02122016Fri
Last update: Fri, 12 Feb 2016 06pm

Banking & Finance

Business & Finance - Banking & Finance

Barclays aggressively cuts dollar/yen forecasts amid sharp falls LONDON: Barclays aggressively cut its dollar/yen forecasts on Friday, saying the greenback will fall to 95 yen by the end of the year - more than 20 percent lower than the 120 yen previously reckoned - after a surge in the Japanese currency. The British bank also cut its end-of-quarter forecast for the dollar to 100 yen, from 123 yen previously.That would be a roughly 10 percent fall from where the pair was trading on Friday.The yen is on track for its biggest weekly rise against the dollar since late 2008, with deepening worries about global growth and about whether policymakers have enough ammunition to respond underpinning flows into the Japanese currency, which is traditionally viewed as a safe haven. "The Bank of Japan's remarkable success at raising Japanese inflation and inflation expectations came only by inducing excessive undervaluation of the yen that was at odds with Japan's relative economic ...

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India central bank chief says lenders need 'deep surgery' MUMBAI: The head of India's central bank has said the country's lenders may need to perform "deep surgery" to sort out bad loans and clean up their balance sheets.Reserve Bank of India governor Raghuram Rajan, who famously predicted the 2008 world financial crisis, has set Indian banks a deadline of March next year to tidy up their non-performing assets.And he told a gathering of banking leaders in India's commercial capital Mumbai on Thursday that getting ...

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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," ...

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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 ...

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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 ...

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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 ...

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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 ...