Sectors News Results

  • India's Central Bank Keeps Key Lending Rate Unchanged -- Update

    NEW DELHI-- India's central bank left its key lending rate unchanged Thursday but made it easier for banks to offer auto and housing loans as it looked for ways to jumpstart growth without exacerbating inflation. The Reserve Bank of India's monetary-policy committee kept its repurchase rate at 5.15%. With consumer inflation well above its target rate of 4% in recent months, the central bank decided it didn't need to lower rates despite sputtering growth in Asia's third-largest...

  • Fed Nominee Faces Questions Over Iconoclastic Views and Loyalty to Trump

    President Trump's bid to install economist Judy Shelton on the Federal Reserve's board of governors could turn on how she explains to lawmakers her heterodox views on policy issues including central-bank independence, interest rates and the gold standard. The president last week formally nominated Ms. Shelton, a former U.S. envoy to the European Bank for Reconstruction and Development, and St.

  • Stocks Rise as Investors Bet on Economic Resilience

    U.S. stocks climbed Tuesday on expectations that global growth will prove resilient as fiscal and monetary policies blunt the impact of the coronavirus outbreak on China's economy. The Dow Jones Industrial Average jumped 480 points, or 1.7%, returning to positive territory for the year after deep losses Friday. The S&P 500 advanced 1.6%, and the tech-heavy Nasdaq Composite added 1.8%.

  • Lloyds to Close a Further 56 Branches

    Lloyds Banking Group PLC (LYG) will close 56 branches between April and October this year in response to changing customer behaviors and a fall in the number of transactions being made in branches, the British lender said Wednesday. The U.K.' s largest retail bank said the closure of the branches will affect 31 Lloyds branches, as well as 15 Bank of Scotland and 10 Halifax branches. Lloyds said its customers will still be able to have access to their accounts through local post offices.

  • Banks Build New Tools to Shift Short-Term Borrowing

    Investors are starting to trade complex derivatives tied to the Federal Reserve's preferred replacement for the London interbank offered rate, a sign the financial industry is coalescing around a new benchmark for short-term interest rates. Banks and exchanges are expanding a market for secondary financial products tied to this rate-- the secured overnight financing rate, or SOFR-- easing worries that lenders and other financial institutions remain underprepared for the...

  • Norges Bank Keeps Key Rate Unchanged at 1.5%

    Norway's central bank left its key interest rate unchanged at 1.5% on Thursday, as expected, and reiterated its previous stance that the policy rate will likely remain at the present level in the coming period. Norges Bank said the risk of a sharp downturn in the global economy appears to have receded somewhat since autumn, while new information indicates that the interest rate outlook hasn't changed much since its monetary policy report in December, with underlying inflation...

  • Fed's Rosengren Sees Higher Inflation Among This Year's Biggest Risks

    Boston Fed leader Eric Rosengren warned that the biggest risks the economy faces after last year's rate cuts are from higher inflation and financial stability problems driven by very low borrowing costs. While there are both positive and negative risks facing what appears to be a solid outlook, Mr. Rosengren said, "I see the potential risks to inflation and financial stability as somewhat more concerning, overall."

  • UBS to Cut Up to 500 Jobs in Wealth Management Shake-Up

    UBS Group AG (UBS) will cut up to 500 jobs, according to a person familiar with the matter, stripping out layers of bureaucracy in its wealth-management arm as it attempts to keep its edge as bank to the world's rich and cut costs. In an internal memo reviewed Tuesday by The Wall Street Journal, wealth management co-heads Iqbal Khan and Tom Naratil said that up to three layers of management would be removed in some areas, to try to give managers greater powers in attracting and servicing...

  • Trading Picks Up but Debt Sales Wane for Fed's Libor Replacement

    Traders in the futures market are beginning to embrace the Federal Reserve's proposed replacement for the troubled London interbank offered rate. The same can't be said for companies issuing new debt. Open interest in one-month interest-rate futures tied to the new secured overnight financing rate, or SOFR, more than doubled between August and December to about 375,000 contracts on the Chicago Mercantile Exchange.

  • Four New Voters to Join Fed's Rate-Setting Panel in 2020 Amid Broad Policy Agreement

    The Federal Reserve's rate-setting committee could see more consensus in the new year, after a fractious 2019.. The annual rotation of Federal Open Market Committee members means the chiefs of the Cleveland, Philadelphia, Dallas and Minneapolis banks will join the group in January, gaining a formal vote on monetary policy decisions. At the same time, the leaders of the Boston, Chicago, Kansas City and St.

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