02122016Fri
Last update: Fri, 12 Feb 2016 12pm

Banking & Finance

Business & Finance - Banking & Finance

Australia central bank keeps its cool in the face of global turmoil SYDNEY: Australia's central bank governor said Australia's economy should continue to grow moderately as falling mining investment is offset by growth elsewhere, although the current turmoil in global markets could scuttle this view. "One key question will be whether the recent financial turbulence itself will have a material negative effect on aggregate demand - in Australia or abroad. I don't expect that we will be able to answer that question for a little while yet," Reserve Bank of Australia (RBA) Governor Glenn Stevens told legislators in twice-yearly testimony on Friday.But with inflation unlikely to be a problem over the next year or so, there was scope to cut interest rates further if necessary, Stevens said in remarks to the House of Representatives Standing Committee on Economics.The RBA left its cash rate unchanged at a record low 2.0 percent last week, when it met for the first time in 2016. It ...

Business & Finance - Banking & Finance

BoJ's negative interest rates unlikely to help meet 2pc inflation goal TOKYO: The Bank of Japan's surprise move to adopt negative interest rates won't contribute much to achieving its 2 percent inflation goal, according to the majority of analysts polled by Reuters. The BoJ unexpectedly cut a benchmark interest rate below zero in January, stunning investors with another bold move to stimulate the economy as volatile global markets and low oil prices in particular threaten its efforts to beat deflation. The central bank's decision initially sent ...

Business & Finance - Banking & Finance

Bank of Korea to expected to stand pat in Feb, cut seen imminent SEOUL: South Korea's central bank is expected to leave rates untouched this month, but could cut soon as external uncertainties such as China's slowing growth and global financial market turmoil undermine an ongoing but fragile recovery at home. Twenty-five out of 27 analysts polled by Reuters said they expected the Bank of Korea (BoK) would keep interest rates unchanged next week as it monitors recent global market turbulence in the wake of Japan adopting negative ...

Business & Finance - Banking & Finance

India central bank says to actively inject additional cash in March MUMBAI: The Reserve Bank of India said on Thursday it will actively inject additional cash into the banking system in March, when liquidity conditions tend to tighten because it marks the end of the fiscal year.The cash injections could come in addition to the current term repo system that provides cash to banks as short-term loans under the RBI's Liquidity Adjustment Facility (LAF).The RBI also said it would allow standalone primary dealers to borrow via ...

Business & Finance - Banking & Finance

ECB to decide soon on fate of 500-euro banknotes: board member BERLIN: The European Central Bank will take a decision soon on whether to keep printing 500-euro banknotes, with the arguments for doing so becoming "less and less convincing", a top-ranking official said Thursday."We're actively considering the question and will take a decision shortly," executive board member Benoit Coeure told the French daily Le Parisien in an interview, when asked about the future of the euro area's largest denomination banknote. Authorities increasingly suspect that the notes ...

Business & Finance - Banking & Finance

Bank of India posts Q3 loss; bad loans soar MUMBAI: Bank of India Ltd, India's third-biggest state-run lender by assets, reported a loss for the December quarter as bad loans surged. Net loss was 15.06 billion rupees ($220.31 million) for its fiscal third quarter to Dec. 31, compared with 1.73 billion rupees profit in the year-ago quarter, the lender said in a statement on Thursday. Gross bad loans as a percentage of total loans for the bank jumped to 9.18 percent in the December ...

Business & Finance - Banking & Finance

Thai center bank chief says monetary policy supportive, still high risks to growth BANGKOK: Thailand's economy is recovering at a gradual but uneven pace and monetary policy is still supportive in the face of high downside risks, the central bank governor said on Thursday.Although an army coup in May 2014 restored some stability, Southeast Asia's second-largest economy has been hit hard by sluggish exports and domestic demand, which is being further constrained by high household debt levels which are now equivalent to over 80 percent of gross domestic ...