Linda Young – AHN News Writer
London, United Kingdom (AHN) – The Bank of England will inject an additional $117.7 billion into the economy in an attempt to encourage commercial bank lending and stimulate sagging growth.
That decision was reached by the Bank of England’s Monetary Policy Committee when it met and voted on Thursday.
The move boosts the amount of the bank’s asset purchase program, financed by issuance of central bank reserves, to $431.7 billion, bank officials said.
Businesses in the United Kingdom welcomed the move.
In a statement, the bank’s Monetary Policy Committee explained why it acted.
“The pace of global expansion has slackened, especially in the United Kingdom’s main export markets. Vulnerabilities associated with the indebtedness of some euro-area sovereigns and banks have resulted in severe strains in bank funding markets and financial markets more generally. These tension
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Commerzbank has reported its financial results for the first quarter of 2012, including an operating profit of €584m.
This is around half the €1,144m the firm made during the corresponding period last year.
Commerzbank also reported a quarterly net profit of €369m, just over a third the €985m that it made in Q1 2011.
Revenues, before loan loss provisions are taken into account, declined from the €3.6bn of last year to €2.6bn.
The bank also reduced its risk-weighted assets by 10% to €223bn, with total assets declining by €6bn, year-on-year, to €691bn.
Chairman of the Board of Managing Directors of Commerzbank Martin Blessing said that Commerzbank had managed to make a solid start to the year despite challenging market conditions.
Blessing also stated that the firm had achieved its EBA capital target, not only meeting it earlier than expected but also surpassing it.
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I was on Red Flag Deals and I came across a great incentive from TD Canada Trust for anyone who opens a new chequing account with them. The incentive this year is that you can earn $150 by opening an Infinity or Select Service chequing account. Nothing is as easy as it seems, and in order to earn the incentive, you need to complete a few requirements outside of just opening a chequing account or credit card.
Bonus |
Must be Completed by May 11th, 2012 |
Must be Completed by June 30th, 2012 to get the bonus |
$250Open either:
– A new Infinity Account
OR
– A new Select Service account
– Complete one recurring and eligible regular Direct Deposit
AND
– Complete two Bill Payments (via Pre-Authorized Debit or EasyWeb) OR sign up for Simply Save ®
To earn the cash bonus of $150, there are definitely a list of things to get done, however when you consider the fact that if you are a new customer or even one switching to TD Canada Trust, you would be getting these stuff done sooner or later.
With the Infinity Account ($14.95/ month), you are given access to a worry free chequing account that gives you unlimited transactions.
Full article…
Hyperion Bank offers an attractive interest rate for their money market account called Consumer Money Market. The bank has the following money market rates which are tiered:
- $0.01 to $4,999 earns an interest rate of 0.25% APY
- $5,000 to $24,999 earns an interest rate of 0.40% APY
- $25,000 to $49,999 earns an interest rate of 1.00% APY
- $50,000 to $99,999 earns an interest rate of 1.00% APY
- $100,000 and above earns an interest rate of 1.00% APY
You can take advantage of these best money market rates when you deposit a minimum of $1,000 to open an account. You must maintain an average daily balance of $1,000 to more to avoid the $10 monthly service fee and at the same time to earn this best interest rate.
The dividends earned on this money market deal are compounded and paid monthly. The money market rates listed above may change up or down anytime without notice.
Full article…
Vittorio Hernandez – AHN News
Frankfurt, Germany (AHN) – The European Central Bank raised on Thursday key lending rates by a quarter point to 1.5 percent. The rate hike aims to curb inflation, said ECB President Jean-Claude Trichet.
He hinted of more benchmark rate increases in the future, despite weak economic growth in southern Europe and problems in the bond markets. Trichet made the rate hike announcement even if the ECB had been warned that the increase may be bad for the Spanish and Italian economies.
Trichet stressed that all eurozone nations are on the losing end if the regional central bank would fail to rein in price increases through the key lending rate increase. Inflation in the zone hit 2.6 percent in June due to pressure on fuel and food prices.
Following the rate hike announcement, yields on 10-year Italian bonds went up to a high of 5.21 percent, while the Spanish bonds yielded 5.71 percent, but settled down slightly on Thursday/
The ECB, however, waived collateral requirements on Portuguese bonds, which would allow the country’s banks to continue tapping the ECB’s liquidity window after Moody’s downgraded Portugal’s debt to junk. The bank ha
Full article…
Coutts is selling its Latin American, Caribbean and African business to RBC Wealth Management.
The move follows the RBS-owned private banks decision to focus growth on key geographies including the UK, Switzerland, Middle East, Russia/CIS and selected countries in Asia.
Rory Tapner, RBSs chief executive officer, wealth division, comments: Our Latin American, Caribbean and African business is solid. However, it requires further investment to reach our preferred market share and we have determined to focus our efforts on our core markets as mentioned above.
The sale is expected to close towards the latter part of Q2 2012 and the terms of the deal have not been disclosed.
The business has client assets in the region of £1.5 billion, representing approximately 2% of Coutts total client assets.
The Savings account interest rate at Capital One Direct Banking has just changed from 0.753% APY to 0.7528% APY with a minimum of $5,000 required. See the full details and rate info at Capital One Direct Banking Money Market/Savings $1000 rate. Costco Interest Plus Online Savings Must be a current Costco member and open the account online on Costco website. Must receive E-Statements. Customers will get 10% bonus on their earned interest rate if average monthly balance is $10K or more. Receive a $60 incentive for Executive Members
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