12092016Fri
Last update: Fri, 09 Dec 2016 08pm

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 rally that saw the benchmark 10-year bond yield fall more than 50 basis points to its lowest in more than 7-1/2 years.The central bank said banks would need to transfer 100 percent of their cash under the RBI's cash reserve ratio from deposits generated between Sept. 16 and Nov. 11, saying it was a temporary measure that would be reviewed on or before Dec. 9.Traders called it a drastic move intended to dent the rally ...


Business & Finance - Managed Funds

Zimbabwe to start circulating new bond notes on Monday HARARE: Zimbabwe's central bank said on Saturday it will circulate $10 million worth of new bond notes on Monday, a quasi-currency that authorities expect to ease a serious cash crunch, but will limit withdrawals to curb any abuses. The Reserve Bank of Zimbabwe (RBZ) first announced the plan in May to issue bond notes to address chronic cash shortages and supplement dwindling US dollars that have been in circulation for the past seven years.But many ...

Business & Finance - Industries & Sectors

Shell CEO expects no valuation hit from climate accord AMSTERDAM: Royal Dutch Shell expects to pump out all the fossil fuel reserves listed on its balance sheet, its chief executive said, dismissing concerns that production limits in the wake of the Paris climate accord could hit the energy giant's valuation.In an interview with Dutch newspaper Het Financieele Dagblad, Ben van Beurden said the issue of "stranded" reserves - deposits in the ground that cannot be used because of carbon emissions limitations - would have ...

Business & Finance - Banking & Finance

S&P's downgrades South Africa's Eskom further into junk territory JOHANNESBURG: Standard & Poor's Global Ratings on Friday cut South African power utility Eskom's credit rating a further notch into subinvestment, raising concerns the country's sovereign rating would also be dragged into junk status. S&P's, which has South Africa's debt on the lowest investment level with a negative outlook, cut Eskom's long-term corporate credit rating to BB from BB+, two steps below the investment threshold.Eskom's 2026 bond weakened on the news, with the yield adding ...

Business & Finance - Industries & Sectors

Airbus hopes to deliver up to 80 A350 aircraft in 2017 PARIS: Airbus tentatively aims to deliver as many as 80 A350 jetliners in 2017, two people familiar with the plans said on Friday.The target marks a new stage in ambitious plans to raise output of the company's newest long-haul jet to 10 a month in 2018, but depends mainly on how successful suppliers will be in curbing delays in cabin equipment. An Airbus spokesman declined to comment on the provisional thinking on deliveries for 2017, ...

Business & Finance - Banking & Finance

South Africa's central bank governor says inflation weakens case for cutting rates JOHANNESBURG: South Africa's central bank is concerned that inflation expectations are not anchored more comfortably within its 3-6 target range, weakening the case for cutting interest rates, Governor Lesetja Kganyago said on Friday. The bank has increased rates cumulatively by 200 basis points to tame inflation since early 2014, but left the benchmark repo rate unchanged at 7 percent on Thursday to ease pressure on an economy seen growing by around half a percent this ...

Business & Finance - Banking & Finance

EBRD willing to take stake in Ukraine's Oschadbank if reforms are met KIEV: The European Bank for Reconstruction and Development (EBRD) is prepared to buy a stake in Ukraine's largest state-owned bank, Oschadbank, provided changes are made to its management and operational and financial performance, the banks said on Friday.Ukraine has launched a clean-up of its banking sector, including the potential privatisation of up to 20 percent of the country's top banks. "The EBRD is prepared to support the government and Oschadbank on the path of transformation ...