Exclusive: Russia expects to recover far less from 'bad bank' assets – sources

Russia will dramatically cut its estimate of the sum it expects to recover from a “bad bank” set up after the collapse of three major lenders, according to three sources familiar with new calculations being prepared for the central bank. The central bank has spent over $40 billion bailing out Otkritie, B&N and Promsvyazbank since 2017. It had hoped to recover between 40 and 60 percent of the value of their 2 trillion rubles ($30.45 billion) assets that were transferred to Trust Bank, the bad bank, in the rescue deal.

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Exclusive: Russia expects to recover far less from 'bad bank' assets – sources

General Motors’ Finance Arm Joins Blockchain Data Security Initiative

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General Motors’ Finance Arm Joins Blockchain Data Security Initiative

Iron Ore Futures Tumble in Singapore as Vale-Driven Rally Frays

Benchmark futures in Singapore plunged as much as 7 percent to $82 a ton, albeit in thin overnight action, before trading 4.7 percent lower at $84 by 3:04 p.m. The fall comes after prices broke above $90 last week, capping a 20 percent-plus surge over the past fortnight. On the Dalian Commodity Exchange, iron ore futures fell 2.8 percent, after closing limit-up Monday to their highest since March 2017 as Chinese traders played catch-up following the Lunar New Year break. “If there are no more additional closures or planned closures in Brazil, then there may be some kind of price correction,� Richard Lu, analyst at CRU Group in Beijing, said by phone.

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Iron Ore Futures Tumble in Singapore as Vale-Driven Rally Frays

Debenhams Gets Breathing Room With 40 Million-Pound Credit Deal

The company also announced an agreement with export and logistics company Li & Fung Ltd. on a sourcing partnership for Debenhams own-brand products. The deal “will help us anticipate and respond more quickly to trends and our customers’ preferences, as well as delivering better quality product,� Chief Executive Officer Sergio Bucher said in a statement Tuesday. Debenhams, laden with debt, has been caught up in the sweeping decline of the U.K.’s traditional downtown retailers.

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Debenhams Gets Breathing Room With 40 Million-Pound Credit Deal

Fed’s message on portfolio trimming: prepare, don’t fret

SAN FRANCISCO/NEW YORK (Reuters) – Federal Reserve policymakers are putting markets on notice that the central bank's $4.5 trillion balance sheet is back on the agenda in an apparent effort to give investors time to prepare for changes rather than to signal any action is imminent. The Fed amassed the bonds during and after the financial crisis to inject cash into the economy and put downward pressure on long-term rates, and has been keeping its portfolio steady since December 2013. While the Fed has only raised rates twice since the crisis, a number of Fed policymakers are already voicing support for allowing the debt holdings to shrink by letting bonds mature without reinvesting the proceeds.

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Fed’s message on portfolio trimming: prepare, don’t fret

China launches $11 billion fund for Central, Eastern Europe

China has set up a 10 billion euro ($11.15 billion) investment fund to finance projects in Central and Eastern Europe, Industrial and Commercial Bank of China said in a statement issued on Sunday. The China-Central Eastern Europe fund will be run by Sino-CEE Financial Holdings Ltd, a company established by the bank earlier this year. The company was formally launched by Premier Li Keqiang during his visit to Riga on Saturday.

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China launches $11 billion fund for Central, Eastern Europe

Wall Street dips as energy, consumer stocks weigh

Wall Street was modestly lower on Monday as energy stocks slipped along with oil prices, while Amazon and Netflix weighed on consumer discretionary stocks. Federal Reserve Vice Chairman Stanley Fischer warned that economic stability could be threatened by low interest rates and noted the central bank is “very close” to its employment and inflation targets, but said it was “not that simple” for the Fed to raise rates. The comments from Fischer, a dove who has supported a rate hike, come even as other Fed officials have recently said the current state of affairs may be about as good as it gets.

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Wall Street dips as energy, consumer stocks weigh

Fed could use reserves payments to stimulate U.S. economy: paper

The Federal Reserve could push banks to lend more by paying Wall Street smaller returns on money stashed at the U.S. central bank when inflation is low, according to an academic paper presented on Saturday. The proposal was one of several discussed at an international gathering of central bankers who are looking for ways to stimulate economies even after they have cut interest rates to near zero and flooded banks with money. In his paper, economist Ricardo Reis put forward a new way for the Fed to pay banks returns on the money they keep at the central bank, a tool that could potentially put the Fed's goal of keeping inflation at 2 percent on autopilot.

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Fed could use reserves payments to stimulate U.S. economy: paper

Divided Wall St. clings to view of one 2016 rate hike after jobs data: poll

Wall Street's top banks were almost evenly split over whether the Federal Reserve would raise U.S. interest rates in 2016, with a poll following Friday's strong jobs data showing a razor-thin majority expect the central bank to raise rates once by the end of the year. Eight of 15 of primary dealers, or firms that do business directly with the Fed, said the central bank would lift its target interest rate by 0.25 percentage point by the end of the year. While the result was little changed from the previous survey on June 15, the question on Wall Street now was not whether the Fed could manage one or two rate hikes, but whether it could pull off even one.

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Divided Wall St. clings to view of one 2016 rate hike after jobs data: poll

China central bank holds line on growth forecast but sees more pain to come

China's central bank slashed its forecast for exports on Wednesday, predicting a second straight annual fall in shipments, but said the economy will still grow 6.8 percent this year. The People's Bank of China (PBOC) also warned in its mid-year work report that the government's push to reduce debt levels and overcapacity could increase bond default risks and make it more difficult for companies to raise funds. “Since the beginning of this year, the global and domestic economic environment has experienced a number of changes,” the PBOC said in the report.

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China central bank holds line on growth forecast but sees more pain to come