The Reserve Bank of India (RBI) Governor Raghuram Rajan's latest measure to slash benchmark repurchase rate is finally giving results as commercial banks started cutting down interest rates.
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Distancing from the impact of financial crisis, Bank of America (BoA) has posted positive numbers for the third quarter making its fourth consecutive quarter with profits. The Charlotte-based bank posted a net profit of $4.07bn for the third quarter. Despite its pedestrian performance in the third quarter ending September 2015, the bank has been able to post profits for the last four quarters. This is considered to be encouraging for the shareholders of $2.2trillion bank. The North America's second largest bank by assets suffered a drop of 2.5 percent in revenues owing lower interest rates. This resulted in 6.9 percent drop in net interest income.
Shrugging from the recent market crash, Nike and Under Armour stocks have emerged as major gainers on the Wall Street. Though these two companies are battle to capture higher market share in sportswear and star endorsements, but the athletic apparel makers are racing ahead in improving their financial performance.
Buoyed with drop in Australian currency and rise in revenues from its asset management unit and risk management fees, Macquarie Group Ltd is confident of achieving 40 percent growth in profits for the first half of 2015 year.
The global stock markets turmoil in August and China's economy slowdown have impacted hedge fund mogul William Ackman, who was one of the best performers in 2014. Ackman's Pershing Square Capital Management's Pershing Square LP fund dropped 7.7 percent in August making the total gain during the year at 0.06 percent flat growth.
The London property market that's been a favorite global hotspot for years, is fast losing its sheen as British pound becomes stronger, while emerging economies currencies are turning out to be weaker.
The continuous fall of peso currency is giving jitters to the Mexican economy. The second largest economy in Latin America is making all the possible efforts to prevent the arrest of its falling peso. It increased dollar auction level by almost four times to support the weakening peso.