02102016Wed
Last update: Wed, 10 Feb 2016 08pm

Banking & Finance

Business & Finance - Banking & Finance

Greek central bank chief says delay in bailout review threatens recovery ATHENS: Greece's central bank governor warned on Wednesday that further delay in completing a first review of the country's bailout reforms could imperil a projected economic recovery in the second half of this year. Bank of Greece Chief Yannis Stournaras has repeatedly underlined the need to implement reforms the leftist-led government agreed with official lenders under a third bailout clinched last July, saying any backtracking entailed risks. Reforming Greece's ailing pension system is a prerequisite for the conclusion of the review, which is expected to open the way for debt relief talks, but the government is facing protests from farmers and other groups of workers. "Every hour that we fail to complete the review weighs on confidence," Stournaras told the Greek parliament's economic affairs committee. "It (completion) should have been done before the end of last year." "Social and political consensus is very important, Cyprus is the closest example. It ...

Business & Finance - Banking & Finance

Hungary central bank vehicle to start buying distressed bank assets BUDAPEST: The vehicle set up by the National Bank of Hungary to buy up bad loans from banks will start purchasing assets after publishing the terms and conditions of the scheme later this month, the central bank said, after the plan was approved by European regulators.The vehicle, called MARK, is part of ongoing efforts by central bank Governor Gyorgy Matolcsy, an ally of Prime Minister Viktor Orban, to revive lending to companies and support economic ...

Business & Finance - Banking & Finance

Australia's Commonwealth Bank H1 profits up two percent SYDNEY: Australia's biggest company Commonwealth Bank on Wednesday posted a modest two percent rise in first-half net profit to Aus$4.62 billion (US$3.26 billion) and said it was well placed to ride out global instability.The result came as nervous investors exited bank stocks in Australia for a second day, with lenders spooked by a global banking share rout on fears of worsening credit quality.The Commonwealth was the exception, gaining 1.83 percent to close at Aus$74.20 but ...

Business & Finance - Banking & Finance

Deutsche Bank shares soar more than 11pc on bond-buying rumours FRANKFURT: Deutsche Bank shares soared more than 11 percent on the Frankfurt stock exchange on Wednesday, driven by speculation it may be considering a bond buyback programme to help ease concern about its funds. Shares in Germany's biggest lender -- which had shed around 13 percent over the previous two sessions on Monday and Tuesday -- topped an intraday high of 14.75 euros in late morning trade on Wednesday, a jump of 11.5 percent on ...

Business & Finance - Banking & Finance

Goldman eyes cost cuts: CEO NEW YORK: US banking giant Goldman Sachs is weighing cost cuts to deal with a slowing global economy, its chief executive Lloyd Blankfein said Tuesday.A person with knowledge of the situation said Goldman intends to slash at least five percent of its total workforce this year.Speaking a day after Goldman shares plunged 4.6 percent amid rising market worries over credit quality in banks, Blankfein said that the bank can "absolutely do a lot more on ...

Business & Finance - Banking & Finance

Bank of England deputy says may act if lending speeds up LONDON: The Bank of England will consider steps to safeguard financial stability if household debt grows faster than the rest of the economy, the bank policymaker in charge of financial stability said on Tuesday.British household debt, measured as a share of income, has fallen substantially from its peak during the financial crisis and has now stabilised around levels last seen in 2004.Deputy Governor Jon Cunliffe said he did not want a return to the situation ...

Business & Finance - Banking & Finance

BoE's Cunliffe says housing shortage a vulnerability for UK LONDON: Britain's lack of housing makes the economy particularly vulnerable to build-ups of mortgage debt, Bank of England deputy governor Jon Cunliffe said on Tuesday. "To the extent we can solve that underlying structural problem, and bring a balance between demand and supply then yes, it takes away this underlying vulnerability for the economy," Cunliffe said in a question and answer session at a conference hosted by the British Property Forum. "But the Bank can't ...