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07 декабря, 17:37

Is it Time Add Prudential Financial (PRU) Stock to Portfolio?

Shares of Prudential Financial, Inc. (PRU) gained momentum recently. Should to add the Zacks Rank #2 (Buy) multi line insurer be in your portfolio?

07 декабря, 15:23

"Panicked" Citi Trader "Who Fired Off Repeated Sell Orders" Behind Pound Flash Crash

In what may be the latest example of unintended irony, shortly after the October 7 pound sterling flash crash, which saw the UK currency plunge by more than 9% against the dollar, falling from $1.26 to $1.14, in about 40 seconds - a historic flash crash in one of the world's most liquid currencies - we presented a forensic explanation of what happened in that minute when sterling plummeted in a bidless market from Citigroup.    As it turns out, Citi may indeed have been the most familiar with the dynamics behind the pound crash because according to a new report from the FT, it may have been responsible for it. According to the report, a UK probe into October’s “flash crash” has focused heavily on the Japanese trading operations of Citigroup, "which fired off repeated sell orders that exacerbated the pound’s fall, according to bankers and officials involved in the inquiry." While Citi’s traders are not believed to have started the slide in the currency in thin Asia trading, its Tokyo desk played a key role in sending the pound to its lowest levels in 31 years, the FT said. The value of the pound fell from $1.26 to $1.14, with a 9 per cent slide in about 40 seconds. The Bank of England has said publicly that the October 7 crash is “set apart by the lack of a clear fundamental trigger” but its investigation of the event focused on a single incident, according to a person briefed on the probe. So what happened that exacerbated the plunge? In one word: panic. People with knowledge of events at Citi that day said one of the US bank’s traders placed multiple sell orders when the currency slumped in unusually fragile market conditions. One of the people said the trader “panicked”. As the FT logically notes, "the incident raises questions on the quality of supervision and risk management at the biggest bank in the foreign exchange business. In the wake of the crash, UK regulators have written to several banks telling them to shore up oversight of the foreign exchange desks to prevent similar shocks." For its part Citi is defending itself: Citi said in a statement that it “managed the situation appropriately and our systems and controls functioned throughout the period”. It declined to say whether anyone had been disciplined or whether it had changed any trading practices in light of the incident. While investigators the BoE’s Prudential Regulation Authority who probed the October 7 drop were not particularly concerned by the initial trigger, they were more interested by the second stage of the slide which "coincided with a large number of rapid-fire sell orders placed in Tokyo by a Citi trader using an electronic tool known as “Aggregator”, which sends trade instructions into a range of trading venues. A trader at another bank said at the time that was when “all hell broke loose” with the pound." It was this "Aggregator" response that led to a bidless market: for a short time, orders to sell sterling met with zero buying interest on the other side — a highly unusual event — due to abnormally poor liquidity and entrenched bearishness about the pound in the wake of the Brexit vote. At that point, things got worse: Nonetheless, the sell instructions from Citi’s desk in Tokyo kept coming and started tripping over each other in a pattern known as “looping” that is normally constrained by safety nets embedded in bank trading tools. Citi declined to comment on whether those safety nets, which are part of the Aggregator programme, were operating at the time of the flash crash for its own traders. ... and worse: Citi was not the only trading desk selling at that point, and the bank was not seeking to make a profit, multiple people briefed on the events said. Rather, they said, the trader panicked, jamming through enough trades to magnify the slide. A Citi spokeswoman told the FT that the drop in sterling followed “a news event” at an “extremely illiquid” time of day, a reference to a Financial Times report that night that President François Hollande of France had said he would seek a tough line on Brexit. The BoE, however, confirmed our own reporting on the crash, and said in its semi-annual financial stability report that the FT news story “was not the initial trigger”. So for those who got stopped out and lost massive amount of money, who should you blame? Well, panicked traders and miscalibrated robots to start: Human error and the use of a “poorly calibrated execution algorithm” were among the possible reasons for the sell-off, the BoE said, without naming any particular bank or banks. “It is hard to definitively rule out these possibilities as not all activity in the foreign exchange market is observable,” the BoE concluded. The BoE declined to comment on the role played by Citi or any other bank in the incident.   Typically, it is close to impossible for a small handful of trades to move a major currency by such a large degree, because there is usually a wide range of buyers and sellers at any time. But on October 7, the BoE noted that during the worst point of the fall in sterling, “there was a drop off in participation on key trading systems, which points to a potentially greater role for the idiosyncratic actions of individual market participants”.   The BoE suggested the selling was too aggressive for market conditions at the time, noting that the flows “may have occurred without regard to underlying market conditions or [the] likely price impact of trading”. In other words, while Citi may or may not have led to a historic flash crash in the pound, nobody really still knows anything, and some Indian trader living in his parents' house in London may still get the blame. Some further thoughts on the incident courtesy of Mint's Bill Blain: Themes for next year range from “Normalisation” but also “Protectionism” and “Political Consequences”- a significant risk in my mind ahead of European elections. Meanwhile, without any particular conviction today, markets are vulnerable to a number of pitfalls in the thin holiday markets.   As the headlines in the FT this morning are about how Citibank in Tokyo precipitated the October flash crash in Sterling in an illiquid overnight market when its “poorly-calibrated” algo-driven HST trading “Aggregator” went into meltdown, its worth remembering how skittish thin markets are to modern no-see-em trading blunders.    The Sterling flash crash story is intriguing  - the excuse is the market was fragile and a trader panicked. What? Since when is trading (arguably) the worlds most liquid currency cross, Cable, fragile or subject to panic? A failure of liquidity versus modern technology? Or something more – fuelled by Brexit uncertainty and trading programmes that don’t understand the subtle nuances?   According to the FT, the BOE noted “a drop off in participation of key trading systems, which points to a potentially greater role for the idiosyncratic actions of individual market participants”. I should imagine there are some very nervous Citi currency execs out there! More information is coming: the BIS, which monitors global money flows, is working on its own detailed report on the crash, with input from the BoE, to be released in January. One day we hope the BIS, and especially Benoit Gilson, will release a similar analysis for at least of the countless flash crashes observed in gold over the years.

07 декабря, 00:17

Top Research Reports for December 6, 2016

Top Research Reports for December 6, 2016

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06 декабря, 03:07

Banking regulatory reform: The way forward

As with previous systemic crises, the 2007-2009 crisis has created regulatory reform, but is it adequate? This column argues that prudential regulation should consider interactions between conduct – capital, liquidity, disclosure requirements, macroprudential ratios – and structural instruments, and also coordinate with competition policy. Though recent reforms are a welcome response to the latest crisis, we do not know how effective they will be in future.

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05 декабря, 17:20

Cross-Border Prudential Policy Spillovers: How Much? How Important? Evidence from the International Banking Research Network -- by Claudia M. Buch, Linda Goldberg

The development of macroprudential policy tools has been one of the most significant changes in banking regulation in recent years. In this multi-study initiative of the International Banking Research Network, researchers from fifteen central banks and two international organizations use micro-banking data in conjunction with a novel dataset of prudential instruments to study international spillovers of prudential policy changes and their effects on bank lending growth. The collective analysis has three main findings. First, the effects of prudential instruments sometimes spill over borders through bank lending. Second, international spillovers vary across prudential instruments and are heterogeneous across banks. Bank-specific factors like balance sheet conditions and business models drive the amplitude and direction of spillovers to lending growth rates. Third, the effects of international spillovers of prudential policy on loan growth rates have not been large on average. However, our results tend to underestimate the full effect by focusing on adjustment along the intensive margin and by analyzing a period in which relatively few countries implemented country-specific macroprudential policies.

05 декабря, 15:24

Frontrunning: December 5

Italy Sinks Into Political Limbo as Defeat Sweeps Renzi Away (BBG) Investors Shrug Off Italy Referendum Result (WSJ); Markets Rise After Italy Turns Down Referendum (BBG) Italy’s ‘No’ Poses Trouble for Eurozone (WSJ) Oil tops $55 for first time in 16 months as OPEC deal fuels buying (Reuters) Merkel regrets Renzi resignation but will work with new Italy government (Reuters) Rescue of Italian bank Monte Paschi in danger after Renzi's defeat (Reuters) Euro rebounds after hitting 21-month low on Italian referendum defeat (Reuters) New Zealand Prime Minister John Key Resigns (WSJ) Trump has broad power to implement immigration policies: legal experts (Reuters) Trump Takes On China in Tweets on Currency, South China Sea (BBG) China says Trump clear about Taiwan, in touch with his team (Reuters) Don't Hold Your Breath on Fannie Mae and Freddie Mac (WSJ) Greenspan’s Irrational Exuberance Looks Entrenched, 20 Years On (BBG) Dakota Pipeline Project Halted as Permit for Last Leg Is Denied (WSJ) Trump advisors aim to privatize oil-rich Indian reservations  (Reuters) Credit Restrictions Cost Home Buyers ‘Deal of a Lifetime’ (WSJ) Fake US embassy in Ghana shut down after 10 years issuing visas (Guardian) Airbnb Ends Fight With New York City Over Fines (NYT) Never-Trump Senate Republicans Grapple With His Upset Victory (BBG) Brussels ‘close’ to free-trade deal with Japan (FT) SFO Probes Israeli Billionaire, Ex-ENRC Directors on Congo Deals (BBG) Rich Colleges’ Endowments Targeted by Trump Backer in U.S. House (BBG)   Overnight Media Digest WSJ - The Obama administration said Sunday that it had denied a permit needed to complete the last leg of an oil pipeline across the Midwest, prompting cheers from opponents but warnings that the move could be short-lived since President-elect Donald Trump supports the project. http://on.wsj.com/2h8S5kX - President-elect Donald Trump widens the circle of candidates for the nation's top diplomatic job, a list that now includes Exxon Mobil Corp CEO Rex Tillerson. http://on.wsj.com/2gpBEg5 - Authorities said Sunday the death toll has risen to 33 people from a fire that broke out Friday night during a party and electronic-music performance at a warehouse in this San Francisco suburb. http://on.wsj.com/2gpMS46 - Italian voters on Sunday rejected constitutional changes backed by the government, prompting Prime Minister Matteo Renzi to announce his resignation and handing populists a victory in the heartland of Europe. http://on.wsj.com/2g96cVV - Donald Trump criticized Rexnord Corp for its plans to move a factory from Indianapolis to Mexico, the second time the president-elect has pressed an attack against a U.S. company set to shift production abroad. http://on.wsj.com/2g0Nmgb - The euro fell after Italian voters rejected constitutional reform in a referendum Sunday, but contained losses are a sign that investors had already anticipated an unfavorable result for Italian Prime Minister Matteo Renzi. http://on.wsj.com/2gX3zVX - Former New York City mayor and billionaire philanthropist Michael Bloomberg has spent hundreds of millions of dollars of his fortune over the past decade fighting tobacco use in the developing world. Now, with cigarette use declining globally, he is deepening his campaign. http://on.wsj.com/2gr83ml - International Business Machines Corp CEO Ginni Rometty is one of 16 business leaders who will advise President-elect Donald Trump as members of the President's Strategic and Policy Forum, Trump said Friday. http://on.wsj.com/2fYunrs   FT British luxury fashion brand Burberry has rejected multiple takeover offers from U.S. handbag maker Coach Inc , the Financial Times reported on Sunday. Apple Inc is wading in to the debate over regulation of self-driving cars, declaring it is excited about the potential for automated transportation and calling on U.S. regulators not to restrict testing of such vehicles. France's Amundi is the likely winner in the bidding race to buy UniCredit's asset manager Pioneer, beating a consortium led by Italy's post office and Ameriprise Financial .   NYT - Airbnb has agreed to drop the lawsuit that it filed against New York City two months ago. The suit challenged a New York law that called for fines of as much as $7500 for illegally listing a property on a rental platform such as Airbnb. It agreed to drop the suit as long as New York City enforces the new law only against hosts and does not fine Airbnb. http://nyti.ms/2gEZGqn - Duet Group said Cheung Kong Infrastructure , an investment vehicle controlled by Li Ka-shing, has offered to acquire the Australian pipeline and electricity company for roughly $5.4 billion. The company said it was evaluating the offer. http://nyti.ms/2gF8YTd - The Standing Rock Sioux Tribe won a major victory on Sunday in its battle to block an oil pipeline being built near its reservation when the Department of the Army announced that it would not allow the pipeline to be drilled under a dammed section of the Missouri River.The Army said it would look for alternative routes for the Dakota Access pipeline. http://nyti.ms/2gF0tYz - Top Democratic lawmakers in California are moving to enact sweeping legislation to protect undocumented immigrants from deportation, the first sign of what they say will be an effort to resist immigration policies championed by President-elect Donald Trump. The measures would provide free legal help to undocumented immigrants during deportation proceedings, offer more assistance in criminal court, and further limit local law enforcement's cooperation with federal immigration agents. http://nyti.ms/2gEZhEt   Britain The Times * Prudential has begun a review of its 45 billion pounds ($57.05 billion) pension liabilities business in a move that could lead to the sale of the division and a potential restructuring of the entire company. http://bit.ly/2h8uqRF * Royal Bank of Scotland Group Plc has struck a deal to pay about 40p a share to settle claims over its ill-fated rights issue in 2008 but has yet to reach settlement with thousands of retail investors. http://bit.ly/2gqcZIk The Guardian * Britain's information commissioner has reopened the file on construction industry blacklisting amid fears that the malpractice is still taking place. http://bit.ly/2gWjE0y * AstraZeneca has said it will move some back office jobs from the UK to Costa Rica, Poland and Malaysia in a drive to cut costs following a slide in profits. http://bit.ly/2fZVCNx The Telegraph * Formula One is locked in a dispute with authorities in India over 41.1 million pounds of unpaid Grand Prix fees dating back to 2012, according to company documents. http://bit.ly/2g0jPDw * The Institute of Chartered Accountants in England and Wales (ICAEW), which regulates accountants, said Theresa May "should not waste this opportunity to modernise UK corporate governance". http://bit.ly/2gq5OA1 Sky News * Sky News has learnt that Greenergy, which claims to transport a quarter of the road fuel used in the UK, has been in negotiations with the infrastructure group Brookfield for several months. http://bit.ly/2h7y2Dl * Boris Johnson has outlined the four-point blueprint the government wants to achieve when it negotiates the UK's exit from the European Union (EU). http://bit.ly/2gWp8WG The Independent * Boris Johnson has risked igniting a row with Downing Street after revealing he believes international students should be exempt from the government's immigration figures. http://ind.pn/2fZ1EOm * Arron Banks, United Kingdom Independence Party's biggest donor and one of the first Britons to meet Donald Trump after his election victory, has denied claims he offered a "bribe" to a major UK political party in exchange for support for his Leave.EU Brexit campaign. http://ind.pn/2g96tYU

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05 декабря, 11:29

Fitch On China: 'Banks Face Capital Pressures and Structural Risks'

Fitch Ratings' outlook for the Chinese banking sector in 2017 is negative, reflecting our view that weak profitability and strong credit growth will keep capitalisation under pressure. High and rising leverage in the corporate sector remains a key risk facing China's banks.   China's debt-resolution timeline is being pushed back by measures to lessen the debt burden on corporate borrowers - including low interest rates, loan rollovers, debt-for-equity swaps and a loosening of prudential controls. Leverage will continue to increase, especially at the corporate level, as long as there is reliance on credit to support GDP growth targets.We have revised up our estimates for growth in leverage, with Fitch-adjusted total social financing/GDP now likely to reach 258% by end-2016 and 274% by end-2017.   The authorities' attempt to boost household lending may help to diversify risks. Household lending is relatively safe compared with corporate lending - given low LTV for mortgages, low household leverage and a high savings rate. However, rapid mortgage growth is driving sharp increases in residential property prices, and has the potential to fuel a further increase in corporate leverage since corporate borrowers use real estate as collateral to secure lending. Furthermore, policy guidance for banks to extend lending to struggling borrowers in over-capacity sectors also weighs on the banks' risk-management and governance.   Fitch expects NPL and 'special mention' loan ratios to continue rising in 2017. Bank profitability will remain lacklustre and under pressure, owing to another likely cut in the benchmark one-year lending rate and further migration of deposits toward wealth management products (WMPs). WMPs now account for 17% of system deposits, and are a source of funding and liquidity risks for the banking sector.   Our forecast of flat profit growth and a double-digit increase in risk-weighted assets suggests that capitalisation will remain under pressure. The amount of announced AT1 and T2 issuance is not enough to keep pace with banks' balance-sheet expansion, while equity-raising will be difficult in light of falling ROEs and questions over China's medium-term growth.   Fitch's previous research estimates that a one-off resolution of the debt problem would currently result in a capital shortfall of CNY7.4trn-13.6trn (USD1.1trn-2.1trn) - equivalent to around 11%-20% of GDP. The capital gap could rise further if current rates of inefficient credit are sustained and no additional capital is raised.   The Viability Ratings (VRs) of Chinese banks range from 'bb' to 'b', which reflects Fitch's base case of varying-but-significant risks to capital and asset quality. These risks will linger unless there is a shift to a more stable operating environment, characterised by slower credit growth and higher loss-absorption buffers. Fitch's stable rating outlook reflects our expectation of state support, which remains the sole rating driver for Chinese bank IDRs. More corporate debt is ultimately likely to migrate towards the sovereign balance sheet beyond the local government swap programme. Here's the past 10-years of Guggenheim's China Real Estate ETF $TAO: (Source: Zacks Research)

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04 декабря, 18:49

Insurers’ hopes rise over ‘too-big-to fail’ label

Lobbyists expect AIG and Prudential to have Sifi designations rescinded

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04 декабря, 18:49

Insurers’ hopes rise over ‘too-big-to fail’ label

Lobbyists expect AIG and Prudential to have Sifi designations rescinded

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02 декабря, 20:41

BoE unveils database of macro-prudential policies

Central Banking Researchers attempt to classify the myriad forms of macro-prudential policy Researchers attempt to classify the myriad forms of macro-prudential policy, compiling panel data on when policies were tightened and loosened in different countries

02 декабря, 10:23

A complex global financial system

Adrian Blundell-Wignal, Special Advisor to the OECD Secretary-General on Financial and Enterprise Affairs Global finance is the perfect example of a complex system, consisting as it does of a highly interconnected system of sub-systems featuring tipping points, emergence, asymmetries, unintended consequences, a “parts-within-parts” structure (to quote Herbert Simon), and all the other defining characteristics of […]

01 декабря, 19:18

China Losing Control? PBOC Imposes New Yuan Outflow Limits For First Time In Two Decades

Late last week, we reported that in its latest push to limit and/or halt capital outflows, China unveiled new capital controls meant to stem further capital flight disguised as outbound M&A by clamping down with tighter controls on Chinese companies seeking to invest overseas, intensifying efforts to slow a surge in capital fleeing offshore amid tepid growth and an uncertain economic outlook. Beijing was said to focus on “extra-large” foreign acquisitions valued at $10 billion or more per deal, property investments by state-owned firms above $1 billion and investments of $1 billion or more by any Chinese company in an overseas entity unrelated to the investor’s core business. The new controls would apply to deals yet to receive approval from China’s top economic planning agency. It did not end there. One month after we noted a Bloomberg report that China was preparing to impose curbs on Bitcoin - which has in the recent past become a widely accepted mechanism to bypass capital controls - including policies restricting domestic bitcoin exchanges from moving the cryptocurrency to platforms outside the nation and imposing quotas on the amount of bitcoins that can be sent abroad, overnight we learned that China was taking a page out of the Indian demonetization playbook, and was curbing gold imports in another attempt to clamp down on capital leaving the country. As the FT reported, some banks with licences have recently had difficulty obtaining approval to import gold, they said — a move tied to China’s attempts to stop a weakening renminbi by tightening outflows of dollars, the banks added. To summarize, in just the past month, China has unveiled at least three distinct sets of "controls" aimed at curbing capital flight out of China, at a time when as Goldman calculated recently, the true extent of capital outflows if far greater than what is reported by the central bank.   Then, overnight, the PBOC added a fourth unique form of "capital control" when China’s central bank announced it would limit the amount of renminbi that Chinese companies and individuals can remit outside the country, "imposing a cap for the first time in more than two decades", according to the SCMP, to stem the yuan’s outflow as the currency plumbs daily lows. As the Hong Kong publication reports, companies domiciled in China will be limited to net currency outflows equivalent to 30 per cent of the owners’ equity, according to Order No. 306 issued Monday by the People’s Bank of China. Commercial banks should “utilise an integrated prudential management for cross-border payment in both foreign currency and yuan,” according to the central bank’s statement. Among the other rules established by the PBOC in setting yuan-denominated loans to overseas entities, are the following, courtesy of Bloomberg and Reuters: Onshore corporates can only make yuan loans within quota; banks should stop handling business if cos use up quota Lender also has to have been registered for at least a year; borrower has to be a related entity Lender can’t make personal loan to overseas borrower, and also can’t use debt financing for purpose of an overseas loan to a foreign entity Party making a yuan loan to an overseas entity must first register the loan with SAFE; must keep loan within a certain limit which wasn’t specified Lenders should have shareholding relationships with borrowers Banks need to strictly examine whether use of yuan funds offshore is genuine and appropriate Interest rates for loans need to be above 0% Tenor should be 6 mos to 5 yrs; loans with maturities of 5 yrs or above need to be registered at local PBOC branches If lenders can’t justify why borrowers don’t repay debt on time, banks need to stop handling new business and report it to local PBOC branches This is a stunning reversal in government policy, which had previously encouraged the renminbi’s worldwide usage, part of a long-term strategy to internationalise the currency, culminating with the renminbi's admission into the IMF's SDR basket. Needless to say, the latest announcement will hardly impress the IMF which has been pushing for less government control of the currency. As SCMP notes, among the other measures, not listed above to halt capital flight, the central bank has instituted a range of measures to plug gaps where the currency could be remitted amid its 7 per cent slump this year against the US dollar, from banning Chinese citizens from buying insurance policies offshore, to requiring credit card companies to seek currency licenses. * * * Two days ago, Horseman Global's Russell Clark asked "Is China running out of money." With every incremental "capital control" the answer is becoming increasingly obvious.

30 ноября, 22:04

America's Poor Still Lack Access to Basic Banking Services

In recent years, the Treasury Department has made financial inclusion a priority. What’s to come?

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30 ноября, 18:23

New Zealand central bank asks for more macro-prudential powers

Central Banking Capital’s housing prices "among the highest in the world", report says Capital’s housing prices "among the highest in the world", report says; heightened debt levels among farmers leave sector "vulnerable to future shocks"

30 ноября, 16:11

RBS Tumbles After Failing BoE's "Toughest Ever Stress Test"

While the term 'stress test' has been applied almost mockingly to European and US banks in an effort to create confidence for investors (because if the government sees risks 'contained' then why worry), this morning's Bank of England stress test results highlighted "capital inadequacies" for three major UK banks. While Barclays and Standard Chartered fell short, it is taxpayer-owned Royal Bank of Scotland that is slumping on a need to cut costs, raise capital, and sell assets. As Bloomberg reports, RBS has agreed to deepen cost cuts and sell additional assets to improve its resilience, the bank said in a separate statement. Eight years after its 45.5 billion-pound ($56.6 billion) bailout from taxpayers, the Edinburgh-based lender still has work to do to bolster its financial strength. The test poses the latest setback in McEwan’s efforts to return the lender to profitability and full private ownership. The CEO has said he’ll unveil plans to further shrink the bank and reduce costs alongside full-year results next year.   “They have fallen short of the hurdles, and they have some more work to do,” Bank of England Deputy Governor Sam Woods said at a press conference in London. RBS’s new capital plan is “fully credible, the PRA board looked at that carefully and reached that conclusion as well. We’ll hold them to delivery.” RBS is down over 12% from post-Trump euphoric highs, erasing all of the gains since the election   As Bloomberg reports, some “capital inadequacies” were revealed at two other banks, Barclays Plc and Standard Chartered Plc, though neither was required to submit a revised capital plan, the BOE’s Prudential Regulation Authority said on Wednesday.   So to sum up - 8 years after the financial crisis was 'fixed', with financial asset prices at record highs, 3 UK banks remain "undercapitalized," but do not worry as The BOE’s Financial Policy Committee judged that no system-wide macroprudential action on bank capital was needed in response to the test.

30 ноября, 15:37

Bank Of England Warn Of "Challenging" Outlook For Britain's Financial System

Ulster Bank Parent RBS Fails Bank of England Stress Test "Royal Bank of Scotland (RBS)(RBS.L) will cut costs and sell assets to boost capital levels, it said on Wednesday after failing this year's Bank of England stress test, which warned of a "challenging" outlook for Britain's financial system. The state-backed lender rushed out a statement following the announcement to say it would take a range of actions, including selling off bad loans and cutting costs to make up the capital shortfall identified by the tests of around 2 billion pounds. The unexpected result underlines the litany of problems RBS is grappling with, which include a mounting legal bill for misconduct ahead of the 2008 financial crisis and difficulties selling off assets such as its Williams & Glyn banking business. The lender said it had agreed a plan of action with the Prudential Regulation Authority, the Bank of England's enforcement arm, that should mean it does not have to tap markets to raise the money needed."From Reuters We warned of the RBS, Ulster Bank ‘£100 Billion Black Hole’ and the bail-in risk due to the ‘danger of failing' in June 2014 here Bail-ins can now be used in the UK, EU, U.S. and G20 countries. Banks internationally and especially in Europe remain vulnerable. After Cyprus, which country will be the next to suffer bail-ins? Will RBS and by extension Ulster Bank, be the first UK and Irish banks to be subject to bail-ins? Download Guide Here Gold and Silver Bullion - News and Commentary Gold prices firm as markets brace for OPEC meeting (Reuters.com) Trump to tap ex-Goldman Sachs banker Steven Mnuchin as Treasury secretary (MarketWatch.com) Trump to name Wilbur Ross as commerce secretary (MarketWatch.com) Gold prices register third decline in 4 sessions (MarketWatch.com) Trump is meeting with an ex-bank CEO who wants to abolish the Federal Reserve and return to the gold standard (BusinessInsider.com) War on Cash and Gold In India to Benefit Silver? (TheConversation.com) Trump Considers Strong Gold Standard Advocate for Treasury Secretary (AveryBGoodMan.com) Italy Seen More Likely To Exit Eurozone Than Greece; Italian Bond Yields Surge (ZeroHedge.com) What Investors Can Learn From Gold Priced In Yen? (Gold-Eagle.com) Palladium: Signals of Market Supply Shortage (SafeHaven.com) Gold Prices (LBMA AM) 30 Nov: USD 1,187.40, GBP 952.06 & EUR 1,115.44 per ounce29 Nov: USD 1,187.30, GBP 952.45 & EUR 1,119.98 per ounce28 Nov: USD 1,189.10, GBP 956.51 & EUR 1,117.99 per ounce25 Nov: USD 1,187.50, GBP 953.30 & EUR 1,121.83 per ounce24 Nov: USD 1,187.25, GBP 953.60 & EUR 1,125.04 per ounce23 Nov: USD 1,213.25, GBP 980.00 & EUR 1,143.00 per ounce22 Nov: USD 1,217.55, GBP 978.91 & EUR 1,144.98 per ounce Silver Prices (LBMA) 30 Nov: USD 16.67, GBP 13.39 & EUR 15.66 per ounce29 Nov: USD 16.54, GBP 13.26 & EUR 15.61 per ounce28 Nov: USD 16.68, GBP 13.45 & EUR 15.73 per ounce25 Nov: USD 16.47, GBP 13.21 & EUR 15.55 per ounce24 Nov: USD 16.31, GBP 13.09 & EUR 15.43 per ounce23 Nov: USD 16.56, GBP 13.36 & EUR 15.59 per ounce22 Nov: USD 16.76, GBP 13.46 & EUR 15.77 per ounce Recent Market Updates - Peak Silver – Supply Deficits Mean Higher Prices- Bail In Risk – €4 Trillion Banking System In Italy Poses Contagion Risk as Referendum Looms- Gold Down 13.5% In 13 Days – Trump Bearish For Gold?- War On Cash Just Got Real – India and Citibank In Australia- Russia Gold Buying In October Is Biggest Monthly Allocation Since 1998- Stocks, Bonds, Pension Funds “Will Be Wiped Out…” – Rickards- Physical Gold Is A “Long-Term Position” as “Hedge Against Governments”- Gold Sell Off On Fed Noise – “Interesting Times” To “Support Gold”- Islamic Gold – Vital New Dynamic In Physical Gold Market- Peak Gold Globally – “Bullish For Gold”- Gold Price Should Go Higher On Global Risks and Trump – Capital Economics- President Trump – Why Market Loves Him and Experts Wrong- ‘Helicopter Money President’ Trump To Create Inflation and Gold Will Rise

28 ноября, 13:51

Use fiscal initiatives to escape low-growth: OECD Global Economic Outlook, November 2016

OECD Global Economic Outlook, November 2016 Key Issues The global economy remains in a low-growth trap, but more active use of fiscal policy will raise growth modestly. Investment and trade are weak, weighing on drivers of consumption such as productivity and wages. Policy uncertainties and financial risks are high. But low interest rates create a […]

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22 ноября, 00:33

BRIEF-Urbanise Com signs commercial agreement with Pica Group

* Signed formal commercial agreement with Prudential Investment Company Of Australia

16 ноября, 12:59

Европейские индексы слабо снижаются в среду, дешевеют акции британских девелоперов

Европейские фондовые индексы колеблются между ростом и снижением на торгах в среду.

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16 ноября, 11:08

Prudential shares up 1.9% after backing dividend-growth policy

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.