Venezuela`s government is to propose legal reforms aimed at increasing control over the country`s financial system, after a crisis that prompted state intervention in seven banks, the country`s planning minister said.
Notwithstanding their cost-cutting drives to survive the downturn, some of the biggest banks in the US and Europe have so far set aside close to USD 300 billion for employee compensation and benefits this year.
Australia`s Reserve Bank increased interest rates by 25 basis points on Tuesday, the second increase in as many months, in an attempt to contain inflation as the economy emerges out of the global financial crisis.
Banks profits would be hurt after the Reserve Bank of India raised the provision ratio for bad debts in its credit policy review and analysts expect top two State Bank of India and ICICI Bank to be among the worst affected.
Global rating agency Moody`s on Wednesday assigned moderate credit risk rating to 13 Indian commercial banks, including the country`s largest public sector lender State Bank of India and private entity ICICI Bank.
Banks kept aside more capital
against various risks during 2008-09 with their capital
adequacy ratio increasing to 13.98 percent from 13.01 percent a year ago, as they became selective owing to the global financial crisis.
A House of Representatives panel has told Bank of America Corp that it cannot use attorney-client privilege to withhold from Congress details on its purchase of Merrill Lynch, The New York Times reported on Monday.