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Another auction set for closed banks’ assets   

The Philippine Deposit Insurance Corp. will put up P48.9 million worth of residential and commercial lots owned by padlocked banks for sale......»»

Category: financeSource: philstar philstarMar 19th, 2023

Auction set for assets of closed banks

The Philippine Deposit Insurance Corp. will put up for sale P151 million worth of commercial and residential lots owned by padlocked banks......»»

Category: financeSource:  philstarRelated NewsSep 2nd, 2023

PDIC to auction P115 million assets of closed banks

The Philippine Deposit Insurance Corp. will put up for sale P115 million worth of agricultural and residential lots owned by padlocked banks......»»

Category: financeSource:  philstarRelated NewsJul 23rd, 2023

PDIC sets auction of closed banks’ assets  

The Philippine Deposit Insurance Corp. will put up for sale P50.11 million worth of residential lots, vehicles and other assets owned by padlocked banks......»»

Category: financeSource:  philstarRelated NewsApr 15th, 2023

Another auction set for closed banks’ assets   

The Philippine Deposit Insurance Corp. will put up P48.9 million worth of residential and commercial lots owned by padlocked banks for sale......»»

Category: financeSource:  philstarRelated NewsMar 19th, 2023

Another auction set for closed banks’ assets   

The Philippine Deposit Insurance Corp. will put up P48.9 million worth of residential and commercial lots owned by padlocked banks for sale......»»

Category: financeSource:  philstarRelated NewsMar 19th, 2023

PDIC sets auction of closed banks’ assets

The Philippine Deposit Insurance Corp. will put up for sale P92 million worth of 47 agricultural lots formerly owned by shuttered banks......»»

Category: financeSource:  philstarRelated NewsJul 3rd, 2021

Closed banks’ agriculture lots to be sold for P189 million

State-run Philippine Deposit Insurance Corp.is set to auction P189 million worth of agricultural lots owned by padlocked banks through a public electronic bidding on Nov. 8......»»

Category: financeSource:  philstarRelated NewsOct 15th, 2023

Oil prices jump as Hamas attack on Israel fuels supply fears

Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East. The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high owing to Saudi Arabia and Russia's output cuts. It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions. The surprise attack and Israel's declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran. "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia," said ANZ Group's Brian Martin and Daniel Hynes. "Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected." Both main contracts surged more than five percent in early Asian business before easing back as the day wore on. However, SPI Asset Management's Stephen Innes warned: "Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises. "Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilizes. "But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario." A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars. The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows. Gold, another key haven, gained more than one percent. Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy. There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose as it opened in the afternoon, having been closed in the morning owing to a typhoon. Sydney and Jakarta eked out gains. Tokyo was closed for a holiday. London edged up at the open while Paris and Frankfurt were lower. The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing. The "Goldilocks" figures -- neither too strong nor too weak -- lifted optimism the world's top economy can avoid a recession even as the Federal Reserve keeps rates elevated. Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target. Key figures around 0715 GMT West Texas Intermediate: UP 3.5 percent at $85.69 per barrel Brent North Sea crude: UP 3.1 percent at $87.23 per barrel Hong Kong - Hang Seng Index: UP 0.4 percent at 17,552.01 Shanghai - Composite: DOWN 0.4 percent at 3,096.92 (close) London - FTSE 100: UP 0.3 percent at 7,518.16 Tokyo - Nikkei 225: Closed for a holiday Euro/dollar: DOWN at $1.0540 from $1.0588 on Friday Pound/dollar: DOWN at $1.2195 from $1.2234 Dollar/yen: DOWN at 149.15 yen from 149.30 yen Euro/pound: DOWN at 86.49 pence from 86.52 pence New York - Dow: UP 0.9 percent at 33,407.58 (close) (Bloomberg News contributed to this story) The post Oil prices jump as Hamas attack on Israel fuels supply fears appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsOct 9th, 2023

Government raises P172 million from sale of closed banks’ assets  

The Philippine Deposit Insurance Corp. earned some P172 million from disposing assets of padlocked banks in the first semester of the year......»»

Category: financeSource:  philstarRelated NewsSep 20th, 2023

Closed banks’ assets up for sale

The Philippine Deposit Insurance Corp. will put up for sale P137.5 million worth of commercial and residential lots owned by padlocked banks......»»

Category: financeSource:  philstarRelated NewsJun 29th, 2023

UBS completes Credit Suisse takeover

UBS finalized the takeover of its former rival Credit Suisse on Monday, clearing the way for the Herculean task of integrating two of the world's most important banks. UBS, Switzerland's leading bank, was forced into the marriage on March 19 to prevent its closest domestic rival from going under -- which potentially could have had catastrophic consequences for the global financial system. "UBS has completed the acquisition of Credit Suisse today, crossing an important milestone," the bank announced. "Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group." UBS chairman Colm Kelleher said he was pleased to have closed the transaction in under three months, "bringing together two global systemically important banks for the first time. "We are now one Swiss global firm and, together, we are stronger," he said. The technically- and politically-complex merger has created a megabank bigger than anything Switzerland has seen before -- and its size has some politicians worried, fearing it could not be rescued if it too got into trouble. No other option "We consider the merger to be a massive task with substantial executions risks," said ING senior sector strategist Suvi Platerink Kosonen. For Thomas Jordan, chairman of Switzerland's central bank, there was no other solution. "Of course, it's a pity there is only one (big bank) left. But I am sure that if the takeover by UBS hadn't succeeded, there would have been an international financial crisis," the Swiss National Bank chief told the SonntagsZeitung weekly newspaper. UBS chief executive Sergio Ermotti said Monday that "instead of competing, we'll now unite as we embark on the next chapter of our joint journey. Together, we'll present our clients an enhanced global offering, broader geographic reach, and access to even greater expertise." But he warned Friday that the coming months are likely to be "bumpy", saying the operation would require "waves" of difficult decisions, particularly regarding employment. At the end of 2022, the two giants had around 120,000 employees worldwide, including 37,000 in Switzerland. Ermotti told public broadcaster SRF that around 10 percent of the Credit Suisse workforce had left in recent months. "It helps in part to mitigate the social costs a bit, which we're pleased about," he said while adding that it showed there was competition in the sector, and "people who are willing to hire employees". Just the beginning For the time being, the two banks will continue to operate separately under the UBS umbrella. But UBS has already created a new board of directors for certain Credit Suisse operations, headed by current UBS vice-chairman Lukas Gaehwiler. Credit Suisse risked collapse when its share price plunged more than 30 percent during trading on March 15, after three US regional lenders folded. A series of scandals had undermined confidence in the 167-year-old bank. The Swiss government, the central bank, and the financial regulators FINMA stepped in and strongarmed UBS into a quickfire $3.25 billion takeover announced on March 19. The deal includes guarantees for UBS in case there are any nasty surprises in the Credit Suisse cupboards, and liquidity to facilitate the takeover. In an internal memo to staff, seen by AFP, UBS executives welcomed Credit Suisse workers, calling for "patience" from all employees while concrete details are worked out. "The most crucial phase is just beginning," Kelleher and Ermotti said. Clarity and stability According to the Financial Times newspaper, UBS will impose red lines on Credit Suisse staff on the type of business they can do while waiting for the integration to be completed. And UBS executives have been careful to highlight their conservative approach to risk, saying the integration cannot be compromised. The outline of UBS's plans should become clearer when it publishes its second-quarter financial results. The bank has pushed the publication date back by more than a month to August 31. FINMA said the merger completion "marks the end of a phase of great uncertainty" and "creates clarity and stability". "FINMA welcomes UBS's strategic focus, which foresees a rapid reduction of risk in investment banking," it said in a statement, referring to the most troubled part of Credit Suisse's operations. UBS expects its CET1 capital ratio, which compares a bank's capital to its risk-weighted assets, to be around 14 percent in the second quarter of 2023. Monday marks the last trading day for Credit Suisse shares on the Swiss stock exchange. Shareholders will receive one UBS share for every 22.48 Credit Suisse shares. The post UBS completes Credit Suisse takeover appeared first on Daily Tribune......»»

Category: sportsSource:  abscbnRelated NewsJun 12th, 2023

PDIC sets auction of closed banks’ lots

The Philippine Deposit Insurance Corp. will put up for sale P95.6 million worth of 86 residential and agricultural lots owned by padlocked banks......»»

Category: financeSource:  philstarRelated NewsMar 5th, 2023

PDIC to auction lots of padlocked banks

The Philippine Deposit Insurance Corp. will put up for sale P65.6 million worth of 30 residential and commercial lots owned by closed banks......»»

Category: financeSource:  philstarRelated NewsFeb 7th, 2023

PDIC to auction closed banks’ farm lots

The Philippine Deposit Insurance Corp. will put up for sale P27.2 million worth of 19 agricultural lots owned by padlocked banks......»»

Category: newsSource:  philstarRelated NewsNov 19th, 2022

PDIC to auction lots of closed banks

The Philippine Deposit Insurance Corp. will put up for sale P123.8 million worth of 58 residential and commercial lots owned by padlocked banks......»»

Category: financeSource:  philstarRelated NewsOct 30th, 2022

PDIC launches e-bidding portal for asset disposal

Government-owned Philippine Deposit Insurance Corp. has shifted its mode of asset disposal for corporate and closed banks’ assets particularly real estate properties to an electronic platform......»»

Category: financeSource:  philstarRelated NewsMar 13th, 2021

P115 million worth of properties up for auction

State-run Philippine Deposit Insurance Corp. is set to dispose P115.1 million worth of various properties of padlocked banks......»»

Category: financeSource:  philstarRelated NewsFeb 3rd, 2024

Bank assets hit P24 trillion in 9 months

The resources of Philippine banks grew by 8.7 percent to P24.7 trillion from January to September this year versus last year’s P22.72 trillion, according to the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  philstarRelated NewsNov 23rd, 2023

PDIC to put up P133 million properties for auction

The Philippine Deposit Insurance Corp. will put up for sale P133 million worth of commercial lots owned by padlocked banks......»»

Category: financeSource:  philstarRelated NewsOct 21st, 2023

Stocks retreat, oil prices advance on Middle East fears

Stock markets slid and oil prices jumped Friday on worries that an expected ground invasion of Gaza by Israel would spark a wider conflict in the crude-rich Middle East. Risk aversion was compounded by US Federal Reserve boss Jerome Powell, who signalled a pause in interest rates at the bank's next meeting but left open the prospect of a later hike. Wall Street moved lower from the opening bell while Europe's main stock markets closed down more than one percent. Brent North Sea crude, the international benchmark, was up one percent at more than $93 per barrel. Gold, a go-to haven asset in times of uncertainty, hit close to $2,000 an ounce. "It has been a tumultuous and eventful week for the global financial markets," said Fawad Razaqzada, market analyst at City Index and Forex.com. "The ongoing situation in the Middle East has triggered a surge of volatility in the oil and stock markets, compelling investors to re-evaluate their strategies and shift their focus from riskier assets to 'safer' investments," he wrote in a note. That has in particular led to a rush into gold. "Gold's safe-haven status has been questioned on a number of occasions over recent years, but times like this highlight that in times of significant uncertainty, traders look for assets with a track record," said market analyst Craig Erlam at OANDA. Hamas carried out a deadly attack on Israel from the Gaza Strip on October 7, and killed at least 1,400 people, mostly civilians who were shot, mutilated or burned to death, according to Israeli officials. In response, Israel launched a relentless bombing campaign on Gaza. More than 4,100 Palestinians, mostly civilians, have been killed, according to the latest toll from the Hamas-run health ministry. Traders are also wrestling with the prospect that US interest rates will remain elevated for some time as the Fed battles to contain inflation. On Thursday, Powell suggested decision-makers would not hike rates at their next meeting at the end of October but left the door open to more tightening down the line. News that weekly jobless claims in the United States came in lower than expected, suggesting the labour market was tighter than many predicted, dealt a blow to traders' confidence. "Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal," Powell told a conference in New York. Additional evidence of "persistently above-trend growth" or fresh signs of tightness in the labour market "could warrant further tightening of monetary policy". Investors have also tracked the yield on the 10-year US Treasury note, seen as a proxy for US interest rates, which stood just below five percent on Friday after briefly hitting that level for the first time since 2007 a day earlier. In Britain, the yield on 30-year government bonds rose to their highest since 1998 at 5.16 percent. In currency markets, the dollar was close to topping 150 yen after surpassing the psychological level at the start of October for the first time in a year. The post Stocks retreat, oil prices advance on Middle East fears appeared first on Daily Tribune......»»

Category: sportsSource:  abscbnRelated NewsOct 20th, 2023