NEW YORK: A global stocks index touched a fresh record high on Friday, wrapping up a week when many of the world’s major central banks either raised interest rates or signalled they might do so, underlining confidence about economic growth and inflation. The US dollar slipped, continuing its slide in the wake of the Federal Reserve’s […]

WASHINGTON: World Bank investments in commercial financial institutions are indirectly allowing land-grabs, evictions and pollution in Southeast Asia, a watchdog group charged in a report on Friday. By investing in banks and other so-called financial intermediaries, World Bank funds can increase poverty, social strife and promote projects which hasten climate change, according to a report by […]

LONDON: The dollar hit a 14-year high against a basket of currencies on Wednesday as a post-US election sell-off resumed across global bond markets, lifting Treasury yields and attracting investors to the US currency. The Bank for International Settlements this week reiterated that a stronger dollar poses risks for global markets. Investors have largely shru­gged […]

WASHINGTON DC: The IMF said Thursday it supports India’s efforts to fight corruption through the currency control measures announced this week, but stressed taking care to minimize disruptions in the economy. Indian banks reopened Thursday for the first time since the government’s decision to withdraw the two largest denomination notes from circulation in a shock move […]

NEW YORK: The dollar rose in early North American trading as investors re-evaluated the impact of the victory of Republican Donald Trump in the US presidential election. The dollar had fallen 2% in the aftermath of Trump’s shock win over heavily favored Democrat Hillary Clinton, kindling fears of economic and political turmoil and calling into question […]

NEW YORK: New York’s state bank regulator fined the giant Agricultural Bank of China (AgBank) $215 million on Friday for violating anti-money laundering laws and obscuring suspicious transactions involving Russia, China, Afghanistan and other countries. Citing a deliberate failure to scrutinise dubious money transfers, the Department of Financial Services (DFS) said the bank, the third-largest in […]

WASHINGTON: The International Monetary Fund announced on Friday that 25 member states have committed a total of $340 billion in bilateral borrowing to maintain the Fund’s lending capacity. This fund will cover a four-year period, expiring in December 2020. “These commitments will preserve the overall lending capacity of the IMF and provide confidence that the […]

WASHINGTON: The International Monetary Fund warned on Tuesday that central banks are struggling to beat back deflationary forces and that governments need to spend to help them succeed. In a new assessment of global economic conditions, the IMF said many countries worldwide are battling disinflation — low and slowing inflation — due to weak global […]

FRANKFURT: Deutsche Bank said it would fight a $14 billion demand from the US Department of Justice to settle claims it missold mortgage-backed securities, a shock bill that raises questions about the future of Germany’s largest lender. The claim against Deutsche, which is likely to trigger several months of talks, far exceeds the bank’s expectations […]

NEW YORK: A rare run of outperformance by U.S. bank shares appears to have hit a wall as a spate of soft readings on the economy have tempered bets that the Federal Reserve might raise rates soon. The S&P 500’s bank index is up nearly 9 percent so far in the third quarter, broadly outpacing […]