01192017Thu
Last update: Thu, 19 Jan 2017 05am

Business & Finance - Banking & Finance

JPMorgan looks for big payoff from lead in deposit race NEW YORK: Over the past five years, stock analysts have challenged JPMorgan Chase & Co executives for keeping so many branches open as customers did more and more banking online. Giving up real estate, the analysts said, was an obvious way the bank could save money when interest income was flagging and regulatory and legal costs were climbing. But executives at the largest US bank resisted. They argued that branches are great billboards for the Chase brand and essential to attracting people who want to open accounts or make major transactions in person. Now it looks like the executives were right, or at least closer than other banks to delivering the right mix of physical and digital customer service. JPMorgan has grown deposits over the last five years faster than major competitors and twice as fast as the industry, according to analysts at Bernstein Research. Deposits in the Chase consumer ...


Business & Finance - Industries & Sectors

Emirates to open up Dubai luxury lounges to lower-tier frequent flyers DUBAI: Emirates is opening up its lounges at its Dubai hub to lower-tier frequent flyer members in what is the latest move by the world's largest long-haul airline to look for new ways to boost revenues. Emirates, which reported a 75 percent drop in half-year profit in November, had previously restricted access to these lounges to higher-tier frequent flier members and business or first class travellers. In an email sent out to Skywards frequent flier ...

Business & Finance - Banking & Finance

Czech central bank chief: inflation trend matters more than spot data PRAGUE: The Czech central bank is more concerned with the inflation trend than with hitting a specific rate of price growth when considering when to lift its cap on the crown's exchange rate, Governor Jiri Rusnok was quoted as saying on Monday. Inflation reached the central bank's 2 percent target in December for the first time in four years, and the markets are betting increasingly heavily on the bank scrapping the cap in the second ...

Business & Finance - Industries & Sectors

Saudi carrier Flynas signs deal for 80 Airbus planes RIYADH: Low-cost Saudi carrier Flynas on Monday signed an $8.6 billion deal with European plane manufacturer Airbus to purchase 80 A320neo single-aisle jets.Flynas chairman Ayed al-Jeaid said at the signing ceremony in Riyadh that the deal includes an option for 40 more of the short to medium-haul planes in what airline executives said is a growing domestic market.Bander al-Mohanna, the chief executive of NAS Holding, signed the agreement with Fouad Attar, Middle East director for ...

Business & Finance - Banking & Finance

Qatar National Bank Q4 net profit up 8.3pc DUBAI: Qatar National Bank (QNB), the Gulf's largest lender, reported a 8.3 percent increase in fourth-quarter net profit, according to Reuters calculations on Sunday. The bank's net profit was 2.75 billion riyals ($755 million) in the three months to Dec. 31, compared with 2.54 billion riyals in the corresponding period of 2015, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown. EFG Hermes forecast the bank would make a net profit ...

Business & Finance - Banking & Finance

India central bank employees urge governor to protect autonomy MUMBAI: The employee union of the Reserve Bank of India (RBI) has urged the bank's governor to protect central bank autonomy and not allow the federal government to interfere in processes following criticism over how it handled a ban on high-value currency.The bank and Prime Minister Narendra Modi have been criticised for the implementation of their November decision to abolish high-value bills that accounted for 86 percent of currency in circulation.Economists said slow replacement of ...

Business & Finance - Managed Funds

Mauritius 91-day T-bills yield falls to 2.69pc PORT LOUIS: The weighted average yield on Mauritius' 91-day Treasury bill fell to 2.69 percent at auction on Friday from 2.75 percent at the last sale, the central bank said.The Bank of Mauritius sold all the 1.3 billion rupees worth of the debt it had offered. Copyright Reuters, 2017