Bank and Insurance

Mining News Pro - A Tanzanian hand-miner became an instant millionaire after selling the two of the largest tanzanite gems ever discovered to the government.

Mining News Pro - The State-owned Land and Agricultural Development Bank of South Africa announced in an update on liquidity that it would be raising R3-billion and restructuring its debt.

Mining News Pro - Fully-digital retail finance house TymeBank is poised to achieve its two-million-customer milestone three months ahead of schedule, African Rainbow Capital (ARC), its majority shareholder, stated on Friday.

Mining News Pro - The bank`s provision coverage ratio improved to 72.48 per cent at end of March 2020, up from 67.16 per cent in March 2019.

Mining News Pro - Bank of Nova Scotia has set aside C$232 million ($168 million) to cover the cost of winding down its historic precious-metals unit as well as a potential settlement of U.S. investigations into the unit’s trading activities.

Mining News Pro - The World Gold Council (WGC) in its latest `Central Bank Gold Reserves (CBGR)` survey highlights several notable shifts in central bank attitudes towards gold this year.

Mining News Pro - Three dozen lawmakers are pushing the Trump administration to get tough on banks and asset managers that restrict financing for oil drilling and coal mining, arguing they are “discriminating against America’s energy sector” and it “must be confronted.”

Mining News Pro - HSBC Holdings Plc, one of the largest players in the gold market, was caught out in March as lockdowns disrupted physical shipments of bullion and caused prices to diverge dramatically in key trading hubs.

Mining News Pro - Bank of America Corp. raised its 18-month gold-price target to $3,000 an ounce — more than 50% above the existing price record — in a report titled “The Fed can’t print gold.”

Mining News Pro - Gold has rarely been a hotter trade, but the world’s two most important markets remain out of sync. In New York, the price of gold topped $1,750 for the first time in seven years on April 9. In London, it still hasn’t caught up.

Mining News Pro - Russia’s central bank is considering how to help the country’s commercial banks with gold storage after complications with bullion exports because of the coronavirus crisis.

Mining News Pro - The latest data from the World Gold Council (WGC) shows that central banks’ monthly net gold purchases increased in both January and February, following December’s five-month low.

Mining News Pro - Around the world, central banks and supranational organizations – such as the International Monetary Fund and the Bank of International Settlements – currently hold nearly 34,000 tonnes of gold as reserve assets, the World Gold Council reported in a market primer on Thursday.

Mining News Pro - Canada’s economic heartland is shutting down as Ontario and Quebec step up efforts to slow down the coronavirus outbreak.

Mining News Pro - Global central bankers enter a new week under fresh pressure to outline the next steps in their battle to address the impact of the coronavirus outbreak.

Mining News Pro - Standard Bank Group, Africa’s biggest bank by assets, has become the first South African lender to release its policy toward funding of thermal coal mining and power projects.

Mining News Pro - Prior to a major press conference to be held next week at the COP25 Climate Change Conference in Madrid, the European Investment Bank issued a press release stating that it has stopped financing unabated fossil fuels to do its part to limit the damage caused by climate change.

Mining News Pro - A major gold-buying spree by central banks is likely to persist in the coming years, according to Australia & New Zealand Banking Group Ltd., which flagged the potential for further purchases by nations including China.

Mining News Pro - Australia’s Danakali (ASX, LON:DNK) scored on Thursday its second win this week after the African Export Import Bank (Afreximbank) approved a credit that allows the company to start building a power plant at its world-class Colluli potash project in Eritrea, Africa.

Mining News Pro - European central banks have ditched a 20-year-old agreement to coordinate their gold sales, saying they have no plans to sell large amounts of the metal, the European Central Bank (ECB) said on Friday.

In Picture