06252016Sat
Last update: Sat, 25 Jun 2016 03am

Business & Finance - Banking & Finance

Polish central banker calls for calm if Brexit weakens zloty WARSAW: Poland's central bank should stay calm in face of a potential weakening of the zloty in the aftermath of Britain's referendum on whether to remain a member of the European Union, one of the bank's policymakers said. Poland's economic fundamentals are healthy enough to keep the zloty from weakening past 5 to the euro if Britain votes to quit the EU, Jerzy Kropiwnicki told Reuters."We have a stable economy, healthy fundamentals, which have been tested in global turbulence compared to which Brexit is a storm in a teacup," Kropiwnicki said. "I think that in case of such turbulence one should maintain Olympian calm," he said. "A conviction the central bank would for sure defend the exchange rate would be an invitation for speculation." The zloty touched a record-low 4.93 to the euro in early 2009 because of the global financial crisis. "I think the zloty should stay within these ...


Business & Finance - Banking & Finance

Nigeria central bank sells FX third day after naira float LAGOS: Nigeria's central bank sold dollars onto the interbank forex market for a third day to try to ease dollar shortages after it floated the currency, traders said. Nigeria ditched a 16-month peg on the naira to allow the currency trade freely on the interbank market but traders say dollar liquidity was tight, leaving the central bank as the main supplier of hard currency. The naira traded as firm as 281.50 to the dollar, from ...

Business & Finance - Industries & Sectors

Amazon launches upgraded Kindle e-reader NEW YORK: Amazon on Wednesday unveiled an upgraded Kindle, aiming to boost its e-reader sales with a thinner, lighter device at a low price.The new Kindle will be sold in the US market as low as $80, which is the same price as the version it replaces, but with more memory and added features.Amazon remains committed to the e-reader market despite wider use of tablet computers, which can also be used for electronic books."Unlike reflective ...

Business & Finance - Banking & Finance

Deutsche Bank in deal with staff over branch closures FRANKFURT: Deutsche Bank has struck a deal with its German works council over closing about a quarter of branches in its home market, several people familiar with the matter said. Germany's flagship lender has embarked on a deep strategic overhaul and cost-cutting programme, announcing in 2015 that it would cut 9,000 staff, 4,000 of which in Germany. The bulk of these job cuts will be related to shutting down about 200 of its 723 branches ...

Business & Finance - Managed Funds

Mauritius 3-year Treasury note yield rises to 3.62pc PORT LOUIS: The weighted average yield on a three-year government Treasury note rose to 3.62 percent at an auction on Wednesday from 3.48 percent at a previous sale on May 19, the central bank said.The Bank of Mauritius received bids of 1.285 billion rupees ($36.5 million) for 1.3 billion rupees it had offered. Yields ranged from 3.40 percent to 4 percent. The paper has a coupon rate of 3.40 percent and is due on June ...

Business & Finance - Banking & Finance

Colombia central bank looks set to raise lending rate to 7.5pc BOGOTA: Colombia's central bank will likely raise its benchmark interest rate to 7.50 percent on Wednesday, in what could be the final increase in a 10-month tightening cycle meant to combat high inflation as policymakers disagree on further hikes. The seven-member board is expected to vote for a rate increase of 25 basis points to its highest level in seven years, according to 18 of 20 analysts polled by Reuters last week. The two other ...

Business & Finance - Industries & Sectors

Boeing's Iran deal covers 109 jets including 747s PARIS: A provisional deal between Iran and Boeing to acquire jets for the country's national airline covers 109 aircraft, split about equally between narrow-body and long-range wide-body aircraft, an Iranian official told Reuters on Wednesday. In addition to the 737 and 777 models announced earlier this week, IranAir also envisages acquiring some of the latest version of Boeing's iconic 747 jumbo under the deal, which is subject to approval by both the Iranian and US ...