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Bank of Cyprus Pcl, the island’s largest lender, said its first-half loss widened by 25 percent after increasing provisions for bad loans and reducing the value of Greek government bonds.It appears that a scapegoat for the bank's poor performance has been found (ht to 4-traders.com).
The net loss in the six months to June 30 widened to 134 million euros ($167.5 million) from a loss of 107 million euros in the same period of 2011, according to an e-mailed statement today from the Nicosia-based lender.
Bank of Cyprus, which sought aid from the Cypriot government in June to meet capital requirements, said the capital shortfall was defined by the European Banking Association on June 30 at about 730 million euros.
Bank of Cyprus announces that the Chairman of the Board of Directors, Mr Theodoros Aristodemou, has submitted today his resignation from the position of Chairman and member of the Board of Directors of Bank of Cyprus.
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On August 22, Christine Lagarde, the IMF's managing director, was in Cairo where she met with President Mohamed Morsi and other Egyptian government officials. At the end of her meetings, she announced that the new government has officially requested an IMF program and that the Fund will respond as quickly as possible to this request. A Fund mission will visit Cairo in September to hold discussions, and the parties plan to reach agreement in November.The Egyptian pound has remained stable throughout 2012 but we know that the Egyptian central bank has been an active participant in the currency markets to bolster their currency (the following chart shows the EGX 30 Index alongside the USD / Egyptian pound cross in % terms):
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That said, there is a risk that a wider point on the eurozone is being missed. This recession is all about debt. And there is an important lesson to be gleaned from Japan, whose supposedly dismal economic performance over the past two decades is beginning to look rather good in the light of current events. It is that the way to stave off slump is to have a supportive global economic backdrop that allows the export sector to drive the economy while domestic demand is deficient. That is just what the UK and other heavily indebted countries do not have, as the eurozone looks set to topple back into recession.
What also emerges clearly from the numbers on the UK economy this year is the tortuous and protracted nature of any recovery in which both government and households need to bring down debt – deleverage, in the jargon. This applies across much of the developed world. The Bank for International Settlements, the central bankers’ bank, reckons that in most advanced economies, the fiscal budget excluding interest payments would need 20 consecutive years of surpluses exceeding 2 per cent of gross domestic product just to bring the debt-to-GDP ratio back to its pre-crisis levelTalk of reducing debt, either through default or the lengthy process of paying it down, is the hallmark of a deflationary period. Minor fluctuations aside, we anticipate rates in the UK and many other locales to be low for some time to come.
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Xinhua news agency reports the 48-year-old cofounder of Asia Commercial Bank (ACB), one of Vietnam's biggest lenders, was taken into custody on Monday after police raided his residence in capital Hanoi and seized documents.
Information about Kien's arrest caused the country's stock market to tumble and sparked concerns about the operations of several local banks, where he reportedly held shares including ACB, where he once served as vice chairman of the board.
On Tuesday, right after local media reported of the arrest, both Ho Chi Minh City Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) saw their Vn-Index and HNX-Index tumble 5 percent on average.
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A large part of the Midwest will be drier than normal through the end of the month even with the rain and lower temperatures, said Joel Widenor, co-founder of Commodity Weather Group LLC in Bethesda, Maryland. He said time may be running out for soybean yields.“Once you get past the end of the 10-day forecast the soybean crop will be too far along in most areas to benefit from rain as far as yield potential goes,” Widenor said.
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Seychelles' central bank will intervene in the foreign exchange market to curb excess volatility which pushes up inflation, the Indian Ocean archipelago's central bank governor said on Thursday.
"The Central Bank has decided to intervene in the foreign exchange market order to smooth out the excess volatility, and to provide orderly market conditions as well as reduce eliminate any speculative element," Caroline Abel said in the capital Victoria.
Abel said the Seychelles' rupee had depreciated by 14.5 percent against the dollar and by 6.9 percent against the euro since the beginning of the year.
"The Central Bank is very concerned about the rapid depreciation of the domestic currency, particularly in recent weeks, given that it is translated into higher inflation," Abel said.So far the central bank's efforts are succeeding and have almost drivem the USDSCR back down to the level of the peg that was being maintained up until September of last year (below is the same chart as above but with the time window extended back to the beginning of 2011).
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The market was quick to respond. Just 16 minutes after the first tweet, futures for light, sweet crude started to increase, topping out at $91.99 a barrel by 10:45 a.m.Here's a line chart of Natgas, Brent and WTI futures at 15 minute granularity going back to Sunday evening. The impact of the rumor hits about 1/3 of the way into Monday the 6th. Interestingly, the price gains in WTI and Brent were higher today then they were yesterday.
“A well-placed story can move the market, and that looks like what happened,” Price Futures Group Analyst Phil Flynn told The Wall Street Journal.
Oil prices closed at $92.20 on the New York Merchantile Exchange. According to WSJ, it’s the highest settlement price since July 19.
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The pound's street value has dropped since South Sudan seceded a year ago, depriving Sudan of three quarters of its oil output as well as its main source of state revenue and foreign currency.
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The Sudanese currency is still significantly overvalued - a dollar bought between 6 pounds and 6.10 pounds (Pikefin note: divide the rates listed in the above table by 100 for comparison) on the black market on July 19, close to a historic low of 6.20 reached in May - and further devaluation could be on the cards.
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Stock markets rallied sharply on Friday as Spain responded to a conditional offer of intervention from the European Central Bank by signalling it would consider seeking a sovereign bailout.
European and US equities gained while the borrowing costs of Spain and Italy fell. Those “exceptionally high” bond yields had prompted the ECB to say on Thursday it was devising a plan to buy bonds – but only if the affected countries applied to Europe’s rescue funds first.Our friends at the ECB are back making waves however we would suggest that they be judicious with their tape-bombs, what with brent well over the $100 level and in the midst of an upward trend:
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