08272016Sat
Last update: Sat, 27 Aug 2016 11am

Business & Finance - Banking & Finance

UBS's Zeltner warns rivals of pitfalls in Asian growth push ZURICH: The head of the world's biggest wealth manager on Tuesday warned rivals turning to Asia for growth that achieving profitability in the region will prove challenging. Many banks have looked to build up businesses in the Asia Pacific region to compensate for the sluggish pace of private wealth growth in western Europe and North America in recent years. But Juerg Zeltner, who runs UBS's wealth management business outside of the Americas, said that making money in the region can be tough. "We've been in Asia for 50 years," Zeltner said at a conference organised by the Finanz und Wirtschaft newspaper. "I would still not call Asia a home market. We are huge in Asia ... We are growing incredibly strongly and yet it is difficult to grow profitably for a long time in these countries." Switzerland's UBS is also the biggest private bank in Asia Pacific, according to a ...


Business & Finance - Banking & Finance

Nigeria asks banks to give 60pc of their forex to manufacturing firms LAGOS: Nigeria's central bank has asked commercial lenders to allocate 60 percent of their foreign exchange purchases to manufacturers, in a bid to boost their ability to pay for imports and boost the economy.Widespread dollar shortages, caused by a fall in oil revenues, have hit manufacturers' ability to import raw materials and spare parts, forcing many plants to close. The central bank said in a circular it wanted to encourage the production of local goods ...

Business & Finance - Managed Funds

BoE's bond-buying struggles reverberate across euro zone markets LONDON: German bond yields fell to a one-week low on Tuesday after the Bank of England had to pay up to prise long-dated bonds from reluctant investors in an auction for its relaunched quantitative easing scheme.The falls in yield seen across euro zone markets tracked those in British bonds after the reverse auction -- the third since the bank relaunched QE earlier this month -- showed further evidence of an unwillingness by investors to sell ...

Business & Finance - Banking & Finance

Czech central bank to adjust systemic risk buffers for banks from 2017 PRAGUE: The Czech central bank will adjust individual capital buffers for systemically important banks as of January next year, the bank said on Twitter on Tuesday. It gave no details. A spokesman said it would release a statement on the changes at 8.00 a.m. (0600 GMT) on Wednesday. The current capital charge is 3 percent for Erste Bank unit Ceska Sporitelna and CSOB, owned by KBC ; 2.5 percent for Komercni Banka, majority-owned by Societe ...

Business & Finance - Banking & Finance

Peru's central bank expects Aug inflation at about July's 2.96pc LIMA: The president of Peru's central bank said Tuesday that the annual inflation rate in August will likely be similar to the 2.96 percent pace posted in July. Julio Velarde told reporters on the sidelines of an economic forum that inflation will likely cool to about 2.8 percent by the end of the year before continuing to cool toward the central bank's goal of 2 percent in 2017. Copyright Reuters, 2016

Business & Finance - Banking & Finance

Russia central bank: govt decision on pensions no reason to change inflation forecast MOSCOW: Russia's central bank said on Tuesday a government decision to make a one-off payment to pensioners early next year was no reason to change its inflation forecast. The bank added in a statement that adjusting pensions to account for inflation was not an obstacle to its monetary policy target of low and stable inflation. Copyright Reuters, 2016

Business & Finance - Industries & Sectors

Russia's Rusal Q2 core earnings seen up 8pc q/q MOSCOW: Russian aluminium giant Rusal is expected to report an 8 percent rise in second-quarter core earnings compared with the previous quarter thanks to a recovery in aluminium prices, a Reuters survey of analysts at six banks showed.Rusal's second-quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) are expected to increase to $336 million from $312 million in the first quarter.Aluminium prices on the London Metal Exchange (LME) are up about 11 percent since the ...