12042016Sun
Last update: Sun, 04 Dec 2016 01pm

Business & Finance - Managed Funds

Indian bond yields jump after RBI hikes cash reserve ratio MUMBAI: Indian bonds slumped on Monday, with the benchmark 10-year bond yield up as much as 15 basis points, after the central bank ordered banks to boost cash deposits with it in a bid to absorb excess liquidity generated by a government ban on larger notes.The benchmark 10-year bond yield was up 8 basis points at 7.31 percent at 0345 GMT, after earlier rising as much as 15 basis points at open, reacting to the Reserve Bank of India's announcement on Saturday.Banking shares tumbled, with State Bank of India down 2.8 percent.The RBI will review its decision on the cash reserve ratio (CRR) once the government has issued an adequate amount of market stabilisation scheme bonds to soak up liquidity, Governor Urjit Patel was quoted as telling the Press Trust of India on Sunday. Copyright Reuters, 2016


Business & Finance - Banking & Finance

Indian bonds, bank shares fall as RBI temporarily hikes cash reserve ratio MUMBAI: Indian bonds and banking shares slumped on Monday after the Reserve Bank of India ordered banks to temporarily increase their cash on deposit at the RBI to absorb excess liquidity caused by a government ban on high-denomination notes.The benchmark 10-year bond yield rose as much as 15 bps at one point, while the overnight call rate surged to 14.4 percent from its 5.90 percent close on Friday.The Reserve Bank of India had been forced ...

Business & Finance - Industries & Sectors

Volkswagen forms JV with Algeria's SOVAC for local assembly FRANKFURT: Volkswagen signed a deal on Sunday to assemble cars in Algeria in a joint venture with its local car importer SOVAC, aiming for a production capacity of more than 100 vehicles per day from June 2017, VW and Algerian officials said. The cars will be assembled at a $170 million plant in the western province of Relizane, Algerian Industry Minister Abdesselam Bouchouareb said at a signing ceremony in Algiers. Volkswagen will hold a minority ...

Business & Finance - Managed Funds

Egypt's three and nine-month t-bill prices fall in weekly auction CAIRO: Yields on Egypt's three- and nine-month Treasury bills rose at an auction on Sunday, data from the central bank showed. Yields on the 91-day bill increased to an average of 18.186 percent from 17.744 percent the last time similar bills were sold. Yields on the 273-day bill jumped to an average of 18.475 percent from 17.610 percent at the last similar auction.Copyright Reuters, 2016

Business & Finance - Industries & Sectors

BMW to offer new version of i3 electric car in 2017 FRANKFURT: German luxury carmaker BMW plans to launch a new version of its i3 electric car next year with a longer range and revamped design, German weekly Welt am Sonntag reported, citing company sources.BMW will rework the front and rear of the i3 and equip the car with a new battery to increase its range substantially beyond the current 300 km maximum, the paper said, adding that the increase would be below 50 percent.BMW has ...

Business & Finance - Industries & Sectors

Lufthansa says some Sunday flights will be cancelled FRANKFURT: Germany's biggest airline Lufthansa said it will cancel some flights on Sunday even though its pilots have ruled out strikes that day following a four-day walkout that started on Wednesday. "Flight ops should proceed according to schedule on Sunday. Due to the strikes on the preceding days, there may still be a few cancellations," the company said via Twitter and email, asking customers to check the status of their flights.A Lufthansa spokesman said the ...

Business & Finance - Banking & Finance

India central bank takes surprise action to soak up liquidity NEW DELHI/MUMBAI: The Reserve Bank of India on Saturday unexpectedly ordered banks to deposit their extra cash with it, in a bid to absorb excess liquidity generated by a government ban on larger banknotes. Many Indians deposited their old notes with their banks after the ban on 500 and 1,000 rupee notes ($7.30-$14.60) on Nov. 8, which is aimed at tax evaders and counterfeiting.Banks had put some of this cash into government bonds, sparking a ...