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Saenz: Reform could be dangerous
“If all these elements that are being discussed under the Basel III umbrella are put in place… it would be very onerous, a heavy burden on the profitability of the banking system and the banking industry,” Alfredo Saenz, chief executive of Santander, told UK lawmakers recently. He said it was impossible to accurately predict the impact as details of many of the measures were not known. Top banks would see annual profits slump by $110bn if proposed regulations to increase capital and liquidity and other reforms are brought in, analysts at JPMorgan estimate, saying it would hurt economic growth and raise bank costs. As part of the reform ... -
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Kenya economy to grow by 4.5 pct in 2010
The effects of post-election violence, a drought and the global economic crisis pushed Kenya’s economic growth to 1.7 percent in 2008, after expansion of 7.1 percent in the previous year. “Last year, the recovery in tourism, and in some other key sectors, mitigated effects of the severe drought that caused food, water and energy shortages,” he said at the opening of parliament after a recess. “As a result, the economy grew at 2.5 percent. This year we are optimistic that the forecasted 4.5 percent growth rate will be achieved.” The 2.5 percent figure is in line with the government’s forecast of 2-3 percent growth for 2009. Kibaki ... -
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Pakistani finance minister to resign
Pakistani Finance Minister Shaukat Tarin is to step down this week to focus on his private banking interests, according to reports, following speculation that he would resign. Tarin, who negotiated an IMF loan in 2008, was not immediately available for comment. In March 2008, a consortium comprising the International Finance Corporation, Bank Muscat, Nomura and Sinthos Capital, led by Tarin and another Pakistani banker, Sadeq Saeed, bought an 86.55 percent stake in Silk Bank for about $213m. “New investors in his Silk Bank had set preconditions that they will invest billions in the bank provided a seasoned banker like Tarin pays full-time... -
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Bernanke has some explaining to do
The head of the central bank heads to Capitol Hill on Wednesday and Thursday for twice-yearly testimony, fulfilling a long-time practice. Normally, the main topic is the state of the economy. This time, Bernanke will also have to answer why he decided to spring a surprise on financial markets last week by raising the interest rate the Fed charges on emergency loans to banks – and whether that signals the days of easy money are over. Higher borrowing costs would be unwelcome news to Congress, where the majority of lawmakers are up for re-election and want low rates to foster economic growth and keep voters happy. Bernanke was already under p... -
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Brokering the mould
Keeping it people-focused, maintaining integrity at all times and innovating along with the changes in the market – these are the ingredients that make Al Ramz Securities, LLC or RAMZ one of the strongest independent brokerage companies in the UAE since its inception in the late 90s. RAMZ has matured along with the growth of the UAE as an economy and as an international investment hub. The UAE has witnessed profound and in some ways, unprecedented changes over the last few years. Perhaps this is best underscored by the fact that, notwithstanding the spike in oil prices, oil now contributes less than 30 percent of the country’s domestic ... -
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Irish “bad bank” transfers delayed until end March
Ireland will transfer the first loans to the National Asset Management Agency (NAMA) “bad bank” by the end of March, missing its latest deadline of late February, as it waits on European approval to begin the scheme. Finance Minister Brian Lenihan has said work valuing the total loans initially worth 80 billion euros ($109bn) was also still ongoing on the scheme charged with cleansing its troubled banking sector. The transfer of loans to NAMA which the government estimates it will pay 54 billion euros for was originally meant to start in December and the head of the country’s debt agency had said earlier this month that it would make it... -
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Powering infrastructures
The world economy is in a very delicate phase and the effects of the financial crisis will continue to be seen for some time to come. Despite the high degree of uncertainty, the most recent forecasts offer hope that the worst has passed and that the conditions for recovery are strengthening, partly thanks to the large economic stimulus programmes put in place by the governments of leading industrialised countries. Infrastructure investment (transport, energy, telecommunications and construction) is central to such initiatives. Atlantia has a key role to play in responding to the crisis, providing a boost for the economy thanks to its planned ... -
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Fed seeks to calm markets after discount rate rise
US Federal Reserve officials moved to calm speculation that a surprise rise in its emergency lending rate could bring forward broader policy tightening, saying borrowing costs in the economy would stay low. Fed Chairman Ben Bernanke flagged the move last week, saying the US central bank aimed to widen the spread between its main policy rate that remains pegged near zero and the discount rate at which banks can borrow from the Fed. However, no one in markets expected it to act so soon and the timing of the move – well ahead of the March 16 policy meeting – prompted investors to price in a greater likelihood of a rise in the benchmark fed f... -
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Congo inflation seen 15% at year end
Democratic Republic of Congo’s inflation rate will fall to a target of 15 percent by the end of the year despite new figures that put it at more than twice that, its central bank has said. The bank’s monetary policy committee (MPC) said annualised inflation was 38.7 percent in the second week of February, down from 69 percent last month. “Since January the Treasury has already undertaken to spend according to the means it can mobilise,” Jean Louis Kayembe, director general of the central bank and the MPC, told reporters in an interview. “We think that if this discipline is maintained, the level of inflation will continue to ... -
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A day in the lifeÖ
It is Sunday evening in Warsaw. People are still enjoying their weekends in big malls and fancy restaurants across the city and commuters are crowded on the roads to the city. Most of the sky-scraper aspirants in the centre are still asleep but there are few lights already on at the Warsaw City Gate building. As all the information from the weekend is being digested by the stomach of supply and demand, first trades are being made. It is Asia’s call for bulls and bears around the globe… Monday 7am – the heat is on. First comments flow in front of the sleepy eyes of traders in Frankfurt, Paris and London. First decisions are being made an...
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