IMF calls for interest rates to be cut below zero in eurozone

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IMF calls for interest rates to be cut below zero in eurozone

IMF calls for interest rates to be cut below zero in eurozone
The ECB has been encouraged by the IMF to consider negative interest rates, due to concerns that deflation in the eurozone was a significant new risk for the world economy. The IMF also called for more quantitative easing and proposed cheap loan schemes, possibly targeted at small and medium sized firms.
The Guardian, p. 30
Also appeared in : International New York Times, p.16

Mortgages & Residential Property

Mortgages will soar if Salmond defaults on debts, Scots are told
Chief Secretary to the Treasury, Danny Alexander has said that Scottish people could see their annual mortgage payments soar by £5,200 if they vote for independence in September.
The Times, p. 22
Also appeared in : Independent i, p.10, Independent i, p.2, The Independent, p.13, Financial Times, p.2

Chippy attitude
RBS has just agreed to pay claimants including the New Jersey Carpenters’ Vacation Fund $275mn for selling them mortgage-backed securities.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Ocwen pitches $136m bond deal
Ocwen Financial is pitching a bond deal backed by a pool of mortgage servicing rights to investors.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 30

Loan headaches mount for homeowners
A growing number of homeowners trying to avert foreclosure are confronting problems on a new front as the mortgage industry in the United States undergoes a seismic shift.
International New York Times, p. 15

Round Up

Fed considers raising interest rates ‘soon’
A number of the dozen members of the US Federal Open Market Committee have raised the possibility that US Federal Reserve could start raising interest rates sooner than previously expected.
The Daily Telegraph Business, p. 1
Also appeared in : International New York Times, p.18, The Times, p.40, Financial Times Companies and Markets, p.32, The Times, p.41, International New York Times, p.14, Financial Times, p.7

RBS suspends senior trader amid currency-fixing inquiry
Royal Bank of Scotland has suspended a third currency trader in relation to the widening foreign exchange investigation by regulators.
The Times, p. 41
Also appeared in : The Independent, p.56, The Guardian, p.30, City AM London, p.3, The Daily Telegraph Business, p.5, Financial Times Companies and Markets, p.17, Independent i, p.42

Crédit Agricole returns to profit
Crédit Agricole has returned to full-year profit after two years of losses.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20
Also appeared in : International New York Times, p.15, City AM London, p.7

UK recovery ‘is becoming “more entrenched ‘
The Bank of England yesterday indicated that interest rates are likely to remain on hold while Britain’s economic recovery takes shape.
The Daily Telegraph Business, p. 5
Also appeared in : Financial Times, p.4

TSB move to City as Scotland fears mount
Lloysd Banking Group has decided to domicile TSB in England rather than Scotland, a move, which some analysts have taken as a sign of concerns over the prospect of an independent Scotland.
The Daily Telegraph Business, p. 1
Also appeared in : The Daily Telegraph, p.1

US bid to avert foreign bank arm bail-outs
The US Federal Reserve has decided to impose same capital requirements on foreign banks with major operations in America as it does on their domestic counterparts.
The Daily Telegraph Business, p. 5
Also appeared in : International New York Times, p.14

Central bank official: There’s no Eurozone threat from deflation
Yesterday a senior European Central Bank (ECB) official brushed off suggestions that the Eurozone could suffer a period of deflation, going as far as to suggest that low inflation and a relatively strong euro could self-correct this year.
City AM London, p. 13
Also appeared in : Financial Times Companies and Markets, p.30

Banks face mega fines as Britain imports US style corporate justice
Britain’s adoption of significant elements of the US approach to corporate criminal enforcement and a tougher approach to the calculation of penalties – may create the conditions for fines the likes of which are seen in the US.
City AM London, p. 17

RBS offloads business to BNP
Royal Bank of Scotland is selling parts of its structured retail investor products and equity derivatives businesses to France’s BNP Paribas for an undisclosed sum.
Independent i, p. 42

Deutsche Bank closes in on €1bn deal to end legal battle with Kirch
Deutsche Bank is close to resolving a decade-long legal battle with the heirs of German media magnate Leo Kirch.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

European banks eye US capital ratio plans
European banks are looking to increase their US capital ratios by converting inter-company loans and booking more non-US business.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

China jockeys for Deutsche Bank’s gold ‘fix’ seat
Standard Bank has emerged as a potential buyer of Deutsche Bank’s seat in the gold price setting process.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 32

Asia banks tap boom in aviation finance
Asian banks and leasing companies are moving into the region’s booming aviation finance business.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

BANK OF AMERICA’S MOYNIHAN GETS $14M
Last year Bank of America chief executive Brian Moynihan’s compensation rose 17 per cent to $14m as profit at the bank more than doubled.
City AM London, p. 3

Banking & Finance
Martin Schulz, President of the European Parliament, warned eurozone governments to speed up negotiations urgently or risk the collapse of an agreement to establish the region’s banking union, which is regarded as crucial to keeping the euro crisis under control.
The Times, p. 38

StanChart to sell Hong Kong unit
Standard Chartered has put its Hong Kong consumer finance business up for sale.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

EU leaders step up rhetoric on transaction tax
Yesterday the French and German governments pledged to continue pushing for a new European financial transaction tax, following repeated setbacks.
City AM London, p. 3

The above articles appeared on 20.02.2014. Reproduced with the kind permission of Kantar Media UK. All rights reserved.

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