Hiland Partners Announces Fiscal Year 2009 Guidance Estimates Nov 19, 2008
EBITDA is used as a supplemental financial measure by our management and by external users of our financial statements such as investors, commercial banks, research analysts and others to assess: (1) the financial performance of our assets without regard to financial methods, capital structure or historical cost basis; (2) the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness; (3) our operating performance and return on capital as compared to... (PR Newswire)
Emerging nations seen as economic lifesavers Nov 19, 2008
China's central bank has opened a special facility to help commercial banks overcome fund-raising difficulties in the interbank money market, Reuters reported Tuesday from Shanghai, citing two people in the banking industry with direct knowledge of the decision. The global financial crisis has made it hard for some foreign banks and some smaller Chinese institutions to borrow money in China's interbank market, since big Chinese banks have become wary of lending to them. (International Herald Tribune -- Business)
Ask the Experts Nov 19, 2008
Most South African commercial banks have an exchange control department that you could contact. Have you got a Personal Finance question. (iAfrica.com)
Text of Dodge's lecture Nov 19, 2008
And at the same time especially over the past decade a larger and larger fraction of credit has been supplied directly through the financial market, rather than through commercial banks. From 1997 through 2007, business credit supplied through commercial banks increased by 57 per cent, while credit supplied through the financial market increased by 97 per cent.. (Globe and Mail -- Business)
India tips 9% growth in 2009 Nov 19, 2008
5% in the last month as well as dramatically reduced the amount of cash commercial banks must hold in reserve to spur lending and growth. A sharp drop in India's inflation to just below 9% has given the bank more rate-cutting room, economists say. (Sydney Morning Herald -- Business)
Wall Street toll mounts Nov 19, 2008
The investment banks will now be regulated like commercial banks, limiting the amount they can borrow against their assets. In other words, they will not be able to leverage and bet the way they used to, Sowanick added. (Sydney Morning Herald -- Business)
BNP Paribas Wins New Prime Brokerage Business in Asia With Hedge Fund CQS Nov 18, 2008
Commercial banks such as BNP are seeking to win customers from established players in the hedge fund market after the collapse of Lehman Brothers Holdings Inc. and Bear Stearns Cos ... Commercial banks are starting to win market share in prime brokerage because they have more capital and financial stability,'' said Tomoaki Kato, who covers investment banks and asset managers at Nomura Research Institute Ltd. in Tokyo. (Bloomberg -- Asia)
Citigroup Plans a Leaner Future, Cuts 53,000 Jobs Nov 18, 2008
The cuts, which will leave Citi about 20 percent smaller, are the latest step in a stunning remaking of the American banking landscape since the financial meltdown, an upheaval that has included the demise of storied investment houses and the conversion of others into commercial banks. Citigroup CEO Vikram Pandit met with employees Monday and laid out the bank's strategy in stark terms: "We are a bank. What does a bank do? A bank takes deposits and puts them to work by investing and making... (ABC News -- Wire)
Credit crisis hurts microfinance programs in South Asia Nov 18, 2008
"If commercial banks are affected, then the expansion of the microfinance program will be affected," said Mahabub Hossain, an executive director at BRAC, adding that its donor-dependent efforts in education, health care and family planning are at risk. "I am deeply worried," said the village health worker Hosne Ara, who works on programs for tuberculosis and family planning. (International Herald Tribune -- Business)
Global solution to crisis Nov 18, 2008
3 billion) in additional liquidity made available by the lowering of the minimum reserve requirement at commercial banks last month to 7. 5 percent from 9. (Jakarta Post, Indonesia -- Editorial)
Macquarie profits slump 43 per cent Nov 18, 2008
Nonetheless, it has manage to avoid the fate of many of its international peers who have either failed - like Lehman Brothers - have sought rescues - such as Bear Stearns - or had to become part of more regulated commercial banks. Macquarie underlined today that one of the reasons why it has weathered the downturn so well is the strength of its capital and liquidity positions. (The Age, Australia -- Business)
Banking's clogged arteries won't clear overnight Nov 18, 2008
U.S. commercial banks held $7. 2-trillion (U.S.) of loans and leases, according to the latest data from the U.S. Federal Reserve. (Globe and Mail -- Business)
G-20 Plan for Tighter Financial Rules Signals Smaller Profits After Crisis Nov 17, 2008
A report by the Bank of England last month showed capital ratios at U.S. commercial banks have plunged to less than 10 percent of assets from over half in the mid-19th century. There seems to be an inherent tendency for financial systems to cause periods of booms, by building up imbalances, and then to go through busts, European Central Bank President said Nov. 13. (Bloomberg -- Germany)
Uganda: House Fears Economic Slow-Down Nov 17, 2008
The Makindye East MP said the lending interest rates, standing at 25% in most commercial banks were too high to encourage investment and development. He said citizens do not appreciate rosy statistics that are not translated into their wellbeing. (allAfrica.com)
As U.S. Banks Retreat, Credit Unions Step up Loans Nov 17, 2008
" Credit unions are as a rule much smaller than commercial banks, with average assets of $93 million in the United States in 2007 according to the Credit Union National Association (CUNA), compared to $1.53 billion for banks. According to CUNA, there are more than 8,000 credit unions in the country. "There has been a lending freeze in most of the banks in Cleveland," said Rita Haynes, chief executive of the Faith Community United Credit Union in Cleveland, which has 6,500 members. "So more... (ABC News -- Wire)
* Reviving animal spirits to raise confidence Nov 17, 2008
Commercial banks, investment banks, and hedge funds all owe their ongoing trouble to its decline, which in turn is jeopardizing the plans of companies and entrepreneurs to launch enterprises and make investments, and of households to consume. Our animal spirits, to borrow a phrase made famous by John Maynard Keynes, are weakening. (Taipei Times, Taiwan -- World)
In desperate need of repair Nov 17, 2008
BRIAN MILNER AND BARRIE MCKENNA AND HEATHER SCOFFIELD. From Saturday's Globe and Mail. (Globe and Mail)
Regulating forex flows Nov 17, 2008
There have been several regulations in place which essentially facilitated a more effective monitoring of foreign exchange transactions by BI. Commercial banks, for example, have long been required to report to BI any foreign exchange transactions in excess of $10,000. In 2005, the central bank limited foreign exchange derivative transactions with foreign parties against the rupiah to a maximum of $1 million and capped dollar purchases in outright forward transactions and swaps at $1 million. (Jakarta Post, Indonesia -- Editorial)
Cash crunch hits businesses Nov 17, 2008
The price of wholesale funds spiked as commercial banks began hoarding cash amid the financial crisis. Central banks, including the Reserve Bank, have since stepped in to add liquidity to the wholesale funding markets and the costs have eased. (Sydney Morning Herald -- Business)
Hartford And Rivals Try On Thrift Clothing Nov 16, 2008
The insurers differ in that they are converting to thrifts rather than commercial banks, but the tactic serves the same purpose. With exotic financing markets frozen, a deposit base is now an attractive source of funds, and banking status of any kind provides access to federal bailout programs. (Forbes -- Markets)
Washington's $5 Trillion Tab Nov 16, 2008
Not included in the total are the Fed's long-existing discount window lending to commercial banks, the mortgage modification plan announced by regulators on Tuesday, support for the Federal Home Loan Banks and a myriad of other programs. Paulson and Bernanke have tried any number of ways to stop the free fall in housing prices and unfreeze the credit markets, with limited success. (Forbes -- Business)
Bailing out GM doesn't make sense Nov 15, 2008
First came the mortgage giants, then the investment banking firms, then the insurance companies and then the commercial banks. The line is forming to the rear. (Atlanta Journal-Constitution -- Business)
U.S. Auto Industry Needs an Emergency Bankruptcy Nov 15, 2008
General Motors Corp., Motor Co. and Chrysler LLC could speed up the process by becoming commercial banks. Cash-hemorrhaging auto companies have asked the government for loans to boost their operating capital. (Bloomberg -- Columnists)
Global Economy Grinding to a Halt Nov 15, 2008
Years 2004 to 2007 were not only years of two wars at $10 billion a month, but also were the height of the lend-to-anyone credit boom when commercial banks doled out more than $600 billion a year in net new lending. Next year, half that amount is the estimate, which means loan portfolios may be flat, or at best plus 5 percent. (Newsmax)
Nigeria: New Governor Freezes State Accounts Nov 14, 2008
GOVERNOR Adams Oshiomhole of Edo State in a major move yesterday took a firm grip of the state finances, ordering commercial banks to suspend transactions on the accounts. Also, he sacked all political appointees of the former Governor Oserheimen Osunbor. (allAfrica.com)
CIT Group Applies to Become Bank Holding Company Nov 14, 2008
It also allows them to tap into more financing options offered by the Fed and other government agencies, since bank holding companies like commercial banks have permanent access to financing from the Fed. But the change in status also likely means tighter regulations and oversight from the Fed. (ABC News -- Wire)
PBOC: Financing conditions improve for China's SMEs Nov 14, 2008
"Many small and medium-sized enterprises probably secured more loans from commercial banks, as total loans made in the first 10 months reached a record high of 3.66 trillion yuan," Yi told a press conference here ... Yi pointed out that the PBOC in August raised this year's credit quota by 5 percent for national commercial banks and 10 percent for local commercial banks ... It is often difficult for SMEs to borrow from commercial banks, and many SMEs have struggled since last year amid the... (Xinhuanet, China)
ICB Financial Reports September 2008 Earnings Nov 13, 2008
Banking regulators continue to identify liquidity risk, asset quality and capital as major concerns for all commercial banks. ICB has done well in managing these risks, however, the Company has also been very proactive in investigating the various programs and plans made available to financial institutions under the US Treasury Department's Troubled Assets Relief Program. (PR Newswire)
* Eurozone bank-loan demand high Nov 13, 2008
The situation appears to be creating some frustration at the ECB, and its president Jean-Claude Trichet has pressed commercial banks to assume their responsibilities as purveyors of credit to the wider economy ... The ECBs forecasts show that a large positive liquidity imbalance is expected on the last day of period during which commercial banks must maintain minimum reserves. (Taipei Times, Taiwan -- World)
Amex Asks Feds For Handout Nov 13, 2008
The report comes days after the credit card company received approval to become a bank holding company, giving it a structure similar to traditional commercial banks, as well as access to the , commonly known as TARP. As a bank holding company, it gains the ability to develop a large deposit base. (See ). (Forbes)
U.S. Treasury shifts focus of credit bailout Nov 13, 2008
White House and Treasury officials have been devising policy on the fly for months now, as what began as a panic over losses on subprime mortgages broadened into a crisis that wreaked havoc on Wall Street, at major commercial banks and in the broader economy itself. 1. (International Herald Tribune)
CBA's indecent exposure Nov 13, 2008
Michael West on the Commonwealth Bank's exposure to the 'Bad Boys. Welcome to The Sydney Morning Herald. (Sydney Morning Herald)
Canada Triples Mortgage Purchases, Reduces Insurance Fees to Support Banks Nov 13, 2008
Commercial banks have faced higher borrowing costs during the crisis and earlier this year resisted matching a Bank of Canada rate reduction by cutting the prime rates they charge their best customers for the first time since the Asian financial crisis in 1997. Constructive Step. (Bloomberg -- Canada)
Fitch sees Asia banks' bad loans up till 2010 Nov 13, 2008
For commercial banks, what we are really looking for is the impact of economic downturn on borrowers; level of non-performing loans, profitability and capital adequacy, Mr. Marshall said. Asked when it would review South Korean banks' ratings outlook, he said: We will get an idea over the next three months. (Globe and Mail -- Business)
S'pore, HK agree on coordinated effort to tackle global credit crunch Nov 13, 2008
Mr Goh said: "We have come to an agreement that we should work together to decide when the bank guarantee (on non-bank deposits in commercial banks) would have to be lifted. If we do not coordinate, we'll be waiting for each other (to lift it) and the bank guarantee may be more prolonged than necessary.". Mr Goh also mooted the idea of closer economic cooperation between Singapore and Hong Kong on potential projects in the Pearl River Delta, particularly Guangzhou. (Channelnewsasia.com)
Trading official: New regulators needed Nov 12, 2008
Industry lobbyists are seeking to use the overhaul to streamline what they see as overlapping regulators that operate on outdated distinctions among commercial banks, thrifts, and investment banks. The notion advanced by Lukken is similar in its outlines to an overhaul proposal put forward in March by Treasury Secretary Henry Paulson and the Bush administration. (Boston Globe)
23 Darfuris sent back to Sudan by EgyptUN official expresses concern over Sudan peace dealEgypt sends aid to Sudanese military'Sudan plots to derail ICC indictments on Darfur war crimes' EU to deploy naval force off SomaliaAfrican leaders agree to restore Somali peace effortUN envoy welcomes peace deal in SomaliaSomalia welcomes foreign warships in territorial waters Indian elite troops reinforce MONUC'Kabila, Kagame dialogue critical in ending North Kivu conflict'Half of kinshasa's population have access to drinking waterSenegalese General re-appointed MONUC head Ivorian Prime Minister urges mutinous soldiers to remain calmGbagbo: "Whoever delays Ivorian elections is a criminal"Gbagbo reaffirms his desire for Ivorian peaceGbagbo signs Ivorian amnesty law ON THE WIRE WB launches 'Banking the Poor' report in MauritiusPort-Louis, Mauritius (PANA) - The World Bank has launched inMauritius its 'Banking the Poor' report, which is the product ofcollaborative efforts by the Financial Access and Financial AnalysisUnits of the Bank, and central banks and leading commercial banks from54 countries from Africa, South and East Asia, Central America andMexico. 12/11/2008 Full Text... Nov 12, 2008
Port-Louis, Mauritius (PANA) - The World Bank has launched in Mauritius its 'Banking the Poor' report, which is the product of collaborative efforts by the Financial Access and Financial Analysis Units of the Bank, and central banks and leading commercial banks from 54 countries from Africa, South and East Asia, Central America and Mexico. A statement made available to PANA here Wednesday by the Bank of Mauritius said that the report explores associations between countries' banking policies and... (Panapress.com)
U.S. moves to prop up those at risk of foreclosure Nov 12, 2008
The announcement follows similar foreclosure prevention plans by major commercial banks, including Bank of America Corp., Citigroup Inc., and JPMorgan & Chase Co. The bank said that Citigroup's efforts, for example, would save as many as 130,000 homeowners from foreclosure. We need to stop the downward spiral, said James Lockhart, director of the U.S. Federal Housing Finance Agency. (Globe and Mail)
Recession Deniers Peddled the Same Lame Excuses Nov 12, 2008
When I reported my findings in an April 18, 2006, column, mortgages accounted for 32 percent of commercial banks' financial assets as of the fourth quarter of 2005. If you included agency-and mortgage-backed securities, the exposure to outright and securitized mortgage loans was 44 percent. (Bloomberg -- Columnists)
CFTC head calls for new regulatory regime Nov 12, 2008
Industry lobbyists are seeking to use the overhaul to streamline what they see as overlapping regulators that operate on outdated distinctions among commercial banks, thrifts and investment banks ... Lukken said that under his scheme the new market integrity regulator would oversee the safety and soundness of key financial institutions, including exchanges, investment firms and commercial banks, while the new investor protection regulator would oversee business conduct across all firms in the... (San Diego Union-Tribune -- Business)
AmEx shares tumble on approval to take deposits Nov 12, 2008
Late Monday, American Express said it received approval from the Federal Reserve to become a bank holding company, a structure similar to most commercial banks. The change allows American Express to create a large deposit base and have permanent access to financing from the Fed. (San Diego Union-Tribune -- Business)
ABA Chief Defends Banks Nov 11, 2008
But he said commercial banks like those meeting in San Francisco also played a role in the crisis. "There's plenty of blame to go around," Schlesinger said. (San Francisco Chronicle -- Business)
China Announces Massive Stimulus Package Nov 11, 2008
Lending limits on commercial banks are also being lifted. A long-expected change in the way value-added tax is administered will provide tax cuts, accounting for $17. (Forbes)
Government provides new assistance to AIG Nov 11, 2008
But perhaps the biggest concern about AIG is the dizzying array of complex financial instruments it structured for commercial banks, investment banks and hedge funds around the globe many of which were directly or indirectly linked to the value of U.S. mortgages. . (Atlanta Journal-Constitution)
INDUSTRIAL AND COMMERCIAL BANK OF CHINA Signs JCB Card Issuing License: further enhancing JCB brand in China with a global-scale commercial bank Nov 11, 2008
ICBC is one of the largest commercial banks in the world, ranking first in the world in total assets, and first in China in the number of credit cards issued. ICBC and JCB entered into an acquiring partnership in 1991 to enhance the JCB merchant network. (JCN Network, Japan)
Risks of a blanket guarantee Nov 11, 2008
First of all, the moral hazard risks in Indonesia are much greater because of the lower quality of bank supervision by Bank Indonesia which must oversee more than 125 city-based commercial banks and hundreds of other secondary banks in the rural areas that are all covered by the deposit insurance scheme. Introducing a blanket deposit guarantee now would be a huge gamble at the expense of taxpayers who are still suffering from the brunt of the Rp 600 trillion bailout fund for the banking industry... (Jakarta Post, Indonesia -- Editorial)
Fuld Solicited Buffett Offer Lehman CEO Could Only Refuse as Firm Fizzled Nov 11, 2008
Fuld also warned against taking on too much risk, such as leveraged loans, which are used to finance buyouts of firms, as Lehman tried to compete with commercial banks that used their bigger balance sheets to support investment banking operations ... So did other Wall Street firms forced to compete with commercial banks, which were allowed to practice investment banking after the 1999 repeal of the Glass-Steagall Act. (Bloomberg)
Government action not working Nov 10, 2008
By all accounts, most commercial banks are healthy and have plenty of money. And despite what some have reported, they are lending that money to customers and other banks. (Atlanta Journal-Constitution)
A New Deal for China? Nov 10, 2008
The package proposes to do this by, among other things, cutting taxes and abolishing existing limits on commercial banks' credit lending. The plan also advances the government's oft-stated desire to improve living conditions in the countryside, where residents earn about a third of what urbanites pull in - a situation Beijing rightly considers a threat to the country's social stability. (Yahoo News)
Emerging Economies Pledge New Stimulus to Tackle Slump as Recessions Loomh Nov 10, 2008
India, Russia and Brazil have already injected funds into commercial banks and South Korea last week unveiled a 14 trillion won ($10. 8 billion) fiscal stimulus plan. (Bloomberg -- Canada)
Citi, Goldman, Too-Big-to-Fails, Need New Rules: Roy C. Smith Nov 10, 2008
The first Basel agreement in 1988, however, applied only to commercial banks and focused on bank-capital adequacy ... This was the case 20 years ago when U.S. commercial banks were last in crisis. (Bloomberg -- Columnists)
China's 4 trillion yuan stimulus to boost economy, domestic demand Nov 10, 2008
Commercial banks' credit ceilings will be abolished to channel more lending to priority projects, rural areas, smaller enterprises, technical innovation and industrial rationalization through mergers and acquisitions. The decision was announced on Sunday by the State Council, or cabinet, after Premier Wen Jiabao presided over an executive meeting on Wednesday. (Xinhuanet, China)
China said on Sunday it will loosen credit conditions, cut taxes and embark on a massive infrastructure spending program in a wide-ranging effort to offset adverse global economic conditions by boosting domestic demand.• A timeline of China's r00004000ecent economic-stimulus measures Nov 10, 2008
-- On Aug. 5, the People's Bank of China (PBOC), the central bank, agreed to raise the 2008 credit quota by 5 percent for national commercial banks and 10 percent for local commercial banks, aiming to ease the financing difficulties of small and medium-size enterprises. There were minor adjustments made to reflect differing conditions among local banks. (Xinhuanet, China)
How Depressing Was the Depression, Really? Nov 10, 2008
Today's [Youngstown Vindicator] carries the news that four of the largest commercial banks in Toledo, Ohio closed their doors (total deposits over 100 million). Also that 11 savings & loan cos. (Slate)
Investors cheer China's US$586b stimulus package Nov 10, 2008
The statement said the Cabinet, at a meeting chaired by Premier Wen Jiabao, had "decided to adopt active fiscal policy and moderately easy monetary policies.'' It did not give details. The statement said the spending would focus on 10 areas. They included picking up the pace of spending on low-cost housing - an urgent need in many parts of the country - as well as increased spending on rural infrastructure. Money will also be poured into new railways, roads and airports. Spending on health and... (The Star Online, Malaysia -- Business)
Why Canada's Banks Don't Need Help (But Got It Anyway) Nov 10, 2008
That's a little better than major U.S. commercial banks like Bank of America, but significantly higher than an average capital ratio of about 4% for U.S. investment banks and 3. 3% for European commercial banks ... As a result, these institutions are subject to the same strict rules as commercial banks, while U.S. investment dealers are only subject to light supervision from the Securities and Exchange Commission. (Time.com)
Tighter oversight of financial services needed Nov 9, 2008
-- Making all institutions that borrow from the government subject to oversight, not just commercial banks. -- Increasing the amount of money that institutions must keep on hand, particularly for those dealing in the financial instruments at the core of the economic unraveling, like derivatives and mortgage-backed securities. (San Francisco Chronicle -- Business)
* ASIA: Asian stocks rise for second week on bank rate cuts Nov 9, 2008
Analysts said investors likely saw a 25 basis point rate cut by HSBC as a sign of easing pressures on a tight interbank market, as local commercial banks had been reluctant to lend to one another due to the global credit crisis. SYDNEY Australian shares closed down 2. (Taipei Times, Taiwan -- World)
Open the Door and Turn on the Lights Nov 9, 2008
It s been awfully frustrating to watch taxpayer money doled out to the same cast of characters commercial banks and brokerage firms that put the nation in such financial peril. The decision to recapitalize the banks was wise. (Atlanta Journal-Constitution -- Business)
Sheshunoff buys Bennington Partners Nov 8, 2008
Bennington Partners, which was founded in 1989, claims a client base of more than 100 institutions in eight states that include state and nationally chartered commercial banks, mutual savings banks, U.S. subsidiaries of foreign banks, and credit unions. Sheshunoff Consulting + Solutions was founded in 1972. (Austin Business Journal, TX)
Official says Pakistan will get $1.5bn now, remainder in quarterly instalments Nov 8, 2008
Total foreign reserves, including those held by commercial banks, have fallen sharply from $16. 5 billion in October 2007 to $6. (Daily Times, Pakistan)
Hard Landing In China? Nov 8, 2008
There is already evidence that corporate-loan demands have diminished sharply and that commercial banks have hesitated to lend while choosing to firewall risks. The government can ease money and credit, but it cannot force corporations to spend or banks to lend if loan demand is falling because of low expected returns on investment. (Forbes)
Stocks Rise After 2 Days Of Steep Losses Nov 8, 2008
The Fed's report showed commercial banks averaged nearly $110 billion in daily borrowing over the past week. That was down from a record $111. (KCRA 3, CA)
Federal Home Loan Banks face risk Nov 8, 2008
"My concern is that there is not enough oversight by the [FHLBs] of the risk that the commercial banks take when they use advances," says Timothy J. Yeager, a former economist at the Federal Reserve Bank of St. Louis who is now a finance professor at the University of Arkansas Sam M. Walton College of Business. More from BusinessWeek. (MSNBC -- Business)
Disney sets out to make 'The Passion for kids' Nov 8, 2008
Latest news, breaking news, current news, UK news, world news, celebrity news, politics news - Telegraph. Latest news, breaking news and current news from the UK and around the world, plus celebrity news and political news from Telegraph. (Yahoo News -- 'The Passion of the Christ')
