02092016Tue
Last update: Tue, 09 Feb 2016 06am

Business & Finance - Banking & Finance

Stimulus and oil responsible for eurozone growth: ECB PARIS: The uncertainties threatening the global economy are not coming from the eurozone, where growth is essentially due to stimulus and cheap oil, a European Central Bank official said Monday."The eurozone is not part of the problem," ECB executive board member Benoit Coeure told French broadcaster BFM."The problem are the questions, the anxieties, and those about the big emerging countries, about China and the United States," he said after another day of sharp losses on European and US equities markets."Our diagnosis today is that there are no bubbles in the eurozone," Coeure said when questioned about the ECB's ultra-low interest rate policy.Instead, he insisted the ECB's stimulus policy, which is injecting 60 billion euros per month into the markets, has been key in propping up growth."Growth, the recovery in the eurozone, it is essentially monetary policy and the oil price," said Coeure.Expansion of the eurozone economy slowed to 0.3 percent ...


Business & Finance - Industries & Sectors

Yelp shares roller-coaster on early earnings release SAN FRANCISCO: Yelp shares took a roller coaster ride on Monday after quarterly earnings that beat expectations were accidentally released before the close of market.Late day trades on the New York Stock Exchange sent Yelp shares soaring and plunging after earnings were disclosed prematurely.Yelp shares were down more than 12.5 percent to $15.81 about 19h30 GMT.The website that serves up crowd-sourced reviews of businesses reported a loss of $22.2 million in the final three months ...

Business & Finance - Managed Funds

Bond prices rally on falling stocks, global growth worries NEW YORK: US Treasury prices rose on Monday, with the yield on the 10-year note reaching a one-year low, as falling stocks and renewed concerns about slowing global growth increased investor appetite for safe-haven government debt.Treasury yields slid as U.S. stocks fell sharply on dropping oil prices and news that Chesapeake Energy Corp is hiring restructuring lawyers. The Treasuries rally was also fueled by falling European stocks."Weakness in global equities is adding pressure on Treasuries," ...

Business & Finance - Industries & Sectors

LATAM Airlines says no Brazil sales impact yet from Zika worries SANTIAGO: Concerns over the Zika virus have not affected ticket sales at LATAM Airlines' TAM Brazilian unit, the regional carrier said on Monday. "So far, there has been no impact on reservations at TAM due to the cases of Zika virus in Brazil and in other locations where the airline operates," Chile-headquartered LATAM said. The rapidly spreading Zika virus, suspected to be linked to thousands of birth defects in Brazil, appears to be discouraging some ...

Business & Finance - Banking & Finance

National Bank of Egypt offers to buy CI Capital for 1bn Egyptian pounds CAIRO: The National Bank of Egypt's subsidiary Al Ahly Capital has submitted a non-binding offer to buy 100 percent of Commercial International Bank's CI Capital for 1 billion Egyptian pounds ($127.71 million), CIB said on Monday. CI Capital had already accepted a 1 billion pound bid from Orascom Telecom and Technology, but the deal has not been finalised. Copyright Reuters, 2016

Business & Finance - Banking & Finance

Allianz, Bank of America invest in US wind farms FRANKFURT: Allianz and Bank of America are investing in two onshore wind parks developed by French utility EDF, the German insurer said on Monday, marking the group's first wind investment in the United States. Insurers and infrastructure investors have ramped up investments into wind power in recent years, eager for the guaranteed returns these assets offer in an otherwise low interest-rate environment. "We believe the financial services sector is in a unique position to help ...

Business & Finance - Banking & Finance

Poland's central bank to maintain independence WARSAW: Poland's central bank will maintain its independence and keep rates unchanged, recently appointed rate-setter Marek Chrzanowski told Reuters, despite statements from ruling party leaders favouring a doveish policies."I feel no pressure at all, (there are) no attempts to sway our decisions. As the Monetary Policy Council, we are independent, we do not get any action recommendations," Chrzanowski told Reuters in an interview released on Monday. Before October parliamentary election swept them to power, a ...