02062016Sat
Last update: Sat, 06 Feb 2016 07am

Banking & Finance

Business & Finance - Banking & Finance

Swiss bank Julius Baer says deal done with US on tax-dodging case ZURICH: Swiss private bank Julius Baer said Friday it had finalised an agreement with US authorities, paying $547 million to end a criminal investigation into claims that it helped rich Americans dodge taxes."Being able to close this regrettable legacy issue is an important milestone for Julius Baer," chief executive Boris Collardi said in a statement."The settlement ends a long period of uncertainty for us and ... allows us now to again fully focus on the future and our business activities," he added.The bank had already fully booked provisions for the fine, which sent its 2015 net profit down by 67 percent to 121.2 million Swiss francs (109 million euros, $122 million) last year.If it hadn't had to book the provision for the US fine, Julius Baer said profits would have grown last year by a fifth to just over 700 million Swiss francs.Julius Baer was among around a dozen Swiss ...

Business & Finance - Banking & Finance

BoE's Broadbent says UK inflation to stay below 1pc in 2016 LONDON: Bank of England Deputy Governor Ben Broadbent said on Friday the recent drop in oil prices is likely to keep British inflation below 1 percent throughout this year. "That drop (in oil prices) has been a pretty protracted one, and it will keep inflation below 1 percent, in all likelihood, throughout this year," Broadbent told BBC radio. "But after that it's likely to rise, and indeed we expect it to go back to the ...

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Spain's Caixabank to review BPI stake after decision to remove voting cap MADRID: Spain's Caixabank said late on Thursday it would review its 44 percent stake in BPI after the Portuguese company said it would vote to remove a voting rights cap of 20 percent. Banco BPI's board said on Thursday it would decide to eliminate the voting rights statutory cap at a general shareholder meeting. A takeover bid by Caixbank was dropped in June after the Portuguese bank failed to eliminate the cap. Copyright Reuters, 2016 ...

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Czech central bank holds 2015 budget gap and raises overall debt forecast PRAGUE: The Czech central bank on Friday lowered its forecast for the 2016 public sector deficit to 0.5 percent of gross domestic product (GDP) from an earlier estimate of 0.6 percent. It also cut its outlook for the 2017 deficit to 0.0 percent from a previous forecast of 0.1 percent. The bank estimated the fiscal gap at 1.3 percent in 2015 and increased its expectation for 2015 public debt to 41.2 percent, from 40.9 percent ...

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Indonesia central bank says monetary easing will support GDP growth JAKARTA: Indonesia's central bank on Friday said it sees 2016 economic growth rebounding from last year's pace, which was the slowest since 2009, and that monetary policy easing will strengthen the momentum. "A measured monetary policy easing, while maintaining macroeconomic and financial stability, will strengthen the momentum of economic growth going forward," Bank Indonesia said in a statement. The central bank also said that government spending, investment and strong consumption will drive growth this year. ...

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Bank Austria says commercial banking chief to leave company VIENNA: UniCredit unit Bank Austria said on Friday its commercial banking chief Helmut Bernkopf was leaving the company and Romeo Collina would be joining its board as chief operating officer. Its central and eastern Europe chief Carlo Vivaldi, who is also deputy chief executive, would leave Bank Austria's management board as soon as that geographic segment had been handed back to Milan, which should happen by the end of the year, it said. Vivaldi will ...

Business & Finance - Banking & Finance

Bank of England cuts growth outlook, rate hike a distant prospect LONDON: The Bank of England cut its growth forecasts on Thursday and the only policymaker who had been pushing for a rate hike reversed his position, suggesting rates will stay on hold for the foreseeable future.BoE Governor Mark Carney said officials still expected the next move in interest rates to be upwards, but echoed downbeat comments from central banks around the globe, warning that global growth would be modest as emerging economies struggled.Highlighting risks from ...