 7.3% to $2,400 a tonne. The Biden administration is considering raising tariffs on Russian aluminum to levels so punitive they would effectively ban Russian aluminium producer Rusal, Bloomberg said, citing unnamed people familiar with the decision-making. The LME last week launched a discussion paper on the possibility of banning Russian aluminium, nickel and copper from being traded and stored in its system. Western countries have imposed sanctions on Russian banks and wealthy individuals connected to President Vladimir Putin since Russia's invasion of Ukraine began in February, but so far there are no restrictions on buying Russian metal.

☆ Monte dei Paschi to get some $29 mln from local banking foundations - source
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

The logo of Monte dei Paschi di Siena bank is seen in a bank entrance in Rome, Italy, August 16, 2018. REUTERS/Max Rossi/File PhotoFLORENCE, Italy, Oct 11 (Reuters) - Monte dei Paschi di Siena (BMPS.MI) is set to get around 30 million euros ($29 million) for its new share issue from local banking foundations, including the Tuscan bank's former top shareholder, a source with knowledge of the matter said. In some cases, including that of the Fondazione Monte dei Paschi di Siena, they have seen their fortunes wiped out by the demise of the banks they owned. A fourth banking foundation, Cassa di Risparmio di Pistoia e Pescia (CariPistoia), has not yet taken a decision on a possible 3 million euro contribution, the source added. The chairman of CariPistoia had told Reuters the foundation was not interested in investing in Monte dei Paschi.

☆ Egyptian banks tighten dollar limits after currency pressure mounts
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

CAIRO, Oct 10 (Reuters) - Egyptian banks have tightened limits on foreign currency withdrawals from local currency accounts as they seek to conserve scarce dollars. Though no industry-wide rules have been announced, in recent days a number of banks have sent notifications instructing clients with Egyptian pound accounts of new monthly limits on how much foreign currency they can withdraw before travelling or when using debit and credit cards abroad. Because of domestic dollar scarcity, some customers had been depositing money in local currency in order to withdraw it in foreign currency at official rates abroad, said the source. The central bank has been letting the currency depreciate gradually after a sharp devaluation in March. Egypt is negotiating new financing from the International Monetary Fund, which has called for a more flexible exchange rate policy.

☆ How Cowen’s golden parachutes landed with a thud
▼ + stars: | 2022-10-07 | by ( John Foley | ) www.reuters.com time to read: +7 min

It's not unusual for executives to have so-called golden parachutes that trigger when their company is sold. Compared with the $400 million TD might have had to pay, that sounds like a bargain. But as a proportion of the overall deal value, Cowen’s executives punch above their weight. So even if Cowen’s top brass have agreed not to open their golden parachutes, they’ll still land at TD with considerable impact. The deal included a renegotiation of the severance packages held by Cowen’s top six executives, including Chief Executive Jeffrey Solomon.

☆ LME to discuss banning Russian metal, sources say
▼ + stars: | 2022-09-29 | by ( Pratima Desai | Jefferson Kahinju | ) www.reuters.com time to read: +2 min

LONDON, Sept 29 (Reuters) - The London Metal Exchange (LME) is planning to discuss banning new deliveries of Russian metal such as aluminium, nickel and copper so its warehouses cannot be used to offload hard-to-sell stock, three sources familiar with the matter said. Western countries have sanctioned Russian banks and wealthy individuals connected to President Vladimir Putin since Russia’s invasion of Ukraine, but so far there are no restrictions on buying Russian metal. The sources said there was some concern that Russian aluminium producer Rusal would not be able to sell its metal and would deliver it to registered warehouses of the 145-year-old metal exchange. Another source said the LME could not ban Russian metal without sanctions on the companies that produced them. "Although we do not currently see any evidence of LME warehouses being used to offload metal on a long term basis," the exchange added, in response to a request for comment.

☆ Hollywood star, tech execs invest in Italian start-up Bending Spoons
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterActor Ryan Reynolds gestures as he speaks during a conference at the Cannes Lions International Festival of Creativity in Cannes, France, June 22, 2022. REUTERS/Eric GaillardMILAN, Sept 27 (Reuters) - Italian app developer Bending Spoons has raised more than $340 million from investors including Hollywood actor Ryan Reynolds and Kerry Trainor, the former CEO of video streaming platform Vimeo (VMEO.O), it said on Tuesday. Register now for FREE unlimited access to Reuters.com RegisterOther backers included Italian banks Intesa Sanpaolo (ISP.MI) and Banco BPM (BAMI.MI), the Milan-based start-up said in a statement. Since launching in 2013, Bending Spoons has registered more than 500 million downloads and has 90 million monthly active users, according to its website. (This story corrects currency in first paragraph to dollars from euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Elvira Pollina Writing by Gianluca Semeraro Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Dado Ruvic/IllustrationNEW YORK, Sept 27 (Reuters Breakingviews) - American presidents often use economic sanctions as a geopolitical lever against countries with whom they are in conflict but have stopped short of a shooting war. Yet while sanctions can inflict severe economic pain, history suggests they lack a decisive political punch. The sanctions against Russia were swift and closely coordinated. Meanwhile, authorities slapped targeted sanctions on hundreds of Russian individuals, defense and transport firms, financial institutions, tech groups and energy companies. Economic restrictions sped up the country’s transition from apartheid to majority rule by the African National Congress.

☆ Italy's right-wing bloc wins election: five questions for markets
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Guglielmo MangiapaneMILAN/LONDON, Sept 26 (Reuters) - Italy's right-wing bloc should have a solid majority in both houses of parliament following Sunday's election, potentially giving the country a rare chance of political stability after years of upheaval and fragile coalitions. The absence of the anti-euro rhetoric seen in the 2018 election had reassured investors in the run-up to the vote. With markets watching closely, we take a look at five key questions on the radar. Reuters Graphics2/ Could Italy's EU funding plan be modified? The Brothers of Italy sees room to amend Italy's EU-backed recovery fund programme to account for the energy shock.

☆ French MPs want inquiry into alleged Russian party financing
▼ + stars: | 2022-09-24 | by ( ) www.reuters.com time to read: +1 min

PARIS, Sept 24 (Reuters) - Members of the French National Assembly said on Saturday they had asked the president of the lower house of the country's parliament to set up an investigation committee to look into alleged Russian financing of political parties. The eight MPs, who belong to French President Emmanuel Macron's En Marche party, also noted that Marine Le Pen's far-right Rassemblement National party is still paying off a loan granted by Russian banks. Register now for FREE unlimited access to Reuters.com Register"These facts clearly suggest a Russian will to weigh in the French public debate ... they warrant the set-up of an investigation committee to establish if French political parties - and which ones - have benefited from Russian financing," the MPs wrote. However the official did not detail which countries the Russian influence efforts were believed to have targeted or provide specific evidence to lay out the claims of secret financing. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tangi Salaun; Writing by Benoit Van Overstraeten; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Anindito Mukherjee/FilesMUMBAI, Sept 23 (Reuters) - Indian banks may be forced to compete harder to boost deposits amid tightening liquidity and rising credit demand ahead of the festive season, analysts warned. "We think the real challenge is the gap between deposit growth and loan growth, as deposit growth is weak, at 9.5% YoY – a good 600 bps below loan growth," said Suresh Ganapathy, head of financials research at Macquarie. "Borrowing from the market to fund credit growth is just one of the ways and after a while it isn't sustainable. Rates for bulk deposits, or deposits of over 20 million rupees, are rising more rapidly than retail, highlighting banks' focus on raising more funds quicker. The incremental credit deposit ratio has already crossed 100%, suggesting that banks have started lending more than the total deposits they hold.

☆ ECB seeks to cut subsidy to banks as rate hikes leave it on hook, sources say
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +4 min

Signage is seen outside the European Central Bank (ECB) building, in Frankfurt, Germany, July 21, 2022. To fight runaway inflation, the ECB has raised the rate it pays on the 4.6 trillion euros ($4.5 trillion) worth of banks' reserves that exceed requirements from -0.5% to 0.75% in less than two months. The ECB might also change the terms of TLTRO loans, although this would potentially damage the credibility of future programmes and invite legal challenges, the sources added. Any such move is likely to displease banks and might even land the ECB in court. Dutch bank ING saw "disrupting effects on Italian money markets" if the ECB stopped remunerating part of the money borrowed by Italian banks under TLTRO.

☆ Russian banks lost around $25 billion from Ukraine conflict - central bank official
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: 1 min

Sept 23 (Reuters) - Russia's banks have lost an estimated 1.5 trillion roubles ($25.5 billion) as a result of the fallout from the conflict in Ukraine, a central bank official said on Friday. Maxim Lyubomudrov, who heads the regulator's department that supervises the country's largest banks, said this was an "acceptable" level of losses and that the government had plans in place to support Russia's lenders through the crisis. ($1 - 58.85 roubles)Register now for FREE unlimited access to Reuters.com RegisterReporting by ReutersOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. expects more banks will cut off Russian payment system Mir -senior official
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

People walk past the logo of Russian payment system Mir at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 15, 2022. REUTERS/Maxim Shemetov/File PhotoWASHINGTON, Sept 20 (Reuters) - Steps that Turkish lenders Isbank and Denizbank took to suspend the use of Russian payment system Mir make a lot of sense, a senior U.S. administration official said on Tuesday, and said the United States expects more banks will cut off Mir over sanctions risk. "We expect more banks to cut off Mir because they don’t want to risk being on the wrong side of the coalition’s sanctions." Washington and its allies have imposed several rafts of sanctions targeting Moscow following Russia's Feb. 24 invasion of Ukraine, including targeting Russian banks and President Vladimir Putin. NATO member Turkey opposes Western sanctions on Russia on principle and has close ties with both Moscow and Kyiv, its Black Sea neighbors.

☆ Fund manager says he likes these Indian banks
▼ + stars: | 2022-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFund manager says he likes these Indian banksGurmeet Chadha of Complete Circle says the banking sector tends do well when interest rates rise.

☆ Italy's right-wing bloc set for election win: five questions for markets
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +5 min

Giorgia Meloni, leader of the nationalist Brothers of Italy, is seen as frontrunner to become Italy's first female prime minister. read moreThe absence of anti-euro rhetoric seen in the 2018 election has reassured investors, for now. At around 225 basis points, the closely watched gap between 10-year Italian and German bond yields has been relatively stable . That would cause some angst since the constitution protects issues related to Italy's EU membership. read moreReuters Graphics2/ Could Italy's EU funding plan be modified?

☆ This Ukrainian company is helping the world to track down Russian oligarchs' riches
▼ + stars: | 2022-06-11 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +4 min

YouControl has launched a tool called RuAssets to help track Russian yachts and jets. However, the company's staff quickly began thinking how it could help Ukraine. RuAssets lets users search for Russian and Belarusian assets, including sanctioned oligarchs, by using state registers and publicly available data. In the early days of the war, YouControl provided free licenses to Ukraine's defence ministry and other government departments and agencies. The company said it is constantly improving its product in consultation with Ukrainian law enforcement agencies using the tool.

☆ These 3 Canadian banks offer the most in-demand emerging mobile features
▼ + stars: | 2021-05-05 | by ( Tyler Brown | ) www.businessinsider.com time to read: +5 min

☆ EXCLUSIVE/ Investigation: Lucinschi’s mass-media financed with the money from Savings Bank of Moldova. The prosecutors confirmed the existence of a criminal file.
▼ + stars: | 2012-11-28 | by ( ) moldova24.info time to read: +6 min

Today.md optained several documents and information which demonstrate that Chiril Lucinschi’s mass-media company was financed with money from the Savings Bank of Moldova. Mostly, Ilan Sor at Vlad Filat’s order withdrawn $ 440,000 from the banking system and transferred the money into Lucinschi’s company bank accounts. Sor only took the money from Russians for Chiril meanwhile covering the loans with money from Savings Bank of Moldova, Social Bank and UNIBANK. loan, given by REGIONALINAYA FINANSOVAYA COMPANYA OAO (bank accounts at GAZPROMBANK), to the stockholder at Savings Bank of Moldova (loan that helped at increasing capital). More than that RISE investigation demonstrated that Chiril Lucinschi is the direct beneficiary, although he tried to hide himself behind intermediary persons.

Persons: Today.md, Ilan Sor, Vlad Filat’s, Natalia Morari’s, HEZBURG, Petru Lucinschi, Money, Natalia’s, UNIBANK, Ilan Shor’s, Sor, ALEXANDRU, Banca Sociala, Veaceslav, Veaceslav Platon, Vlad Filat, REGIONALINAYA FINANSOVAYA, Lucinschi, Morari, Platon, Radu Gutu, Chiril Lucinschi, Chiril, Viorel Morari, SBM, Igor Cijov Organizations: Savings Bank of Moldova, –, TOM, ABVL BANK, AS PRIVATBANK, Project Agency, Verwaltungs, UND, Social Bank, MOLDCLASSICA INTERNATIONAL, CONTRADE, Russian Federation, TV7, TNT, Banca, Social Bank ., Chiril, UNIBANK, CHESTER NZ, Bank, SBM, TNT BRAVO, ANALITIC MEDIA, BRAVO TV LLC, BRAVO, Agency, ION RUSU Locations: Netherlands, Moldavian, Lucinschi, Moldindconbank, GAZPROMBANK, Republic of Moldova

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