08262016Fri
Last update: Fri, 26 Aug 2016 04am

Business & Finance - Banking & Finance

Fed policymakers divided over whether to raise rates soon WASHINGTON: Federal Reserve policymakers agree that more economic data is needed before raising interest rates, although some see a need to tighten policy soon, according to the minutes from the US central bank's July 26-27 policy meeting.The minutes, which were released on Wednesday, showed that members of the rate-setting Federal Open Market Committee were generally upbeat about the US economic outlook and labor market. "Some ... members anticipated that economic conditions would soon warrant taking another step in removing policy accommodation," the Fed said in the minutes. Several Fed policymakers, however, said a slowdown in the future pace of hiring would argue against a near-term hike, and members of the FOMC said they wanted to "leave their policy options open." The US dollar strengthened after the release of the minutes, while US stocks and prices of shorter-dated US Treasuries pared losses. Fed funds futures showed little change in bets on ...


Business & Finance - Managed Funds

Yields on Kenyan Treasuries rise at auction NAIROBI: The weighted average yield on Kenya's 364-day Treasury bill rose at auction on Wednesday to 11.865 percent from 11.684 percent last week, the central bank said. In the same sale, the yield on the 182-day Treasury bill also rose to 11.020 percent from 10.811 percent last week, the bank said. The bank raised a total of 13.86 billion shillings ($136.82 million), against a target of 12.0 billion shillings, after investors offered bids worth more ...

Business & Finance - Industries & Sectors

Nestle fights to keep coffee crown from keen competitors LONDON/ZURICH/CAPETOWN: Nestle is giving its instant coffee brand Nescafe and its Nespresso single-serve coffee a shot in the arm as fast-growing rivals with lean cost structures chip away at its global dominance. It was thanks to innovation that Nestle became the world's biggest coffee seller, by introducing the first instant coffee in 1938 and launching the first capsule machines in 1986. While its two megabrands still control nearly 23 percent of the $77 billion retail ...

Business & Finance - Banking & Finance

Kenya's central bank warns lenders over misuse of credit bureaus NAIROBI: Kenya's central bank threatened commercial banks with legal action if they submit inaccurate or incomplete data to credit reference bureaus, according to a circular seen by Reuters on Wednesday.Kenyan banks have come under fire in recent weeks for the high costs they impose on borrowers. Two weeks ago, parliament passed a bill to cap the commercial interest rates banks charge. Both the central bank and the Kenyan Finance Ministry oppose the bill, an amendment ...

Business & Finance - Industries & Sectors

AirAsia India outlines plans to expand fleet, network BENGALURU: Budget airline AirAsia India said on Wednesday that it planned to gradually expand its fleet and network in India as it seeks to boost its small share of a fast expanding domestic market. The airline, a tie-up between Malaysian carrier AirAsia Bhd and India's Tata Sons conglomerate, said it planned to add a seventh Airbus A320 jet to its fleet and bring the south Indian city of Hyderabad into its network of destinations by ...

Business & Finance - Industries & Sectors

Rosneftegas should make Rosneft privatisation recommendations by Sept. 1 MOSCOW: State-controlled Rosneftegas, which owns 69.5 percent of Russia's Rosneft , should present by Sept. 1 names of potential candidates to participate in Rosneft's privatisation, RIA news agency reported, citing the economy ministry. The agency also reported that the economy ministry said that Rosneftegas should also propose its recommendations on the terms, price and the size of the planned stake sale. Earlier on Wednesday, First Deputy Prime Minister Igor Shuvalov said that privatisation of Rosneft, ...

Business & Finance - Banking & Finance

St. Louis Fed's Bullard sticks with single rate hike outlook ST. LOUIS: With the US Federal Reserve perhaps edging towards a September rate increase, St. Louis Federal Reserve president James Bullard is sticking with his view that a single move is all that's needed for a long time to come.In a presentation prepared for delivery in St. Louis on Wednesday, he said there was no reason yet to conclude the US has shifted from the low-growth, low-inflation "regime" that makes low rates appropriate for what ...