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Tag: Dollar

Big banks get green light to make short-term, small dollar loans

Big banks get green light to make short-term, small dollar loans

Finance
Consumers who rely on payday loans to fill their budget gaps may have a new option to turn to: traditional banks. National banks just received the go-ahead to serve that market from their regulator, the Office of the Comptroller of the Currency. On Wednesday, Comptroller of the Currency Joseph Otting called for national banks and federal savings associations to step into the short-term, small-dollar installment loan market. These loans typically range from $ 300 to $ 5,000, according to the regulator. And that adds up to about $ 90 billion in loans ta...
Dollar Firms Ahead of What is Expected to Be Strong US Jobs Data

Dollar Firms Ahead of What is Expected to Be Strong US Jobs Data

Finance
Shutterstock photoThe US dollar is firm but is not going anywhere quickly.   The lack of fresh interest rate support and uncertainty over the US tax proposals, which the Brady, the Chair of the House Ways and Means Committee hopes to have a revised version out after the weekend so the committee work can begin on Monday.   The popular press seems to focus on some objections by Democrats, but this misses the point.   The Republicans hope to pass tax reform without relying on Democrats.  It is the same strategy employed for health care reform, and the problem then and the challenge now is within the Republican Party and its constituencies.  A wing of the GOP wants no increase in the deficit, and another wing wants lower taxes.  Immediately upo...
Multimillion dollar drilling campaign envisioned for Guinea-Bissau

Multimillion dollar drilling campaign envisioned for Guinea-Bissau

Business
Aug. 25 (UPI) -- West Africa-focused energy company FAR Ltd. said it increased its leverage over a multi-million barrel prospect offshore Guinea-Bissau.The company, which has headquarters in Australia, said the government of Guinea-Bissau signed off on an April agreement with the country's national oil company, Petroguin, to improve its interest from 15 percent to 21.42 percent. In addition, FAR said it was awarded a reduction in royal payments owed to the government and a three-year extension of its licenses to 2020.FAR Managing Director Cath Norman said the prospects offshore Guinea-Bissau are similar to those at its flagship holdings off the coast of Senegal."FAR has previously mapped a 470 million barrel prospect called Atum on the Guinea-Bissau shelf edge in a play similar to the larg...
Yellen Fails To Deliver But Is The Dollar Dead?

Yellen Fails To Deliver But Is The Dollar Dead?

Finance
Shutterstock photoInvestors have been skeptical of the Fed's hawkishness in the days leading up to Janet Yellen's testimony and when she failed to sufficiently emphasize the improvements in the economy, the dollar U-turned as the bulls abandoned their trades quickly. USD/JPY dropped below 113 and EUR/USD rose to 1.1480.  However by the end of the North American trading session, USD/JPY moved back above 113 to settle above this key level and EUR/USD came off its highs after having dipped briefly below 1.14.  This leads investors to wonder if we've seen the end to the dollar's rally, at least for the time being.  To answer that question, we need to look at what Yellen said. In her prepared comments, she said additional gradual rate hikes will be needed over the next few years but rates won't