LONDON: The concept of independent central banking goes as far back as the founding of the US Federal Reserve in 1913. The aim of monetary independence is to insulate monetary policy from political interference and electoral pressures to deliver short-term growth at the expense of long-term inflationary cost. Empirical evidence has proved that countries which have […]

NEW YORK: Credit cards were a strength and trading revenues a weakness in the solid US bank earnings released Friday, as JPMorgan Chase chief executive Jamie Dimon erupted in frustration at political gridlock in Washington. JPMorgan Chase, Wells Fargo and Citigroup all reported better-than-expected earnings, and bank executives described US economic growth as solid, if unspectacular, […]

New York – CitiDirect BE®, Citi’s institutional e-banking platform, has been ranked number one in the 2016 Greenwich Associates Digital Banking Benchmarking study for the 11th consecutive year. The study assesses “Best of Breed” features and functionality among online, mobile and direct integration channels that differentiate treasury and cash management providers globally. This year, Citi […]

NEW YORK: Dollar steadied after US healthcare bill pulled near a four-month low against the Japanese yen on Friday and was on pace to snap an eight-day losing streak against the safe-haven currency, after Republicans killed their bill to overhaul the US healthcare system. With a risk-averse mood across markets, the greenback slipped about 1.3% against […]

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 […]