Prime Minister Nguyen Xuan Phuc (middle) at the event (Photo: VNA) Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has ordered the banking sector to orientate itself in line with the Government’s spirit of breakthroughs. Attending the meeting in Hanoi on January 9 to launch tasks for the banking sector, PM Phuc ordered the State Bank of Vietnam (SBV) to continue its flexible monetary policy as well as work to stabilise the macro-economy, paving the way for other sectors to thrive. He underlined that this is a daunting task, requiring precise and rational management. Hailing the banking sector’s contributions to the nation’s macro-economic stability in 2018, PM Phuc said that the SBV’s monetary policy was carried out in harmony with other macro-policies, which was important to keep the average inflation at 3.54 percent and below the ceiling target. More specifically, in the context of complicated and unexpected developments of the global economy, the … [Read more...] about PM orders breakthroughs in banking sector
Banking
Hedge fund managers are betting big against these 12 stocks, Bank of America says
Hedge funds are experts in shorting stocks, or bets that a stock will fall. To help traders have a better idea of the potential investing landmines, Bank of America Merrill Lynch has issued a list of stocks that markets are betting against the most. Most of the highly shorted stocks are from the discretionary and technology sectors. Wall Street expects stock-market volatility to spike further in 2019. And in a highly volatile market, it’s even more important to steer clear of potential investing landmines. To help traders have a better idea of the potential pitfalls to avoid, Bank of America Merrill Lynch has issued a list of stocks that markets are betting against the most. Most of the highly shorted stocks are from the discretionary and technology sectors. Here are the 12 stocks that markets believe will fall, in ascending order of their short interest as a percentage of float. TripAdvisor Ticker: TRIP Sector: Communication Services Short interest as a % of float: … [Read more...] about Hedge fund managers are betting big against these 12 stocks, Bank of America says
£125m eco-housing development in Leeds’s South Bank set to welcome first residents
A multi-million pound eco-housing development in Leeds’s South Bank area is preparing to celebrate a significant milestone. Sustainable housing developer Citu has announced that the first residents are set to move into its £125m Climate Innovation District, between Leeds Dock and South Accommodation Road.Eighteen of the 520 homes eventually planned for the site are currently being fitted out, having been built using a timber-framed system that ensures high levels of energy efficiency.The first of the properties – which also feature solar panels and a heat recycling system – are due for completion this month.Citu managing director Chris Thompson said: “These are the first family homes to be built in Leeds city centre for over 90 years so it’s a significant milestone for both Citu and the city.”He added: “The first completions will be in January and then we’ll be building more homes to meet the intense interest the District has been … [Read more...] about £125m eco-housing development in Leeds’s South Bank set to welcome first residents
TBC Bank says unit being investigated by Georgia central bank
(Reuters) - TBC Bank Group Plc <TBCG.L> said on Wednesday that its unit was being investigated by the National Bank of Georgia (NBG) and the country's office of public prosecution, relating to certain transactions that took place in 2007 and 2008. The investigation alleges that certain transactions between TBC Bank's unit, TBC Bank JSC, in Georgia and some entities were illegal, the group said. The country's central bank believes that these entities were related to the chairman and deputy chairman of TBC Bank Group, the company said, and the investigation alleges that these transactions were not in compliance with a Georgian law on the regulation of conflicts of interest. A company spokesman identified current chairman and deputy chairman as Mamuka Khazaradze and Badri Japaridze, respectively, as the executives that NBG cited in its allegations. The unit said it refutes the allegations relating to these historic transactions, which took place before the company's listing in 2014. … [Read more...] about TBC Bank says unit being investigated by Georgia central bank
EU banking watchdog says new cryptoasset rules may be needed
LONDON - New European Union rules may be needed to better protect consumers from cryptoasset risks and stop diverging national regulations from creating unfair competition, the bloc's banking watchdog said on Wednesday. Regulators have warned investors since 2013 they could lose their shirts by investing in virtual currencies like Bitcoin and ether, or in initial coin offerings (ICOs) that raise money for companies in return for tokens. The value of bitcoin rocketed close to $20,000 in late 2017, sweeping up investors from across the world, but it has since lost three-quarters of its value. The value of cryptoassets globally peaked at $830 billion a year ago, but fell to $210 billion by October, equivalent to less than 3 percent of the gold market. The European Banking Authority (EBA) said in a report on cryptoassets that they typically fall outside the scope of EU financial rules, making it harder to build a detailed picture. EU regulators have identified financial institutions owning … [Read more...] about EU banking watchdog says new cryptoasset rules may be needed