South Africa’s local election results, whereby the ruling African National Congress was upset in key areas by the newcomer Democratic Alliance, including the capital Pretoria, is expected to have a direct impact on economic and infrastructure changes. Moody’s Investors Service said in its initial response to the results that “while the emerging pluralistic party
More
By Lukman Otunuga, Research Analyst, FXTM Investor sentiment was elevated during trading last week following the blockbuster non-farm payroll report of 255,000 which rekindled expectations over the Federal Reserve raising US rates before the year end. Stock markets were propelled to near 12-month highs as the renewed risk appetite from rate hike expectations and optimism
More
The Consumer Price Index for July increased by 0.19 units to 98.71 from 98.52 units in June. When compared to July 2015, CPI is reduced by 0.2%, while for the period between January and July 2016, CPI is also decreased by 1.9% compared to the corresponding period of the previous year. In the twelve-month
More
Moody’s Investors Service has lowered its outlook on the Norwegian banking system to ‘negative’ from ‘stable’ on expectation of a softening operating environment, stemming from reducing oil investments and persistently low oil prices. “We expect declining oil-related investments and negative second-order effects on the Norwegian economy to translate into mild asset quality deterioration, from
More
By Jameel Ahmad, FXTM VP of Market Research Another round of sudden selling has been installed into the British Pound after the Bank of England (BoE) took the decision on Thursday to cut interest rates to a new milestone low at 0.25%. This represents a historic low for UK interest rates which have been
More
RCB Bank Ltd is announced that it has successfully completed the stress test carried out directly by the European Central Bank, which was subject to the European Banking Authority (EBA) methodology. The stress test results show that the bank’s Common Equity Tier 1 ratio (CET1) is 16.58% under the adverse scenario as at 31
More
The Finance Ministry’s Public Debt Management Office said that it raised EUR 52.5 mln from the monthly sale of retail bonds, making the initial offer of EUR 10 mln five times oversubscribed. The PDMO said it received 87 applications from individuals for a total amount of EUR 52,509,400. Of these, 67 were from Cypriots
More
The Arbitral Tribunal at the International Chamber of Commerce (ICC) in Paris has ordered the Cyprus government to grant the shareholders and directors of FBME Bank access to the lenders premises on the island from where they were excluded on March 31 when the Central Bank of Cyprus sacked 140 employees. This order follows
More
Mortgage rates in June dropped to their lowest level since 2007, according to the Central Bank of Cyprus. The interest rate on mortgages fell to 2.99%, from 3.09% in the previous month. The figures showed that the interest rate on household deposits with an agreed maturity of up to one year remained unchanged at
More
The Finance Ministry’s Public Debt Management Office said that during Monday’s auction of 13-Week Treasury Bills, tenders were received for a total amount of EUR 174 mln, of which, EUR 120 mln were accepted with a weighted average yield of 0.63%. The accepted yields ranged between 0.51% and 0.71%.
More