Connect to share and comment

China to relax rules for foreign central banks in interbank market: sources

SHANGHAI (Reuters) - The People's Bank of China (PBOC) is planning to ease restrictions now in place on foreign central banks and financial institutions trading in China's interbank bond market, sources with direct knowledge of the situation told Reuters. The move, if implemented, would mark another incremental opening of China's capital markets, following an announcement on April 10 that Beijing would allow cross-border investment between the Hong Kong and mainland stock exchanges.

Global accounting body airs possible reform of bank hedging rule

By Huw Jones LONDON (Reuters) - Investors would be able to make a more accurate assessment of how well banks manage risks on their books under proposals published by the International Accounting Standards Board (IASB) on Thursday. Risk management has risen to the top of the regulatory agenda for banks after the 2007-09 financial crisis left taxpayers having to bail out lenders who failed to disclose potential problems on their balance sheets.

BOJ keeps upbeat view on regional Japan, sees limited tax hike impact

By Leika Kihara TOKYO (Reuters) - The Bank of Japan maintained its upbeat view on most of the country's regional economies, adding to reassurances from its governor that the world's third-largest economy can ride out the pain from a sales tax hike without additional stimulus. Also on Thursday, a Reuters survey showed manufacturers were more confident about business conditions in April and saw a more moderate dip over the next three months, suggesting the damage from the tax hike may be less pronounced than thought.

A star abroad, India central bank boss riles bond traders at home

By Neha Dasgupta MUMBAI (Reuters) - Since taking the helm of India's central bank, Raghuram Rajan's agenda to reform markets has put the noses of Mumbai bond traders firmly out of joint by upending practices that provided them with a relatively secure rate of return.

Mutual fund sales total $7.73B in March; industry AUM now at $1.059 trillion

TORONTO - The Investment Funds Institute of Canada says net sales of mutual funds in March totalled $7.73 billion, with net sales for the first three months of the year reaching $22.6 billion. By category, long-term fund net sales were $7.87 billion in March, with year-to-date net sales at $23.8 billion as of the end of last month, while money market fund net redemptions were $142.6 million for the month, with year-to-date net redemptions at $1.14 billion.

Higher spending by cardholders helps lift American Express' 1Q revenue and profit

NEW YORK, N.Y. - American Express said Wednesday its net income climbed in the first quarter, helped by higher spending by its cardholders even as cold winter weather gripped much of the country. The New York-based company said its cardholders spent 6 per cent more in the first three months of the year, driving up revenue for both its U.S. and international card businesses. "While consumers remain cautious about taking on additional debt, we continued to see a modest increase in card member loan balances," AmEx CEO Kenneth Chenault said.

Out-of-pocket health costs rising; low-income homes face biggest pinch

TORONTO - Out-of-pocket health expenses rose sharply from 1997 to 2009, with low-income households taking the hardest hit, a new study from Statistics Canada reveals. Low-income households saw their health-care-related costs rise by 63 per cent over that period, compared to an increase of between 36 and 48 per cent for higher earners, the report says. In 2009, households with the lowest incomes spent about $1,000 on health care, compared to almost $3,000 for top earners.

Europe's top banks shed 2 trillion euros as regulatory belt tightens

By Laura Noonan LONDON (Reuters) - Europe's top 30 banks cut assets by 2 trillion euros ($2.76 trillion) last year and are set to cut them again in 2014 as regulatory pressure prompts investment banks to shrink and retail banks sell some of their loans into a rising market.

Pakistan publishes list to embarrass tax cheats into paying up

By Katharine Houreld ISLAMABAD (Reuters) - Desperate Pakistani tax authorities are publicly shaming defaulters by publishing their tax details in a directory for the first time, officials said on Wednesday. The cash-strapped authorities find it almost impossible to chase down the large number of defaulters - many of them powerful politicians - through the country's moribund courts.

Influence of banks, hedge funds on commodities lowest since 2008

By David Sheppard LONDON (Reuters) - United Nations economists who previously called for government intervention to tame volatile swings in commodity prices say banks and hedge funds have since reduced their influence to the lowest level since 2008. In a 2012 report for the UN Conference on Trade and Development (UNCTAD), David Bicchetti and Nicolas Maystre said the rise of financial players in commodities markets over the previous decade had moved prices of oil and grains away from the fundamentals of supply and demand.
Syndicate content