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BRIEF-U.S. Bankruptcy Court Confirms TK Holdings' Chapter 11 Plan
Takata Corp: * U.S. BANKRUPTCY COURT CONFIRMS TK HOLDINGS CHAPTER 11 PLAN OF REORGANIZATION. * COURT'S RULING PAVES WAY FOR TAKATA TO FINALIZE SALE TO KSS AND FOR TK HOLDINGS INC TO EMERGE FROM CHAPTER 11. * EXPECTS TO CONTINUE TO MEET DEMAND FOR AIRBAG INFLATOR REPLACEMENTS WITHOUT INTERRUPTION.
Exclusive: India's PNB adopts strict SWIFT controls after mega fraud case
MUMBAI (Reuters) - India's state-run Punjab National Bank has stepped up its controls on the use of global payments network SWIFT following an alleged $1.77 billion fraud, according to memos issued this month and seen by Reuters.
Regional bank ETF on track for record close in wake of Fed minutes
Exchange-traded funds that track the banking sector surged on Wednesday, after minutes from the Federal Reserve's most recent meeting pointed to higher odds for more rate hikes going forward. The SPDR S&P Regional Banking ETF added 1.8% and was on track for a record close. Separately, the SPDR S&P Bank ETF jumped 1.8% and was on track for its highest close since late January, which itself represented its best close since 2007, before the worst of the financial crisis. The fund is up 7.9% thus far this year, easily outperforming the 2.7% rise of the S&P 500, while the regional bank fund has gained 8.3% in 2018. The Fed's minutes showed that officials saw a stronger economy than at the end of last year, and that strength "increased the likelihood that a gradual upward trajectory of the federal funds rate would be appropriate." Bank stocks tend to do well in rising-rate environments, given the impact it has on their net interest margins, or the difference between the interest they earn on the loans they make and the interest they pay out. Low margins can lead to lower earnings. Among specific stocks, Bank of America rose 1.2% while Citigroup Inc. added 2.4%. On the regional side, Zions Bancorp was up 2.7% and Regions Financial Corp. was up 2.3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Dow jumps 240 points after Fed minutes, with stocks drifting near session highs
The Dow Jones Industrial Average Wednesday afternoon was trading near its highs of the session after the market digested minutes from the Federal Reserve's most recent policy gathering. The Dow Jones Industrial Average jumped 261 points, or 1.1%, to 25,242, the S&P 500 index climbed 1.1% at 2,746, while the technology-laden Nasdaq Composite Index , a proxy for risk appetite on Wall Street, climbed 1.4%. The minutes from the Fed's January convention appeared to suggest that the central bank would be likely to move gradually to normalize interest-rate policy from ultralow levels in order to avoid upending the broader market. Minutes from the Jan. 30-31 Federal Open Market Committee meeting showed that officials saw a stronger economy than at the end of 2017 and that more rate hikes were in the offing. The strengthening "increased the likelihood that a gradual upward trajectory of the federal funds rate would be appropriate." To convey this message, officials altered their statement to point to "further gradual increases," according to the minutes. However, the Fed minutes don't incorporate recent signs of rapidly rising inflation, which could make the Fed more inclined to hike rates faster than the three that Wall Street is forecasting, some market participants speculated. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Americans prefer bank branches over mobile apps for opening new accounts
Mobile banking apps keep getting better, but 60 percent of Americans would still rather open a new checking account in person at a bank branch than on a phone, tablet or desktop computer, according to a new survey. Set for release on Wednesday by consulting firm Novantas, the survey also found that half of U.S. customers feel that online-only banks are "less legitimate" than those with branches.
British bank RBS hires "digital human" Cora on probation
A life-like avatar called Cora is being put through her paces by Royal Bank of Scotland, helping customers with basic queries and giving its digital banking drive a more human face.
Pound briefly tops $1.40 as Bank of England officials see pickup in U.K. wages
The pound briefly rose above $1.40 Wednesday afternoon in London as Bank of England policy makers said salaries for Britons appear to be strengthening, a view they outlined in this month's quarterly inflation report. "A pick up in wages is starting to take root," Andrew Haldane, the central bank's chief economist, told a Treasury committee meeting. Wage pressures were weak early in 2017, he said, and "arithmetically, given what we've seen over the past few months, it's very likely average weekly earnings growth will nudge up to have a '3' in front of it, which is our forecast for Q1." Bank of England Governor Mark Carney said there's been steady firming in private-sector earnings excluding bonuses. "As we get towards full unemployment ... we are seeing a variety of indicators that are consistent with the firming of wage pressures," said Carney. The pound hit $1.4010 as the policy makers spoke, but has since fallen back to $1.3975. Data released Wednesday showed wage growth grew 2.5% in the three months to December. Earlier Wednesday, sterling was the worst performer among major U.S. dollar rivals, driving to a low of $1.3905 after an unexpected rise in the U.K. unemployment rate, to 4.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Vox Media lays off 50 employees as it scales back certain initiatives
Vox Media Chief Executive Jim Bankoff told staff in an email on Wednesday that the company would lay off around 50 employees as it winds down certain initiatives. The news comes just over a month after journalists at the company voted to unionize with the Writers Guild of America East. The Vox Media Union said on Twitter that it was working with the WGA to negotiate over the impact of layoffs on current Vox employees. Along with the layoffs, Bankoff said in his email that the company is reorganizing about a dozen other positions. The Vox brands most impacted by the changes will be Racked, Curbed, SB Nation and the video team. Bankoff said in the email, which was posted on Twitter, that the rationale behind scaling back is to ensure the company can solidify long-term financial stability, invest more resources into workplace productivity by growing real estate, IT, P&C, etc., and to be able to act swiftly when new opportunities arise.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
RPT-UPDATE 5-Latvian defence ministry says corruption claims may be disinformation campaign
RIGA, Feb 20 (Reuters) - Corruption allegations that led to
the suspension of Latvia's central bank governor on Tuesday may
be part of a disinformation campaign aimed at damaging trust in
the country and influencing October elections, its Defence
BRIEF-Spring Bank Pharmaceuticals Reports Q4 Loss Per Share $0.11
Spring Bank Pharmaceuticals Inc(SBPH): * SPRING BANK PHARMACEUTICALS PROVIDES CORPORATE UPDATE AND REPORTS FOURTH QUARTER AND FULL-YEAR 2017 FINANCIAL AND OPERATIONAL RESULTS. * Q4 LOSS PER SHARE $0.11. * SPRING BANK PHARMA - EXPECTS CASH, CASH EQUIVALENTS AS OF DEC 31, 2017 WILL FUND OPERATING EXPENSES AND CAPITAL EXPENDITURE REQUIREMENTS INTO Q4 2019.
UK lawmakers release RBS business report, defying regulator
British lawmakers on Tuesday published in full a confidential report detailing Royal Bank of Scotland's (RBS) mistreatment of struggling businesses during and after the financial crisis. "The findings in the report are disgraceful," Nicky Morgan, chair of the cross-party Treasury Select Committee, said.
CORRECTED-UPDATE 2-Corbyn warns bankers: finance will serve Britain under Labour
LONDON, Feb 20 (Reuters) - Britain's financial sector will
be "the servant of industry not the masters of all" if the
opposition Labour Party gets into power, its leader Jeremy
Corbyn said on Tuesday, accusing bankers of taking the economy
Market Chatter: Deutsche Bank Said to Plan IPO of Assets Management Arm Next Week
Deutsche Bank AG(DB) is planning an initial public offering of its asset management arm DWS on Monday of next week, Reuters reported, citing unnamed people with knowledge of the matter.
HSBC profits jump to $17.2bn on Asia growth
While well-known on the UK High Street, the banking giant makes most of its money outside of Britain.
India closes bank branch at heart of fraud, shares slide
Indian investigators have closed down a branch of a state-run bank that is at the heart of a $1.77 billion fraud and questioned more of its employees as they probed the biggest scam in the country's banking history. As Kate King reports it's left investors shaken, and wiped more than a quarter off Punjab National Bank's market value.
Video provided by Reuters
Rs 114-bn PNB scam: Govt seeks RBI's view on lapses in banking system
In its letter, finance ministry has pointed to sections 35, 35A and 36 of the Banking Regulation Act, 1949, to highlight the powers and functions of the RBI as regulator
BoE's Carney says Bitcoin has 'pretty much failed' as currency
LONDON (Reuters) - Bitcoin <BTC=BTSP> has failed as a currency measured by standard benchmarks, and is neither a store of value nor a useful way to buy things, Bank of England Governor Mark Carney said on Monday.
Banker: "Nightmare" dodging extortion attempts in Latvia
Latvia's top banking official, a key member of the European Central Bank, has been accused by local bank Norvik of seeking kickbacks, trying to launder Russian money and retaliating against the bank when it refused to play by the "rules of the game."
Industry chambers for privatisation of PSBs, Congress against idea
Ficci President Rashesh Shah argued a dynamic banking sector was the need of the hour
Goldman asks if US debt trajectory is sustainable
The bank says US debt is within the range of several other developed-market economies, although at the high end.
AP Exclusive: Key EU banker accused of bribery, Russia ties
Executives at Latvian bank Norvik say the nation's central bank chief, who was detained Saturday without charges, sought to extort money from their firm for years.
India's federal investigators close bank branch at heart of fraud
MUMBAI/NEW DELHI (Reuters) - Indian investigators closed down a branch of a state-run bank that is at the heart of a $1.77 billion fraud and questioned more of its employees as they probed the biggest scam in the country's banking history, police sources said on Monday.
Russia's Sistema says gets Sberbank loan of up to 105 bln roubles
Russia's Sistema conglomerate said in a statement on Monday that Sberbank had agreed to loan it up to 105 billion roubles for five years and that it had put up shares in MTS as collateral. Sistema said that 40 billion roubles of the loan would be used to meet its obligations under a settlement with oil major Rosneft, Bashneft and the Republic of Bashkortostan.
Judge approves Takata's U.S. bankruptcy plan
Takata Corp's U.S. unit received court approval for its bankruptcy exit plan, a plaintiffs' law firm said on Saturday, clearing the way for a $1.6 billion sale of Takata assets and providing compensation for those injured by the company's deadly air bags. Takata and its U.S. unit, TK Holdings Inc, filed for bankruptcy last year in the wake of the largest automotive recall in history.
Banks may take a hit of at least Rs 176 bn from PNB scam: I-T Dept
But the total hit to Indian banks 'may well exceed' that amount, the I-T department said in its note
Three held as $1.8 billion fraud ripples through Indian banks
India's federal police detained two employees of Punjab National Bank , the state-run lender that says it has been the victim of a $1.77 billion fraud, in the first arrests in a fast-widening probe into the country's biggest-ever bank scam.
Exclusive: Indian banks may take more than $3 billion hit from PNB fraud - tax dept
Indian banks could take a hit of more than $3 billion from loans and corporate guarantees provided to diamond companies at the center of a massive alleged fraud at the state-run Punjab National Bank, the tax department has estimated.
PNB scam: 2 bank officials, Nirav Modi's company executive arrested by CBI
People detained including PNB's former deputy manager Gokulnath Shetty, bank's single window operator Manoj Kharat, and Hemant Bhat, who is authorised signatory of the Nirav Modi group firms
Rs 114-billion fraud: Other banks did not raise an alarm, says PNB
The PNB also named the banks in the complaint, which included the Frankfurt and Mauritius branches of the State Bank of India
Narendra Modi, Hassan Rouhani may discuss rupee investment mechanism today
Banking hurdles in way of rupee investment route
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