Thursday 28th May 2015
NEWS TICKER: WEDNESDAY, MAY 27TH: The S&P Capital IQ division of McGraw Hill Financial (NYSE:MHFI) whose CUSIP Global Services (CGS) unit produces identifying instruments and entities that support efficient global capital markets, says Scott Preiss, currently CGS’s Vice President and Chief Operating Officer, has been promoted to the role of Global Head & Managing Director, replacing Jim Taylor, who is retiring, on July 1st, after 28 years of service - Orezone Gold Corporation (ORE-TSX) says a mining permit application has been submitted to the government of Burkina Faso for the construction and operation of its wholly owned Bomboré gold project. The application is based upon the recently announced positive Feasibility Study (April 28, 2015) and includes an environmental and social impact assessment and a relocation action plan (RAP) for the local people affected by the project. The four to eight month permitting process includes public hearings and a complete review by the Ministry of Mines and Energy1 (MEE) and the Ministry of Environment and Durable Development2 (MEDD) and the National Mining Commission3 (NMC), a technical panel. During a weekly cabinet session in parliament the recommendations of the NMC are reviewed and once approved, the permit is a Decree signed by the President of Burkina Faso, the Minister of Economy and Finances, the Minister of MEE and the Minister of MEDD - BNP Paribas Securities Services says its BNP Paribas Dealing Services subsidiary has been selected to manage the dealing activities of RPMI Railpen, the investment manager for the Railways Pension Scheme (RPS). RPS is the sixth largest pension scheme in the UK. Following its decision to bring some of its investment activities in house, RPMI Railpen says it was looking for a dealing desk solution to optimise the execution of its market transactions. RPMI Railpen manages the assets of the RPS on behalf of its parent company, the Railways Pension Trustee Company Limited. Railpen Investments, its investment arm, is an FCA authorised investment manager with assets under management exceeding £21bn - LIM Advisors Ltd, a Hong Kong based fund manager, has signed a milestone agreement to utilise SimCorp Dimension for a full front, middle and back office platform. The $2bn fund manager will leverage SimCorp Dimension to establish full operational capability across multiple asset classes, including equity, bonds, convertibles, listed futures & options and derivatives - Botswana-based grocery retailer, Choppies Enterprises Limited (Choppies) debuted on the Main Board of the Johannesburg Stock Exchange (JSE) in the Food Retailers and Wholesalers sector and is the sixth listing on the exchange this year. The firm raised SAR575m in a secondary listing. Choppies boasts a wide FMCG portfolio, including its own private label products and leading international food brands. As a fast growing retailer on the continent, Choppies’ secondary listing on the JSE is intended to assist the company with access to capital needed to support its organic and acquisitive growth as well as establish its presence and public profile in strategic markets in Southern and East African markets. The group is currently the top supermarket chain in Botswana, holding significant market share of the overall national food retail market. Choppies currently operates 125 retail outlets in Southern Africa, comprising 72 stores in Botswana, 35 stores in South Africa and 18 stores in Zimbabwe. Through the listing, Choppies intends to increase its footprint in South Africa, Zimbabwe, Kenya, Namibia, Tanzania and Zambia – Small World FS, the international payment services provider says it has processed £10bn in transactions since launching in 2006. The London-headquartered financial technology business now operates the third largest payout network in the world, with a global payout network of over 250,000 locations in 188 countries. This news comes after months of rapid expansion, including the extension of its digital services into 14 sending markets, as well as inking deals with the MTN Group, Africa’s largest mobile operator, and Nations Trust Bank, Sri Lanka’s fastest growing bank - Ullink, a global provider of market leading electronic trading and connectivity solutions, today announced that Kotak Institutional Equities (KIE), one of India's leading institutional brokers and a division of Kotak Securities has chosen Ullink’s UL Bridge connectivity solution. KIE has chosen UL Bridge to facilitate FIX messaging, message enrichment and order routing, to enhance its existing connectivity infrastructure. UL Bridge’s uniquely modular architecture works in conjunction with KIE’s Order Management System (OMS), allowing KIE to provide better execution services to more clients, both locally and globally - The Straits Times Index (STI) ended 35.04 points or 1.01% lower to 3424.94, taking the year-to-date performance to +1.78%. The top active stocks today were DBS, which declined 1.54%, Singtel, which declined 1.89%, OCBC Bank, which declined 0.67%, UOB, which declined 1.62% and Ascendas-hTrust, with a 1.43% advance. The FTSE ST Mid Cap Index declined 0.35%, while the FTSE ST Small Cap Index declined 0.06%. The outperforming sectors today were represented by the FTSE ST Health Care Index, which rose 0.26%. The two biggest stocks of the Index - Raffles Medical Group and Tianjin Zhongxin Pharmaceutical Group Corporation- ended 0.46% lower and 3.48% higher respectively. The underperforming sector was the FTSE ST Telecommunications Index, which slipped 1.81%. Singtel shares declined 1.89% and StarHub declined 0.50%.

Global economic conditions hit Guernsey bank deposits

Friday, 15 June 2012
Global economic conditions hit Guernsey bank deposits The value of bank deposits in Guernsey fell £6.5bn (6.1%) in the first quarter of the year. http://www.ftseglobalmarkets.com/

The value of bank deposits in Guernsey fell £6.5bn (6.1%) in the first quarter of the year.

The total value of deposits held by banks in Guernsey was down to £101bn at the end of March 2012, a decrease of £11.8bn (10.5%) year on year. The quarterly report on banking sector activity from the Guernsey Financial Services Commission (GFSC) said that the overall fall in value of deposits was the result of both declining volumes and exchange rate factors.

In particular, sterling strengthened against the US dollar and euro but weakened against the Swiss franc, which had a negative effect on the level of deposits expressed in sterling. The overall currency mix shows that the proportion of deposits in sterling is 25.7%, US dollars is 47.2%, euro deposits 19.1% and Swiss franc deposits 3.3%.



 Fiona Le Poidevin, deputy chief executive of Guernsey Finance – the promotional agency for the Island’s finance industry, says: “It is disappointing to see this further decline in the value of deposits held by banks in Guernsey. Some of the fall was due to exchange rate factors but there was also a material drop in volumes as a result of the global trend of banks deleveraging in the face of uncertainties surrounding the eurozone, capital adequacy pressures and weak economic growth. 

“Due to current conditions, we continue to experience an unprecedented low interest rate environment which has a significant negative impact on the attractiveness of having funds on deposit in a bank and as such, investors are moving capital into other higher yielding products,” continues Le Poidevin. “However, on a more positive note, there have recently been more inquiries from banks which have expressed an initial interest in establishing operations in Guernsey. It is still very early days but it is encouraging news and of course, comes in the wake of the announcement by HSBC that it will be consolidating its Channel Islands private banking operations in Guernsey,” she adds.

“In addition, one of the great strengths of Guernsey’s finance industry is its diversity. Latest figures show that the value of investment funds being managed or administered in Guernsey was up nearly £9 bn in the first three months of the year. Also, during the first four months of the year, there has been net growth of 44 licensed international insurance entities, taking the total number to 731 at the end of April. Therefore, we can see that, in broad terms, Guernsey’s finance industry is performing robustly in what are difficult global economic conditions,” she continues.

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