POLL-Hungary central bank to keep rates unchanged next week

By Gergely Szakacs

BUDAPEST, Oct 14 (Reuters)The National Bank of Hungary (NBH) is likely to leave its base rate and overnight deposit rate unchanged on Tuesday after weaker-than-expected September consumer prices data eased some concerns about inflation, a Reuters poll of economists showed.

All 22 analysts in the Oct. 12-14 survey said the NBH would leave its base rate on hold at 0.6% HUINT=ECI. The 10 economists who gave a forecast for the overnight deposit rate said it would also remain steady at -0.05% HUODPO=ECI.

Just two days after keeping rates on hold at its September policy meeting, the bank raised the interest rate on its one-week deposit facility by 15 basis points to 0.75% NBHK on Sept. 24 to arrest a slide in the forint EURHUF=.

Central Europe’s worst-performing unit firmed below the 360 per euro mark last week after data showed Hungarian

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Kotak Mahindra Bank Debit Cards, Credit Cards users alert! Update on making payments, bills



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Kotak Mahindra Bank on Wednesday announced that its VISA debit and credit cardholders can now make payments via the Google Pay mobile app. Using a process called tokenisation that hides sensitive card information, Kotak customers can now link their Kotak debit and/or credit card to Google Pay and then seamlessly and securely digitally transact using their mobile phones across different payment platforms.

“Not only is this process highly secure, but also very convenient as cardholders now do not need to enter their card information for every transaction, transforming the end-user experience,” Kotak Mahindra Bank said.

“Under this value proposition, Kotak customers can now use their Kotak VISA debit and/or credit cards to make payments virtually via Google Pay. Put simply, sensitive card information such as the card number, expiry date, CVV etc. is replaced with a ‘token’, and this token gets used for processing payments

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Markets Listless as Investors Await Bank Earnings: Live Business Updates

Credit…Tom Jamieson for The New York Times

For some companies, the only response to the pandemic has been to hunker down and try to avoid running out of cash before their customers can return.

Pret, the 37-year-old British sandwich and coffee chain that’s ubiquitous in central London, is now clearly willing to try anything, Eshe Nelson reports:

  • Pret wants to sell its food in supermarkets, and has already begun selling coffee beans on Amazon.com.

  • It has signed up to all the major food delivery platforms to bring its sandwiches, soups and salads to its work-from-home customers.

  • It opened a so-called dark kitchen in North London to prepare its food strictly for delivery, modeled on the success of Sweetgreen and Shake Shack,

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Central bank says no license needed for foreign lending in Uganda

By Elias Biryabarema

KAMPALA, Oct 14 (Reuters)Uganda’s central bank said on Wednesday foreign-based banks do not need its license to lend funds originating abroad, reassuring an industry jolted by a court ruling last week that declared some syndicated loans involving foreign banks illegal.

The loans affected by the Commercial Court ruling represent at least $1.5 billion worth of debt, according to an industry body.

The Bank of Uganda said it did not regulate lending that involved “using funds obtained from foreign banks that do not take deposits from the public in Uganda.”

“Foreign banks lending deposits held in jurisdictions other than Uganda are regulated and supervised by their home authorities,” it said in a statement. “It is not mandatory for a foreign bank to establish a representative office in Uganda in order to conduct lending.”

The central bank’s position does not override the court’s ruling but it

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South Korea’s central bank keeps rates steady as growth outlook sours

People cross a road in front of the Bank of Korea in Seoul on Aug. 27, 2020.

Jung Yeon-je | AFP | Getty Images

South Korea’s central bank kept its policy rate steady on Wednesday as it sought to keep a lid on red-hot property prices, even as it expects the economy to see the worst contraction in over two decades in
2020 due to the coronavirus pandemic.

The Bank of Korea kept the base rate steady at a historic low of 0.5%, as expected by all 34 economists in a Reuters poll. The central bank has cut rates by 75 basis points so far this year and ramped up bond-buying purchases to help the economy withstand the coronavirus fallout.

The decision to hold fire comes as Seoul’s median home prices have risen more than 50% in the past three years, despite slumping economic activity in 2020.

Asia’s fourth-largest economy

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Bulgaria central bank revises up its GDP forecast to 5.5% decrease

SOFIA, Oct 13 (Reuters) – Bulgaria’s central bank said on Tuesday the impact of the coronavirus on the Bulgarian economy this year would be less harsh than initially expected and revised its GDP forecast to a contraction of 5.5% from a previously expected decline of 8.5%.

The bank said the slower contraction this year and expected more moderate demand for Bulgarian exports over the next two years will slow the rate of the economic recovery. It cut its forecast of GDP growth in 2021 to 4% from a previous forecast of 5.1%.

The central bank sees the Balkan country returning to its 2019 growth level by the middle of 2022.

“Compared to our previous forecast based on data up to June 22, the real GDP is expected to mark a lower decline in 2020 and economic activity to register weaker growth in 2021–2022,” it said in a statement.

The central

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M&T Bank: A Cheap Valuation Sets Up The Stock To Bounce After Third Quarter Earnings (NYSE:MTB)

Investment Thesis

Headquartered in Buffalo, New York, M&T Bank Corporation (MTB) is a $140 billion asset holding company and parent to M&T Bank. MTB has offices located throughout the Northeastern United States. Specifically, the bank has 785 branches located in Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and a few other states.

While MTB is more of your classical “loans and deposits” type community banks, relative to super regional peers, it does have a strong wealth management presence associated with its Wilmington Trust business. While most other banks focus on growth first, I believe MTB is more focused on sound credit quality above all else. As one can see from the charts below (under “Credit Analysis”), the bank did quite well during the last recession in terms of credit pain.

As one can see from the valuation chart below, the current valuation (in terms of Price to Tangible

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Central Bank Policies Weigh On The Value Of The Dollar And All Fiat Currencies (NYSEARCA:UDN)

On October 1, I suggested that the dollar index bounce would run out of upside steam sooner rather than later. In that piece, I wrote, “I continue to favor selling the dollar on a scale-up basis during the current rebound.” On October 1, the dollar index was trading at around the 94 level. On October 2, it reached a high of 94.09. Since them, the index has been back on slippery slope lower and was just above the 93 level on Monday, October 12.

The dollar is the world’s reserve currency, and the dollar index measures the value of the US currency against other reserve currencies. The index has a 57.6% weighting against the euro, the second leading reserve currency. Status in the exclusive club is limited to foreign exchange instruments that central banks worldwide favor as currency holdings. For most monetary authorities, the dollar and euro

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Day support zone on Nifty is 11,800-11,850 & Bank Nifty is 23,450-23,550



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Amid neutral global markets, futures & Options (F&O), sentiment, negative foreign institutional investors (FIIs) and domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Tuesday, October 13, 2020. 

Domestic equity benchmarks ended with minor gains after a volatile session on Monday, October 12, 2020. The S&P BSE Sensex gained 84.31 points or 0.21 per cent to close at 40,593.80. The Nifty 50 index added 16.75 points or 0.14 per cent to end at 11,930.95. However, Bank Nifty closed 134 points or 0.56 per cent low at 23,712.80.

On the other hand, the broader market at BSE declined, underperforming the Sensex. The BSE Mid-Cap index fell 0.48 per cent and the BSE Small-Cap index slipped 0.4 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 13:

Day support zone on Nifty is 11,800-11,850, below

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G20 Finance Ministers and Central Bank Governors Meeting and Virtual Press Conference to be held October 14

Press release content from PR Newswire. The AP news staff was not involved in its creation.

Press release content from PR Newswire. The AP news staff was not involved in its creation.

October 12, 2020 GMT

RIYADH, Saudi Arabia, Oct. 12, 2020 /PRNewswire/ — The fourth G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting will be held virtually on October 14 under the Saudi G20 Presidency to discuss the global economic development and support a swift and sustained global economic recovery. FMCBGs will also discuss updates to the G20 Action Plan – Supporting the Global Economy through the COVID-19 Pandemic (the G20 Action Plan) – in addition to the progress made on the G20 Debt Service Suspension Initiative and its proposed extension into 2021.

After the conclusion of the meeting, a virtual press conference will be conducted at 6:15 PM Riyadh time (UTC+3) by the

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