Real Word Bank - Banking News and Articles
  World Bank Banking News and Articles | Contact
Latest Banking News and Articles


Brazil, Banks In Accord on Debt Terms

Brazilian financial officials yesterday reached preliminary agreement with a committee of its creditor banks on a package of new loans and easier terms for the initial stages of repaying a total of $92 billion in foreign debts that it has accumulated.Word of the agreement came amid reports that some banks are becoming increasingly reluctant to help Brazil work its way out of its foreign debt problems.Brazil is more than $3 billion in arrears on its interest payments.

A 2-year-old Cuban government effort to attract Western investors to the Caribbean island has been "wholly unsuccessful," according to a report issued by a Washington- based Cuban-American research organization.The report says the Fidel Castro government has been unable to convince foreign capital to invest in Cuba despite its Joint Venture Law of February 1982, which sought to increase Cuban access to raw materials.

Donald E. Beazley resigned Friday as chairman of City National Bank of Miami, citing "irreconcilable differences" with the corporation's board of directors.Beazley, a 40-year-old banker who has held top positions in three financial institutions since 1980, said three vice presidents had resigned with him. City National said later that it had named Allan T.

American Willie Banks turned a lackluster international track and field meet into a one-man show yesterday with a full range of his athletic and showmanlike antics to win the triple jump and delight a rain-soaked crowd.Banks, 26, who took the silver medal in last week's world championships in Helsinki behind Zadislow Hoffman, of Poland, set a Slottsskogsvallen Stadium record of 55 feet, 4 3/4 inches to take first place ahead of Ajayi Agbebaku.

Production in Latin America and the Caribbean declined by an average 1 per cent last year, according to Antonio Ortiz Mena, president of the Inter-American Development Bank.He said it was the first decline in "many decades." Although production figures are not available for before World War II, officials at the bank said they believe it may have been the first decline since the Great Depression in the 1930s.

United American Bank's private auditing firm did not reach the same conclusion on the failed bank's solvency as federal regulators because it had no knowledge of loan shuffling with 11 other family-controlled banks, congressional testimoney shows.So while the Federal Deposit Insurance Corp. was preparing an audit that concluded the bank was insolvent, Cleveland-based Ernst and Whinney was reporting the bank suffered 1982 losses of just $6 million.

Remodeling of the interior geodesic dome is under way at Citizens National Bank & Trust Co. at NW 23 and Classen, but a lot more restructuring is going on in the executive suite.The bank is moving into a profitable year after a disaster in 1982, and chief executive Dale Mitchell has an operating plan to strengthen Citizens already large consumer lending and move as well toward commercial banking.

Ever since the outstanding commercial success of "Grease," the pairing of Olivia Newton-John and John Travolta has conjured up visions of gold bars in the leaden minds of many movie executives. Apparently, the money men behind "Two of a Kind" believe that teenagers will flock to anything featuring the two blue-eyed teen idols. Perhaps "Two of a Kind," one of the worst movies of the year.

You get the impression these days that George A. Butler is ready to have some fun running First Pennsylvania Bank.After 3 1/2 years of dragging First Pennsylvania back from the brink of bankruptcy, Butler said last week that now he could concentrate on "our mission to be the leading bank in the region in which we operate.""Basically, we have been defensive players," said Butler, president and chairman of the bank.

A group of Chattanooga investors has agreed to buy the United American Bank here from Jake Butcher, the bank's new chairman said yesterday. James C. Berry, founder and president of Republic Parking Systems who succeeded Butcher as bank chairman on Monday, made the announcement at a press conference.

A group of Chattanooga investors has agreed to buy the United American Bank here from Jake Butcher, the bank's new chairman said Thursday.James C. Berry, founder and president of Republic Parking Systems who succeeded Butcher as bank chairman on Monday, made the announcement at a press conference. He said he heads the investors' group, but declined to name the other investors.

Banks and savings and loans have been offering their depositors an expanding range of financial services recently and now they're lobbying Congress for a measure to make it easier for customers to cheat on their income taxes.Of course the embarrassing phrase "income tax evasion" never appears in the fliers from bank and savings and loan lobbyists that are barraging depositors and Capitol Hill.

Federal agents reportedly are investigating the possibility that a small bank in the southwest Virginia coalfields, taken over last year by Virginia National Bank, may have been used to handle large undocumented cash transactions.Investigators are trying to find out why First State Bank of Wise did not file certain required federal documents, thereby allowing an unreported flow of large sums of money, officials told the Roanoke Times & World-News.

Banks in the United States with shaky foreign loans could be compelled to set aside special reserves that would reduce their earnings, under rules now under review by federal banking regulators.The rules, pinned by Congress to a law increasing the nation's contribution to the International Monetary Fund (IMF) by $8.4 billion, were proposed Thursday by the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corp.

Just mention Oklahoma City's bid to bring the World's Fair here in 1989 and Mayor Andy Coats' face lights up like a little boy in Toyland.""If we can get it done and do it right, it would give us a chance to show Oklahoma City off to the nation and the world,'' Coats said.

THE recent report by the Census Bureau that the world registered its biggest 12-month population increase in history last year is significant beyond the bare statistics. It relates to a multi-phased movement to establish world government.Only about one-third of the world's population is classified as ""free.''

Only a few years ago, there was some novelty to the electronic beep- beeping of automated teller machines around Philadelphia.Many banks did not have the electronic tellers, and many customers at those banks that did have them shunned the things. But time marches on.The number of automated teller machines (ATMs) spitting out cash and taking deposits day and night in the Philadelphia area has grown to about 800 now, more than double the total a couple of years ago.

Defense attorneys claim George Banks suffered from a "severe and rare mental disease" during a shooting spree in which 13 people were slain last fall.Luzerne County public defender Basil Russin outlined the proposed insanity defense to jurors yesterday in the fifth day of Banks' trial on 13 counts of criminal homicide.Banks, 40, allegedly killed six adults and seven children Sept. 25 in Wilkes-Barre and Jenkins Township.

Lacy H. Hunt, the economist whose forecasts of interest rates were credited with helping Fidelity Bank's trust department chalk up the best performance in the nation for bank-managed bond funds, said yesterday that he had quit the bank to head a new, competing fund.

Related Articles

1977-A

Newsnipits