Latest news with #BNY
Daily Tribune
12 hours ago
- Business
- Daily Tribune
Al Baraka integrates faith and fintech
TDT | Manama Al Baraka Islamic Bank is demonstrating that Islamic finance can deliver cutting-edge performance, earning global praise for its seamless USD payment processing while staying true to Sharia principles. The Bahrain-based bank has received the Straight-Through-Processing (STP) Award from The Bank of New York Mellon (BNY), a leading global financial services firm. The award recognises institutions with highly automated and accurate cross-border payment systems, validating Al Baraka's ability to blend ethical banking with digital sophistication. Global validation BNY grants the STP Award to financial institutions that meet the highest benchmarks in straight-through-processing of payments, meaning transactions completed without manual intervention. The award was presented by Salman Alhashimi, Head of MEA NBFIs and Deputy Head of the GCC Region at BNY, to Dr. Adel Abdullah Salem, CEO of Al Baraka Islamic Bank, in the presence of Hussain Yousif Atiya, Chief Corporate and Institutional Banking Officer. 'We are proud to receive this recognition from BNY, which reflects our continued focus on operational excellence and innovation in financial services,' said Dr. Salem. 'It is the result of our ongoing investment in digital infrastructure and our commitment to delivering efficient and reliable banking experiences to our clients.' Ethical meets efficient Atiya added, 'This award underscores the competence of our teams and their dedication to providing solutions that meet the highest standards for international banking and executing global payments. We're well poised to expand our offering of digital banking services to corporate and financial institution clients.' Al Baraka's achievement challenges assumptions that Islamic banks may lag in technological adoption due to Sharia governance frameworks. On the contrary, the bank's systems are not only compliant but also competitive, proving that religious values and world-class fintech can coexist.
Yahoo
2 days ago
- Business
- Yahoo
Analysis-Fed treads carefully, leaving markets anxious about tariff risks
By Davide Barbuscia and Lewis Krauskopf NEW YORK (Reuters) -A cautious Federal Reserve has put a damper on hopes for interest rate cuts, leaving investors on edge as they navigate a murky mix of geopolitical tensions, inflation risks, and looming growth drag from U.S. President Donald Trump's tariffs. The Fed on Wednesday kept the benchmark interest rate unchanged, as expected. While policymakers reaffirmed that they expected some reduction in borrowing costs this year, they dialed back the anticipated pace of future cuts because of the potential for higher inflation amid uncertainty over the Trump administration's proposed tariff plans. "The calm that the Fed has should be comforting to investors, but it also on the other hand reflects the incredible uncertainty that we have over all the data that is rolling forward," said Bob Savage, head markets strategist at BNY. Investors on Wednesday clung to expectations for two quarter-point rate cuts this year, in line with the median expectation of rate-setting Fed officials. Rates futures traders were largely betting on a cut between September and October, and a second one in December. The market remains on edge after the Fed slightly marked up the outlook for inflation this year. Fed officials revised inflation expectations to 3% this year from a previous forecast of 2.7%, June's summary of economic projections by the Fed showed. Economic growth forecasts for 2025 were revised to 1.4% from a March forecast of 1.7%. Compounding the Fed's more muted economic expectations, a deepening crisis in the Middle East and its potential to push energy prices higher overshadowed a soft core inflation reading for May that had offered some relief to the market. "There's not a lot of things out there that say inflation is going to crash to zero or negative, and so the skew is to the upside, and the Fed recognizes that," said Brad Long, chief investment officer at Fiducient Advisors. U.S. Treasury yields edged higher after Fed Chair Jerome Powell warned in Wednesday's press conference that goods inflation could pick up this summer as tariffs begin hitting consumers. The S&P 500 ended nearly flat on Wednesday, giving back earlier gains after Powell's remarks. Policymakers still anticipate cutting rates by half a percentage point this year, as they projected in March and December, but they slightly slowed the pace from there to a single quarter-percentage-point cut in each of 2026 and 2027, in a protracted fight to return inflation to their 2% target. The number of officials projecting no rate cuts this year increased compared to March, according to the widely followed "dot plot" included in the summary. Robert Tipp, chief investment strategist at PGIM Fixed Income, said the outcome was hawkish. "This Fed is laser-focused on inflation," he said. "They're willing to tolerate some weakness in growth." HOT SUMMER Trump has repeatedly pushed for lower interest rates, but on Wednesday Powell cautioned that a new wave of cost pressures may be on the horizon, as businesses across the supply chain wrestle with how to absorb tariffs. "Every outside forecaster and the Fed is saying ... that we expect a meaningful amount of inflation to arrive in coming months, and we have to take that into account," he said on Wednesday. Meanwhile, Trump said last week he would be willing to extend a July 8 deadline for completing trade talks with countries before higher U.S. tariffs take effect. Blake Gwinn, head of U.S. rates strategy at RBC Capital Markets, said the July tariff deadline remained key for markets. "If I'm thinking of risk events, that is one that looms pretty large from here," he said. For investors, the inflation data in the coming months will be critical, said Michael Reynolds, vice president of investment strategy at Glenmede. "The aggregate picture that they tell... is really going to be informing investors whether you see more of a risk-on rally on the back of rate cuts and expectations of rate cuts, or if we are still in this uncertainty holding pattern." While the inflation outlook is cloudy, economic indicators are painting a picture of slowing momentum in the U.S. economy. Employment growth has been losing steam in recent months and the housing sector is showing fresh signs of strain. Data out Wednesday revealed that housing starts plunged nearly 10% in May, marking their lowest level since the early days of the pandemic in 2020. Stephen Dover, chief market strategist and head of the Franklin Templeton Institute, said he saw opportunities outside of the United States due to political uncertainty and concerns around inflation. In the bond market, he was more positive on short-dated debt because tariffs complicated predictions over the long-term trajectory of bonds. "It's a fool's errand to try to really predict what's going to happen with tariffs," he said.
Reuters
2 days ago
- Business
- Reuters
Fed treads carefully, leaving markets anxious about tariff risks
NEW YORK, June 18 (Reuters) - A cautious Federal Reserve has put a damper on hopes for interest rate cuts, leaving investors on edge as they navigate a murky mix of geopolitical tensions, inflation risks, and looming growth drag from U.S. President Donald Trump's tariffs. The Fed on Wednesday kept the benchmark interest rate unchanged, as expected. While policymakers reaffirmed that they expected some reduction in borrowing costs this year, they dialed back the anticipated pace of future cuts because of the potential for higher inflation amid uncertainty over the Trump administration's proposed tariff plans. "The calm that the Fed has should be comforting to investors, but it also on the other hand reflects the incredible uncertainty that we have over all the data that is rolling forward," said Bob Savage, head markets strategist at BNY. Investors on Wednesday clung to expectations for two quarter-point rate cuts this year, in line with the median expectation of rate-setting Fed officials. Rates futures traders were largely betting on a cut between September and October, and a second one in December. The market remains on edge after the Fed slightly marked up the outlook for inflation this year. Fed officials revised inflation expectations to 3% this year from a previous forecast of 2.7%, June's summary of economic projections by the Fed showed. Economic growth forecasts for 2025 were revised to 1.4% from a March forecast of 1.7%. Compounding the Fed's more muted economic expectations, a deepening crisis in the Middle East and its potential to push energy prices higher overshadowed a soft core inflation reading for May that had offered some relief to the market. "There's not a lot of things out there that say inflation is going to crash to zero or negative, and so the skew is to the upside, and the Fed recognizes that," said Brad Long, chief investment officer at Fiducient Advisors. U.S. Treasury yields edged higher after Fed Chair Jerome Powell warned in Wednesday's press conference that goods inflation could pick up this summer as tariffs begin hitting consumers. The S&P 500 ended nearly flat on Wednesday, giving back earlier gains after Powell's remarks. Policymakers still anticipate cutting rates by half a percentage point this year, as they projected in March and December, but they slightly slowed the pace from there to a single quarter-percentage-point cut in each of 2026 and 2027, in a protracted fight to return inflation to their 2% target. The number of officials projecting no rate cuts this year increased compared to March, according to the widely followed "dot plot" included in the summary. Robert Tipp, chief investment strategist at PGIM Fixed Income, said the outcome was hawkish. "This Fed is laser-focused on inflation," he said. "They're willing to tolerate some weakness in growth." Trump has repeatedly pushed for lower interest rates, but on Wednesday Powell cautioned that a new wave of cost pressures may be on the horizon, as businesses across the supply chain wrestle with how to absorb tariffs. "Every outside forecaster and the Fed is saying ... that we expect a meaningful amount of inflation to arrive in coming months, and we have to take that into account," he said on Wednesday. Meanwhile, Trump said last week he would be willing to extend a July 8 deadline for completing trade talks with countries before higher U.S. tariffs take effect. Blake Gwinn, head of U.S. rates strategy at RBC Capital Markets, said the July tariff deadline remained key for markets. "If I'm thinking of risk events, that is one that looms pretty large from here," he said. For investors, the inflation data in the coming months will be critical, said Michael Reynolds, vice president of investment strategy at Glenmede. "The aggregate picture that they tell... is really going to be informing investors whether you see more of a risk-on rally on the back of rate cuts and expectations of rate cuts, or if we are still in this uncertainty holding pattern." While the inflation outlook is cloudy, economic indicators are painting a picture of slowing momentum in the U.S. economy. Employment growth has been losing steam in recent months and the housing sector is showing fresh signs of strain. Data out Wednesday revealed that housing starts plunged nearly 10% in May, marking their lowest level since the early days of the pandemic in 2020. Stephen Dover, chief market strategist and head of the Franklin Templeton Institute, said he saw opportunities outside of the United States due to political uncertainty and concerns around inflation. In the bond market, he was more positive on short-dated debt because tariffs complicated predictions over the long-term trajectory of bonds. "It's a fool's errand to try to really predict what's going to happen with tariffs," he said.
Yahoo
2 days ago
- Business
- Yahoo
Analysis-Fed treads carefully, leaving markets anxious about tariff risks
By Davide Barbuscia and Lewis Krauskopf NEW YORK (Reuters) -A cautious Federal Reserve has put a damper on hopes for interest rate cuts, leaving investors on edge as they navigate a murky mix of geopolitical tensions, inflation risks, and looming growth drag from U.S. President Donald Trump's tariffs. The Fed on Wednesday kept the benchmark interest rate unchanged, as expected. While policymakers reaffirmed that they expected some reduction in borrowing costs this year, they dialed back the anticipated pace of future cuts because of the potential for higher inflation amid uncertainty over the Trump administration's proposed tariff plans. "The calm that the Fed has should be comforting to investors, but it also on the other hand reflects the incredible uncertainty that we have over all the data that is rolling forward," said Bob Savage, head markets strategist at BNY. Investors on Wednesday clung to expectations for two quarter-point rate cuts this year, in line with the median expectation of rate-setting Fed officials. Rates futures traders were largely betting on a cut between September and October, and a second one in December. The market remains on edge after the Fed slightly marked up the outlook for inflation this year. Fed officials revised inflation expectations to 3% this year from a previous forecast of 2.7%, June's summary of economic projections by the Fed showed. Economic growth forecasts for 2025 were revised to 1.4% from a March forecast of 1.7%. Compounding the Fed's more muted economic expectations, a deepening crisis in the Middle East and its potential to push energy prices higher overshadowed a soft core inflation reading for May that had offered some relief to the market. "There's not a lot of things out there that say inflation is going to crash to zero or negative, and so the skew is to the upside, and the Fed recognizes that," said Brad Long, chief investment officer at Fiducient Advisors. U.S. Treasury yields edged higher after Fed Chair Jerome Powell warned in Wednesday's press conference that goods inflation could pick up this summer as tariffs begin hitting consumers. The S&P 500 ended nearly flat on Wednesday, giving back earlier gains after Powell's remarks. Policymakers still anticipate cutting rates by half a percentage point this year, as they projected in March and December, but they slightly slowed the pace from there to a single quarter-percentage-point cut in each of 2026 and 2027, in a protracted fight to return inflation to their 2% target. The number of officials projecting no rate cuts this year increased compared to March, according to the widely followed "dot plot" included in the summary. Robert Tipp, chief investment strategist at PGIM Fixed Income, said the outcome was hawkish. "This Fed is laser-focused on inflation," he said. "They're willing to tolerate some weakness in growth." HOT SUMMER Trump has repeatedly pushed for lower interest rates, but on Wednesday Powell cautioned that a new wave of cost pressures may be on the horizon, as businesses across the supply chain wrestle with how to absorb tariffs. "Every outside forecaster and the Fed is saying ... that we expect a meaningful amount of inflation to arrive in coming months, and we have to take that into account," he said on Wednesday. Meanwhile, Trump said last week he would be willing to extend a July 8 deadline for completing trade talks with countries before higher U.S. tariffs take effect. Blake Gwinn, head of U.S. rates strategy at RBC Capital Markets, said the July tariff deadline remained key for markets. "If I'm thinking of risk events, that is one that looms pretty large from here," he said. For investors, the inflation data in the coming months will be critical, said Michael Reynolds, vice president of investment strategy at Glenmede. "The aggregate picture that they tell... is really going to be informing investors whether you see more of a risk-on rally on the back of rate cuts and expectations of rate cuts, or if we are still in this uncertainty holding pattern." While the inflation outlook is cloudy, economic indicators are painting a picture of slowing momentum in the U.S. economy. Employment growth has been losing steam in recent months and the housing sector is showing fresh signs of strain. Data out Wednesday revealed that housing starts plunged nearly 10% in May, marking their lowest level since the early days of the pandemic in 2020. Stephen Dover, chief market strategist and head of the Franklin Templeton Institute, said he saw opportunities outside of the United States due to political uncertainty and concerns around inflation. In the bond market, he was more positive on short-dated debt because tariffs complicated predictions over the long-term trajectory of bonds. "It's a fool's errand to try to really predict what's going to happen with tariffs," he said. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
12-06-2025
- Business
- Yahoo
Robin Vince Elected Chairman of BNY's Board of Directors
NEW YORK, June 12, 2025 /PRNewswire/ -- The Bank of New York Mellon Corporation ("BNY") (NYSE: BK), a global financial services company, today announced that Chief Executive Officer Robin Vince was unanimously elected by the Board of Directors ("the Board") to the additional position of Chairman, and Joe Echevarria, the current Chairman, as lead independent director, effective September 1, 2025. Joe Echevarria previously held the lead independent director role from 2016 to 2019. "Since stepping into his role almost three years ago, Robin has demonstrated why the Board chose him as CEO. He has a rigorous approach to strategy and execution, along with an unwavering dedication to serving clients and creating value for shareholders," said Joe Echevarria, Independent Chairman. Robin Vince joined the Board of Directors of BNY and became Chief Executive Officer on August 31, 2022. In the role of Chairman, Robin will lead the work to set the agenda for the board, leveraging his deep understanding of BNY's business to continue the firm's transformation, drive strategy and manage risk. As the lead independent director, Joe Echevarria's responsibilities will include acting as a liaison between independent directors and the Chairman and CEO, providing input on behalf of the independent directors on board agendas, calling meetings of the independent directors and setting agendas for executive sessions and meetings of independent directors. "I'm grateful for the leadership of Joe and the entire Board of Directors, and I look forward to our continued collaboration," said Robin Vince, BNY CEO and Chairman-elect. "I am confident in our company's trajectory and see tremendous opportunity ahead as we continue to deliver for our clients, embrace new ways of working and come together as one BNY." MediaAnneliese Diedrichs +44 7930 135 524 InvestorsMarius Merz +1 212 298 1480 BNY BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For more than 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of March 31, 2025, BNY oversees $53.1 trillion in assets under custody and/or administration and $2.0 trillion in assets under management. BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY has been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. Additional information is available on Follow on LinkedIn or visit the BNY Newsroom for the latest company news. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be expressed in a variety of ways, including the use of future or present tense language, relate to, among other things, BNY's strategic priorities and opportunities. These statements are not guarantees of future results or occurrences, are inherently uncertain and are based upon current beliefs and expectations of future events, many of which are, by their nature, difficult to predict, outside of BNY's control and subject to change. Actual results may differ, possibly materially, from the anticipated results expressed or implied in these forward-looking statements as a result of a number of important factors, including, but not limited to, the factors identified above and the risk factors and other uncertainties set forth in BNY's Annual Report on Form 10-K for the year ended December 31, 2024, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and BNY's other filings with the Securities and Exchange Commission. All statements in this press release speak only as of the date on which such statements are made and BNY undertakes no obligation to update the information to reflect events or circumstances that arise after that date or to reflect the occurrence of unanticipated events. View original content: SOURCE BNY
