Thursday 26th February 2015
NEWS TICKER, FEBRUARY 26TH 2015: The CME Group says that the volume in the Mexican peso interest rate clearing in the opening weeks of 2015 has outstripped the volume recorded in the whole of 2014. January was a particularly good month, with record volume m with $50bn cleared (MXN760bn), and $163bn cleared since launch. Meanwhile open Interest has grown to over $139.5bn (MXN2trn) – doubling since the start of the year - Italy’s payment systems specialist SIA reports operating margin up 22.5% at €81.9m and revenues up 7% at €336.9m over the 2014 financial year. The firm says it has proposed an ordinary dividend of €0.21 per share, with a total value of €35.68m. The firm reports a substantive 146% growth in the number of payment transactions processed through 2014 (touching 12bn over the year, with 9.2bn of those related to credit transfers (up 316%) and 3bn via cards (up 9%). The firm also reports a 5% increase in trading and post-trading operations, with service levels of 100%. The firm notes the success of its “Jiffy” service launch in the year, the new “Person to Person” (P2P) payments service, an App permitting money transfer in real time by Smartphone to a user’s contacts, associating the IBAN code of the account with the phone number included - The Straits Times Index (STI) ended -14.65 points lower or -0.43% to 3426.18, taking the year-to-date performance to +1.81%. The FTSE ST Mid Cap Index declined -0.31% while the FTSE ST Small Cap Index declined -0.29%. The top active stocks were SingTel (-0.47%), DBS (-0.66%), Global Logistic (+1.17%), UOB (-0.26%) and OCBC Bank (-0.38%). The outperforming sectors today were represented by the FTSE ST Consumer Goods Index (+0.77%). The two biggest stocks of the FTSE ST Consumer Goods Index are Wilmar International (+1.85%) and Thai Beverage (+0.71%). The underperforming sector was the FTSE ST Basic Materials Index, which declined -1.28% with Midas Holdings’s share price declining 3.08% and Geo Energy Resources’s share price unchanged. The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (-0.12%), STI ETF (-0.87%), SPDR Gold Shares (+0.50%). The three most active Real Estate Investment Trusts (REITs) by value were CapitaMall Trust (unchanged), Ascendas REIT (-1.59%), Suntec REIT (-0.51%). The most active index warrants by value today were HSI25000MBeCW150330 (+5.50%), HSI25000MBeCW150429 (+7.38%), HSI24400MBePW150330 (-10.11%). The most active stock warrants by value today were OCBC Bk MBeCW150803 (-5.74%), SGX MB eCW150803 (-1.16%), DBS MB eCW150915 (-5.33%) -World Bank today called for more transparency in India's power subsidy regime and suggested re-identification of the target population to improve the balance-sheets of losses-stricken distribution companies. The global development finance body says the sector should be allowed to operate in a commercially viable manner by ensuring that those firms that are not eligible for subsidy pay for what they consume - The country witnessed a decline of 12 per cent in solar power generation at a total 883 MW last year, according to energy consulting firm Mercom Capital Group. Total solar energy installations in 2013 stood at 1,004 MW, it said. However, its 2015 forecast remained unchanged at an approximately 1,800 MW with some upside - BNP Paribas Securities Services has appointed Andrea Cattaneo as head of Brazil. "We have expanded our custody offering in Brazil and across Latin America in recent years with great success," says Alvaro Camuñas, head of Spain and Latin America at BNP Paribas SS - A new draft text on an EU system for the use of Passenger Name Record (PNR) data, tabled by lead MEP Timothy Kirkhope (ECR, UK), was discussed in the civil liberties committee on Thursday morning. An evaluation of the necessity and proportionality of the proposal in the face of current security threats, its scope (list of offences covered), retention periods, the inclusion or exclusion of intra-EU flights, the connection with the on-going data protection reform, as well as the consequences of the EU Court of Justice judgement annulling the 2006 data retention directive, were among the issues discussed by MEPs. The 2011 Commission proposal would require more systematic collection, use and retention of PNR data on passengers taking “international” flights (those entering the EU from, or leaving it for, a third country), and would therefore have an impact on the rights to privacy and data protection.

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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