Barclays confirms interest in Africa arm as profits slump by 25%

Bank’s new broom Jes Staley likely to face shareholder questions about cut to dividend amid losses on oil-related loans Barclays reported first-quarter profits of £793m and a 15% rise in bad debts. Photograph: Joe Giddens/PA Barclays has revealed it has received approaches for its African operations – which its former chief executive Bob Diamond wants to buy – as it ... Read More »

Big questions for Sir Philip Green over BHS pension deficit, says Lord Myners

Former City minister and M&S chairman criticises ex-boss of BHS, its pensions trustees and the pensions regulator over retail chain’s £571m black hole Arcadia Group boss Sir Philip Green and former BHS owner faces big questions over his role at the collapsed retailer, says Lord Myners. Photograph: Bloomberg/Bloomberg via Getty Images City grandee Lord Myners has said there are big ... Read More »

RBS reveals £1bn loss and Swiss inquiry into Coutts subsidiary

Bailed-out bank says regulator has started ‘enforcement proceedings’ against Swiss arm over certain client accounts People walk past the Coutts bank in Zurich, now under investigation by Swiss authorities. Photograph: Arnd Wiegmann/Reuters Royal Bank of Scotland has revealed that Swiss authorities are scrutinising its Coutts subsidiary as it reported a near £1bn loss for the first three months of 2016. ... Read More »

ICICI Bank’s dim view of bad loans drives quarterly profit to decade low

ICICI Bank (ICBK.NS), India’s largest private sector lender, expects more loans made to sectors like steel may sour, a belief that forced it to set aside a bigger sum to cover any losses from them and drove its quarterly profit down to a decade low. Indian lenders including ICICI have seen their bad loans surge in the past six months ... Read More »

Banks to auction Kingfisher, ‘Fly the Good Times’ trademarks

The airlines had pledged the trademarks as collateral with banks at the time of taking loans from them After a failed attempt to sell Kingfisher House, erstwhile headquarters of Vijay Mallya’s defunct carrier, lenders will auction the trademarks of the airline, including for ‘Kingfisher’ logo and once-famous ‘Fly the Good Times’ tagline on April 30. The reserve price for the ... Read More »

World Bank: Tax evasion hurts anti-poverty fight

WASHINGTON: Tax evasion through international tax havens and other illicit transfers of money undermine the fight against global poverty, World Bank President Jim Yong Kim said Thursday. Kim said the bank is “very concerned” about illicit financial flows, amid intense attention on the recent leak of the “Panama Papers” showing how powerful officials and businesses in many countries make use ... Read More »

India world’s largest recipient of remittances in 2015: World Bank

India remained the world’s largest recipient of remittancesfrom abroad in 2015, despite a $1 billion drop from the previous year, the first such decline since 2009, the World Bank said on Thursday. It attributed the decline to the impact of falling oil prices on remittances from the Gulf countries and depreciation of major sending country currencies. In 2015, the country ... Read More »

BRICS moves to establish bank institute, rating agency

BRICS countries on Friday discussed the efficacy of “establishing” a bank institute and a rating agency of their own following the New Development Bank (NDB) becoming fully operational. BRICS finance ministers and central bank governors met here on the sidelines of the annual Spring meeting of theInternational Monetary Fund and the World Bank, for a discussion chaired by Finance Minister ... Read More »

Deutsche Bank Confirms Silver Market Manipulation In Legal Settlement, Agrees To Expose Other Banks

Back in July of 2014, we reported that in an attempt to obtain if not compensation, then at least confirmation of bank manipulation in the precious metals industry, a group of silver bullion banks including Deutsche Bank, Bank of Nova Scotia and HSBC (later UBS was also added to the defendants) were accused of manipulating prices in the multi-billion dollar ... Read More »

DCB Bank Q4 profit up 10%, NII jumps 30%; asset quality improves

Moneycontrol Bureau Private sector lender DCB Bank   ‘s profit in January-March quarter increased 10.4 percent year-on-year to Rs 69.5 crore, driven by net interest income and other income but higher provisions limited growth. Net interest income, the difference between interest earned and interest expended, grew by 30 percent to Rs 168.69 crore during the quarter compared to Rs 129.68 ... Read More »