01242017Tue
Last update: Tue, 24 Jan 2017 03am

Banking & Finance

Business & Finance - Banking & Finance

Protectionism is a 'bad idea' PARIS: European Central Bank Executive Board member Benoit Coeure said on Monday that economic protectionism was a bad idea, as he commented on new US President Donald Trump, who has backed protectionist policies. "Protectionism, at this current moment, is clearly a bad idea," Coeure told France's Radio Classique, while adding it was too early to comment more specifically because the newly inaugurated US head of state had yet to clarify his precise economic policies.Coeure also reiterated that it was too early for the ECB to change its ultra-loose monetary policy, and that it was important that monetary conditions in the euro zone were set to be the "most appropriate" for the euro zone economy.On Jan 19, the ECB decided to keep its policy stance unchanged, wanting to see further improvements in growth and inflation. In December, it scaled down its monthly purchases by a quarter to 60 billion euros ($64 ...

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BoJ's Kuroda offers upbeat view on Japan, global economies DAVOS: Bank of Japan Governor Haruhiko Kuroda said on Friday the country's economy is likely to head toward a sustainable growth path as global trade and manufacturing activity pick up. But he added that Japan had yet to address major challenges, which were to heighten inflation expectations and prod firms to raise wages. "Our top priority for macro-economic policy continues to be to overcome deflation," Kuroda told a session of the World Economic Forum. "Firms ...

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Turkish banks use around 30.6bn lira from central bank's late liquidity window ANKARA: Turkish banks have used around 30.6 billion lira ($8 billion)from central bank's late liquidity window at 10 percent, central bank data showed on Thursday. Earlier this week, the Turkish central bank started removing the 8.5 percent funding quotation on Borsa Istanbul after providing some funding, forcing banks to borrow using its "late liquidity window" at 10 percent, bankers said. Copyright Reuters, 2017 ...

Business & Finance - Banking & Finance

ECB maintains stimulus, tells critics: Be Patient FRANKFURT: The European Central Bank kept its super-easy monetary policy unchanged as expected on Thursday and its president, Mario Draghi, told critics of his stimulus path to be patient and wait for the euro zone's recovery to take firm hold. With growth slowly picking up pace, the ECB kept its various rates at next to nothing or negative and asset buys at a record pace. It reaffirmed that rates would stay at their current or ...

Business & Finance - Banking & Finance

Goldman Sachs to slash London presence due to Brexit FRANKFURT AM MAIN: US bank Goldman Sachs will move 1,000 staff from London to Frankfurt as part of a post-Brexit reorganisation that will reduce its City headcount by half, German business daily Handelsblatt reported Thursday."The bank is weighing transferring up to 1,000 employees to Frankfurt, including traders as well as top bankers," the paper reported, citing financial industry sources.In total, Goldman Sachs will cut its headcount in London from 6,000 to around 3,000.Goldman plans to ...

Business & Finance - Banking & Finance

ECB enters 2017 in battle to hold steady course FRANKFURT AM MAIN: The European Central Bank will not deviate from its ultra-loose monetary policy at its first 2017 meeting Thursday, analysts predicted, in the face of calls to tighten from critics alarmed by rising inflation.Policymakers at the Frankfurt institution chose in December to keep interest rates at historic lows and extend mass bond-buying from March to December this year, albeit slowing the purchases from 80 to 60 billion euros ($85 to $64 billion) per ...

Business & Finance - Banking & Finance

Goldman Sachs profit soars on bond-trading surge Goldman Sachs Group Inc reported a nearly fourfold rise in quarterly profit on Wednesday thanks to a surge in bond trading revenue, with its finance chief offering a sunny outlook for business in 2017.Like other Wall Street banks, Goldman benefited from jumps in volume across fixed-income markets late in the quarter after Donald Trump won the U.S. presidential election and the Federal Reserve raised its key interest rate target.Business has remained strong in the first ...