Washington - US President Barack Obama was to court support from banking executives later Friday in an effort to transcend the furious standoff between the public and the industry over bailouts and bonuses.
The meeting at the White House was to include chief executive officers Vikram Pandit of Citigroup Inc, Jamie Dimon of JPMorgan Chase & Co and Lloyd Blankfein of Goldman Sachs Group Inc.
A total of 15 executives from the nation's largest banks were to join the meeting, Bloomberg financial news service reported.
Union Bank of India, one of India's largest state-run banks, announced that it has raised an additional capital of Rs 140 crore through issue of subordinated perpetual bonds.
The issue opened on March 19 and was closed on March 25, as against original closure date of March 26, 2009.
The bonds allotment will be finished on March 30, 2009.
The bonds carry a coupon rate of 9.10%, which will be payable on an annual basis.
Beijing - Two major US financial firms are considering selling some of their shares in China's biggest commercial bank, the Industrial and Commercial Bank of China (ICBC), according to reports seen on Thursday.
A joint agreement on Wednesday leaves Goldman Sachs free to sell up to 20 per cent of its stake in ICBC, the Chinese bank said in a statement.
Goldman Sachs holds 4.93 per cent of ICBC's shares, with an estimated value of 7.5 billion dollars.
Oslo - The Norwegian central bank on Wednesday lowered its lead rate a further 0.50 percentage points to 2.00 per cent, as part of attempts to reduce the impact of the weakened global economy on Norway.
The new cut takes effect Thursday, the central bank said.
Norges Bank deputy governor Jan F Qvigstad said in a statement that "the outlook for the global economy has deteriorated."
Amsterdam - Dutch ING Bank has asked its top 1,200 managers not to accept their bonuses for the year 2008.
Quoted in Dutch daily newspaper Volkskrant on Monday, ING's Jan Hommen, who will formally be appointed as chief executive officer in April, said many managers are prepared not to accept their bonus.
Hommen, who spoke about a "moral appeal" to ING's managers, said the Dutch bank would only pay bonuses during 2009 "after a new reward system has been established."
The Reserve Bank of India may again revise key interest rates by around 50 basis points in next couple of days at a time when inflation rate reduced to 0.44 per cent and country is moving toward deflation.
The significant decline in inflation gives enough room to Apex bank for interest rate revision in order to stimulate demand in the economy, facing the heat of global slowdown. However, the central bank is unlikely to revise cash reserve ratio and statutory liquid ration according to the officials of finance ministry.
Washington - US President Barack Obama was to court support from banking executives later Friday in an effort to transcend the furious standoff between the public and the industry over bailouts and bonuses.
Union Bank of India, one of India's largest state-run banks, announced that it has raised an additional capital of Rs 140 crore through issue of subordinated perpetual bonds.
Beijing - Two major US financial firms are considering selling some of their shares in China's biggest commercial bank, the Industrial and Commercial Bank of China (ICBC), according to reports seen on Thursday.
Oslo - The Norwegian central bank on Wednesday lowered its lead rate a further 0.50 percentage points to 2.00 per cent, as part of attempts to reduce the impact of the weakened global economy on Norway.
Amsterdam - Dutch ING Bank has asked its top 1,200 managers not to accept their bonuses for the year 2008.
The Reserve Bank of India may again revise key interest rates by around 50 basis points in next couple of days at a time when inflation rate reduced to 0.44 per cent and country is moving toward deflation.
