BGN Entrepreneur » Banking and Finance

Citigroup to Issue China Credit Cards

Sky — Tue, 07 Feb 2012 13:10:40 +0000

After a slow start due to a lack of payments infrastructure, the credit card market in China has started to grow more dramatically in the recent years. Sccording to Citi, it is said that the number of cards in issue recorded by the Chinese central bank reached 268m by last September, which was over 5 times the level at the end of 2006.
The market is restricted to a single card-processing company–Union Pay. Consumers’ use of credit cards lags behind the number in issue. However, according to the bank, the market’s growth potential is enormous, as processing improves and more merchants accept the cards. According to the 2010 annual report from the People’s Bank of China, it is revealed that all card-based transactions grew by more than 50% by value to Rmb10.4trn.
Citigroup will become the first western bank to issue credit cards in mainland China under its own brand. The move become another foot in the door for Citi on the mainland after it also won the preliminary approval in January to launch a joint-venture securities company with Orient Securities.

Banks Set to Double Crisis Loans from ECB

Sky — Tue, 31 Jan 2012 03:31:58 +0000

European banks are getting ready to tap the emergency funding scheme of European Central Bank for up to twice as much as the bank supplied in its debut auction of €489bn last month. The news provides further evidence of liquidity squeeze in the sector.
Several of the biggest banks in the eurozone have indicated that they could well double or even triple their request for funds in the three-year money auction of ECB.

Warning on Returns from MF Global UK

Sky — Wed, 18 Jan 2012 16:24:00 +0000

Customer of the UK arm of failed futures broker—MF Global have already been quite angry about the pace of returns of money invested. However, it is possible that their anger would be further inflamed as it is warned by the administrator of MF Global–Richard Heis that the customers might not get all their money back.
According to Richard Heis, joint special administrator at KPMG, it is revealed that that KPMG had recovered some £594m of customer funds held in so-called segregated accounts, where money is supposed to be held at arms length from the business. However, it is said that the total pay-out would depend on the resolving valuations of outstanding claims and costs being racked up by KPMG. The total costs have already amounted to about £20m.

Unions Protest Austerity Cuts

Sky — Mon, 05 Dec 2011 17:39:33 +0000

Emergency staff ran hospitals, schools closed and thousands of austerity-weary Greeks took to the streets last Thursday in a 24-hour general strike that tested the resolve of a national unity government.
Greeks poured into the square in front of parliament to protest about a new dose of austerity medicine prescribed by foreign lenders as the price for bailout loans.

UKFI Must Stay to Deliver Fair Returns on Taxpayers’ Investment

Sky — Wed, 30 Nov 2011 12:49:47 +0000

The body set up to take care of the taxpayers’ interests in the bailed out banks, UKFI manages £65bn of taxpayer money used to purchase stakes in Royal Bank of Scotland and Lloyds Banking Group, as well as what is left of Northern Rock and Bradford & Bingley. But, is it time to question the longevity of UK Financial Investments, in its current guise at least?
It is not that UKFI has completed its work. It is more that the nature of its work has changed. No longer is it about pushing the button on a share sale, but more about taking a long-term view concerning how the banks should be run.
So, more than ever, it is also about behaving like a shareholder and handling corporate governance decisions, such as pay and bonuses. It casts the votes on behalf of taxpayers at annual meetings.

Citigroup’s SEC Settlement Rejected

Sky — Tue, 29 Nov 2011 17:42:35 +0000

Citigroup was looking to settle allegations of misleading buyers of a mortgage-related security in a $1bn security via failing to disclose the fact that it helped choose some assets included in the security and bet against them.
A US judge rejected the Securities and Exchange Commission’s $285m settlement with Citigroup to resolve allegations, signaling that he would no longer approve such deals without admissions of wrongdoing.

Lower Loss Provisions Boost US banks

Sky — Wed, 23 Nov 2011 07:58:43 +0000

According to US regulators, it is revealed that as smaller provisions for loan losses boosted earnings, US bank earnings jumped by 49% to $35.3bn last quarter, which makes the highest level ever since mid-2007.
According to the Federal Deposit Insurance Corporation, it is said that revenues and lending increased modestly. Meanwhile, the bulk of the improvement for the 7,400 banks across the US came from lenders setting aside 47% less money to cover future losses.

Cost Cutting Bolsters Deutsche Telekom

Sky — Thu, 10 Nov 2011 12:55:35 +0000

The German telecoms group–Deutsche Telekom, held its full-year outlook and beat earnings expectations due to cost-cutting helping mitigate difficult conditions in poor economic environment and the negative effects of regulatory decisions.
Days after the UK company—Vodafone was forced to take a £450m write-down on exposure to the country, Deutsche Telekom posted weak but still better than expected results in southern and eastern Europe, including in Greece. However, with capital expenditure higher in its mobile network business, the revenues of the company in the domestic market were not as strong as expected on the back of more fierce competition in broadband and mobile services.

Find a Qualified Investment Bank with Specilists in Your Sector

Sky — Tue, 08 Nov 2011 15:12:15 +0000

These days, there are a great number of investment banks in the field. With many years of experience in their focus sectors, they would be able to act as a single, cohesive team leveraging their collective expertise for the benefit of their clients. When you are searching for some professional advice by experts concerning investment or merge and acquisition, they will be the one to turn to for some help.
However, if you are running a business in specialised sectors, you might have specific cycles, dynamics and participants, which might require specialised strategic and transactional advice. Finding an independent investment bank that understand your business could be a little bit more complicated. You need to do some research about the investment banks in the field in advance to figure out whether they are faliliar with your sector.
Are you planning for chemical mergers and acquisitions in the near future? Are you searching for good solution of chemical investment banking?
Browse through the internet to learn more about the best M&A advisory services to companies and investors. Compare investment banking service available in the field. Find a leading investment bank that are supported by a team of qualified specialists with knowledge in your area of chemicals, materials and related sectors.

Santander Seeks to Offload €3bn of Property

Sky — Fri, 28 Oct 2011 06:10:36 +0000

The biggest bank in the eurozone by market capitalisation–Spain’s Santander, is quietly trying to sell a €3bn package of thousands of repossessed properties and lots of land to foreign investors. According to people familiar with the talks, the bank is doing so in order to clean up its balance sheet.
However, it is revealed that at least two of the interested buyers are asking for discounts so deep that Santander is unlikely to strike a deal before the end of 2010 due to the concern of denting its capital ratios.