02122016Fri
Last update: Fri, 12 Feb 2016 12am

Business & Finance - Banking & Finance

ECB to decide soon on fate of 500-euro banknotes: board member BERLIN: The European Central Bank will take a decision soon on whether to keep printing 500-euro banknotes, with the arguments for doing so becoming "less and less convincing", a top-ranking official said Thursday."We're actively considering the question and will take a decision shortly," executive board member Benoit Coeure told the French daily Le Parisien in an interview, when asked about the future of the euro area's largest denomination banknote. Authorities increasingly suspect that the notes are being used for illicit purposes, "an argument we cannot ignore given the importance of fighting money laundering and the financing of terrorism," Coeure said. Large denomination notes enable criminals to transport large sums of money in small volumes.The EU Commission said earlier this month that it planned to consult with the ECB and other parties concerned to decide whether action needed to be taken regarding the 500-euro note. "From my point of view, the ...


Business & Finance - Industries & Sectors

Norwegian Air swings to bigger than expected Q4 operating profit OSLO: Budget airline Norwegian Air Shuttle reported fourth-quarter earnings above expectations on Thursday and kept its outlook for growth in capacity this year, while costs were seen lower. Norwegian, Europe's third-biggest budget airline by passenger numbers after Ryanair and easyJet, has launched flights to the Middle East, southeast Asia and the United States, bringing low-cost offers into the long-haul segment, as well as expanding in its core European market. "We enter 2016 with favorable fuel ...

Business & Finance - Managed Funds

South Korean bond yields hit record lows amid global woes SEOUL: South Korean government bond prices rallied across the board on Thursday as concerns about the health of the world economy drove global stocks lower and boosted the safe-haven appeal of the top-rated bonds.Yields fell across the curve to record-low closing levels, while those on the 1- and 3-year treasury bonds fell further below the central bank's 7-day policy interest rate as investors saw increasing chances of a rate cut.The 1-year yield shed 4.6 basis ...

Business & Finance - Banking & Finance

Bank of India posts Q3 loss; bad loans soar MUMBAI: Bank of India Ltd, India's third-biggest state-run lender by assets, reported a loss for the December quarter as bad loans surged. Net loss was 15.06 billion rupees ($220.31 million) for its fiscal third quarter to Dec. 31, compared with 1.73 billion rupees profit in the year-ago quarter, the lender said in a statement on Thursday. Gross bad loans as a percentage of total loans for the bank jumped to 9.18 percent in the December ...

Business & Finance - Banking & Finance

Thai center bank chief says monetary policy supportive, still high risks to growth BANGKOK: Thailand's economy is recovering at a gradual but uneven pace and monetary policy is still supportive in the face of high downside risks, the central bank governor said on Thursday.Although an army coup in May 2014 restored some stability, Southeast Asia's second-largest economy has been hit hard by sluggish exports and domestic demand, which is being further constrained by high household debt levels which are now equivalent to over 80 percent of gross domestic ...

Business & Finance - Managed Funds

US 10-year yield falls to 1.625pc, lowest in almost 3 years LONDON: The yield on 10-year US Treasury bonds fell to its lowest in almost three years on Thursday and the comparable UK yield fell to an all-time low, as worries over global growth and the effectiveness of central bank policy sparked huge demand for safe-haven assets. The 10-year US yield fell to 1.6250 percent, the lowest since May 2013, and the 10-year UK gilt yield fell as low as 1.313 percent. As the turmoil sweeping ...

Business & Finance - Industries & Sectors

Honda to start making gasoline-electric cars in China this year TOKYO: Honda Motor Co Ltd plans to start making gasoline-electric hybrid cars in China later this year, to meet increasingly stringent fuel economy regulations in a country blighted by worsening air pollution. The Japanese automaker will build hybrid versions of its Accord sedan and Acura compact crossover sport utility vehicle (SUV) in the southern city of Guangzhou, Tokyo-based spokesman Ben Nakamura said on Thursday. It will follow those with a hybrid version of its Spirior ...