Industry News

State Bank of India said that it has signed a memorandum of understanding with Brookfield Asset Management to purchase distressed assets. Brookfield will commit a little more than a billion dollars to the fund and SBI will contribute up to 5% of the total investments by the fund."/>
Funds chase stressed assets down the rabbit hole [Mint, New Delhi]
Moody's Investor Services. Growing at a fast clip of 10.6% a year, the external debt of emerging economies has tripled over the last decade to $8.2 billion in 2015, said the global rating agency in a report on Thursday. Moody's studied 83..."/>
Emerging economies become vulnerable as foreign debt rises [Mint, New Delhi]
Axis Bank Ltd reduced its base rate by 10 basis points to 9.35% per annum. One basis point is one-hundredth of a percentage point. The impact of this rate change will be only on those borrowers who have taken a loan on base rate."/>
One-minute guide: Interest rate on home loans [Mint, New Delhi]
Consolidated-Tomoka Land Co.."/>
Developer now plans 6,900 homes in Daytona [The News-Journal, Daytona Beach, Fla.]
3 Shore employers that are hiring [Asbury Park Press, N.J.]
Moody's Investors Service, but a brief report issued Thursday by the ratings agency reiterated that it has not forgotten about the state's money troubles. The report immediately notes that the Legislature adjourned July 18, when the Senate gaveled out following the House's wrap-up a few days prior, without progress in addressing the multi-billion dollar budget deficit. "The failure to devise a..."/>
Moody's report adresses little change in budget, politics [Alaska Journal of Commerce, Anchorage]
BGC Partners, Inc. has agreed to acquire the businesses of UK-based independent financial brokerage Sunrise Brokers Group, the company said. Details of the transaction were not disclosed. Completion of the transaction is subject approvals and conditions."/>
BGC Partners Agrees to Acquire UK Financial Brokerage
M and A Navigator: Deal pipeline –22 July
Heritage Financial Corp., which announced earnings Thursday, reported it earned a $8.9 million profit in the quarter, or 30 cents a share, compared with $8.7 million profit, or 29 cents a share, in the same period a year ago. Loan growth has been strong."/>
Heritage Financial reports second-quarter profit of nearly $9 million [The Olympian (Olympia, Wash.)]
Assured Guaranty Ltd. released the following statement regarding the motion and form of complaint it filed today challenging the Commonwealth of Puerto Rico’ s Executive Orders diverting pledged toll revenue collateral that secures the payment of bonds issued by the Puerto Rico Highways and Transportation Authority. These PRHTA toll revenues are not subject to clawback for payment of the Commonwealth’ s general obligation debt under the Puerto Rico..."/>
Assured Guaranty Files Motion to Lift Stay and Challenge the Commonwealth’s Executive Orders Diverting PRHTA Pledged Toll Revenues Not Subject to Clawback
F.N.B. Corp. is pushing into the Carolinas with a $1.4 billion deal to buy Raleigh-based Yadkin Financial Corp.."/>
First National Bank parent buying Carolinas bank Yadkin Financial [The Pittsburgh Tribune-Review]
Bank of New York Mellon struggled with declining revenue in the second quarter and executives promised to hold costs down for the rest of the year as the bank searches for ways to improve profitability amid low interest rates. The New York-based bank, which has 7,000 employees at its corporate office in Pittsburgh, is looking to keep expenses flat for the rest of the year amid weak global economic growth that has kept interest rates low,..."/>
BNY Mellon sees dip in 2nd quarter profit [The Pittsburgh Tribune-Review]
Bank of Santa Clarita today announced continuing significant growth in loans for the second quarter of 2016, as total loans grew to $209.5 million, a growth of 14% in the first half of 2016; moreover, the Bank noted that from June 30, 2015 to June 30, 2016, its loan portfolio had increased from $173.0 million, a growth rate of 21% from the year-earlier total. The Bank also reported second quarter net earnings of $388,000, an increase of 61% over first quarter..."/>
Bank of Santa Clarita Announces Growth in Loans, Deposits and Record Quarterly Earnings
DST Systems Inc. on Thursday reported a sharply lower second-quarter profit, citing costs from recent layoffs and lower investment sales. The $53 million profit equaled $1.58 a share. A year ago, DST Systems earned $107.5 million, or $2.91 a share, thanks in part to $100.3 million in proceeds from selling investments such as shares it owned in State Street Corp. Investment sales in the recent quarter totaled $31.8 million."/>
DST Systems earnings down on smaller investment sales [The Kansas City Star]
BancorpSouth Inc. reported its second-quarter profit dipped to $34.7 million, or 37 cents per share, compared to $39.7 million, or 41 cents per share, for the same period in 2015.. The Tupelo, Mississippi-based company said its earnings took a $4.1 million hit on the value of its its mortgage servicing rights. Lenders can sell the rights to service an existing mortgage to another firm or service the loans in-house, which saves the company money."/>
BancorpSouth's second-quarter profits slip [The Advocate, Baton Rouge, La.]
First Financial Bankshares Thursday reported another quarter of increased earnings-- 5.94 percent this time. Those earnings were tempered by oil prices and Mother Nature. Scott Dueser, chairman, president and CEO of the Abilene-based financial holding company, said he is pleased with the continued growth, and hopes things align better this quarter."/>
Oil prices, weather temper First Financial earnings growth [Abilene Reporter-News, Texas]

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