07302016Sat
Last update: Sat, 30 Jul 2016 06pm

Banking & Finance

Business & Finance - Banking & Finance

No clean bill of health for EU banks in stress test LONDON: Banks from Italy, Ireland, Spain and Austria fared worst in the latest European Union stress test, which the region's banking watchdog said on Friday showed there was still work to do in order to boost credit to the bloc's economy.Eight years since the collapse of Lehman Brothers sparked a global banking meltdown, many of Europe's banks are still saddled with billions of euros in poorly performing loans, crimping their ability to lend and putting off investors."While a number of individual banks have clearly fared badly, the overall finding of the European Banking Authority - that Europe's banks are resilient to another crisis - is heartening," Anthony Kruizinga at PwC said.Italy's Monte dei Paschi, Austria's Raiffeisen , Spain's Banco Popular and two of Ireland's main banks came out with the worst results in the EBA's test of 51 European Union (EU) lenders."Whilst we recognise the extensive capital raising done so ...

Business & Finance - Banking & Finance

Bank of Japan deflates with 'disappointing' stimulus TOKYO: The Bank of Japan deflated investor spirits Friday with underwhelming tweaks to its giant stimulus plan that fanned worries its monetary policy arsenal is almost empty.The central bank did not expand a massive bond-buying programme -- a cornerstone of its years-long battle against deflation -- despite hopes for a one-two punch to boost the sluggish economy, after Tokyo unveiled a huge spending package this week.Japanese officials are under pressure as the fate of Prime ...

Business & Finance - Banking & Finance

Russian central bank holds key rate over inflation fears MOSCOW: Russia's central bank on Friday held its key lending rate at 10.5 percent as inflationary pressures weighed off against trying to spur a faster economic bounce back. The Bank of Russia said in a statement that it made the move as "the decline in inflation expectations has stalled" but insisted that it remained on target to meet its long-term targets of 4 percent inflation by the end of 2017. The majority of economists predicted ...

Business & Finance - Banking & Finance

Romania central bank deputy held in bribery probe BUCHAREST: The deputy governor of Romania's central bank has been taken into custody over allegations of bribery and influence peddling as part of a wider anti-corruption probe, officials said on Friday.Bogdan Olteanu, detained late Thursday, is accused of accepting one million euros ($1.1 million) in 2008 when he was parliamentary speaker, in exchange for the nomination of a reporter to an important government role.Investigators say Olteanu peddled his influence to appoint journalist and environmental activist ...

Business & Finance - Banking & Finance

UBS net profit slips 14pc in second quarter ZURICH: Swiss banking giant UBS on Friday beat earnings expectations in the second quarter, despite a 14-percent slide in net profits as economic uncertainty hit its activities. Switzerland's largest bank posted net profits of 1.03 billion Swiss francs (953 million euros), $1.05 billion), beating the expectations of analysts polled by the Swiss AWP agency who had expected the lender to post a figure of around 730 million francs.Net banking income fell 5 percent to 7.4 ...

Business & Finance - Banking & Finance

Barclays posts sliding first-half profits LONDON: British bank Barclays saw first-half net profits tumble by almost a third, hit by non-core losses and an impairment at its French retail division, it said Friday.Turning to Britain's recent EU exit referendum, Barclays -- which had backed the unsuccessful Remain campaign -- said it was well placed to survive any economic fallout.Earnings after taxation dived 31 percent to £1.1 billion ($1.45 billion, 1.31 billion euros) in the six months to June, compared with ...

Business & Finance - Banking & Finance

ECB rates still safely above detrimental level FRANKFURT: Sub-zero European Central Bank interest rates are doing more good than harm and holding safely above a detrimental level, but the bloc remains at risk of falling into a damaging trap of low rates, ECB Executive Board Member Benoit Coeure said. Rates remaining "very low for a very long time" could hamper banks' ability to transmit the ECB's monetary policy and risk financial stability. At that point, the cost would outweigh the benefits, Coeure ...