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MUMBAI: Indian government bond yields eased on Tuesday on expectations the central bank would continue to buy debt via open market operations after lenders borrowed more than 1 trillion rupees from it, signalling tight liquidity conditions.The Reserve Bank of India bought back 96.58 billion rupees of bonds on Tuesday, marginally lower than the 100 billion rupees it offered, marking the first open market operation (OMO) debt purchase in the fiscal year that started in April.Expectations the RBI would conduct more OMOs to inject liquidity helped remove some of the disappointment last week, when the central bank cut interest rates for the third time in 2013, but signalled little room for easing monetary policy further.The optimism comes even after RBI Governor Duvvuri Subbarao said on Monday the central bank would consider all the options available to tackle the tight liquidity in the market and not just confine itself to bond purchases."The ...
TOKYO: Japanese government bond prices slipped on Tuesday as investors caught up after a long holiday weekend and digested an upbeat US employment report that dimmed the appeal of safe-haven fixed-income assets.On May 2, the last trading day before a four-day long holiday weekend here, the benchmark 10-year yield had skidded to a nearly two-week low, bolstered by the Bank of Japan's asset-buying operations. The central bank did not announce any new operations on Tuesday.The ...
LONDON: Asia-focused bank HSBC announced on Tuesday that net profits more than doubled to $6.35 billion (4.86 billion euros) in the first quarter.Earnings after taxation soared by 146 percent in the three months to the end of March, from $2.58 billion in the same part of 2012, the lender said in a results statement.Copyright AFP (Agence France-Presse), 2013 
PARIS: French bank Societe Generale reported on Tuesday a halving of first-quarter net profit to 364 million euros ($476 million) and announced a programme to save 900 million euros by 2015.The cost cuts are in addition to cuts of 550 million euros effected last year.The price of shares in the banking group rose by 4.0 percent in initial trading, with analysts welcoming the cost-cutting strategy.The bank did not provide information on the impact of these ...
SHANGHAI: Chinese authorities have approved a $1.3 billion General Motors plant to make luxury Cadillac cars, the US auto giant said Tuesday as it seeks more premium sales in the world's biggest vehicle market.Construction of the plant -- which will have annual capacity of 150,000 vehicles -- will start in June in the commercial hub Shanghai, GM China said in a statement to AFP.It will be run by Shanghai GM, a joint venture with China's ...
FRANKFURT: German insurance giant Allianz said on Tuesday it was holding to its full-year targets even though profits rose in the first three months."We are well on our way toward achieving our operating profit outlook for the entire year," said chief executive Michael Diekmann in a short statement."Despite the good results in the first quarter, in view of the existing market risks, the management board sees no need for an adjustment of our outlook for ...
FRANKFURT: Munich Re, the world's biggest reinsurer, said Tuesday it is standing by its full-year targets for the current year after the first three months "went very well." "The first three months of 2013 went very well for Munich Re group-wide," the reinsurer said in a statement.It posted net profit of 979 million euros ($1.3 billion) in the period from January to March, an increase of 25.2 percent year-on-year. Chief financial officer Joerg Schneider attributed ...More Articles...
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