07012016Fri
Last update: Fri, 01 Jul 2016 07am

Banking & Finance

Business & Finance - Banking & Finance

Lloyds planning to cut 640 jobs to cut costs: sources LONDON: Lloyds Banking Group is planning to axe about 640 jobs, according to people familiar with the process, as Britain's largest mortgage lender continues to scale back the size of its workforce.All the employees impacted work in information technology and back office roles and are being told of the decision on Wednesday, according to the sources, who asked not to named because they are not authorised to discuss the plans.Lloyds, rescued in a 20.5 billion pound ($27.4 billion) taxpayer bail-out during the financial crisis, is in the midst of major restructuring, that includes eliminating large numbers of staff roles, as part of a aggressive cost-cutting programme."The continuation of the bank's major job loss program will bring disappointment as staff feel they have already faced two years of endless workforce cuts," said Rob MacGregor, national officer at the Unite union.A spokesman for Lloyds declined to comment. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Credit Suisse beats Deutsche despite rotten year LONDON: Shareholders will have despaired at the performance of both firms in the past year, but there are grounds for backing Credit Suisse over Deutsche Bank in the coming 12 months. Both stocks' total shareholder returns are down over 50 percent since they changed leadership on July 1 last year, according to Reuters Eikon. Yet the geographic and business mix suggests Credit Suisse boss Tidjane Thiam has a better chance of restoring value. Deutsche boss ...

Business & Finance - Banking & Finance

Russian finance minister sees 2017 pensions rising by 5.9pc MOSCOW: Russian finance ministry plans to increase pensions in 2017 by the rate of this year's inflation, which is forecast at 5.9 percent, Finance Minister Anton Siluanov told the upper house of Russia's parliament on Wednesday.Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Erste Bank eyes return to profit, solid growth in Hungary BUDAPEST: The Hungarian business of Erste Group Bank expects to return to the black this year and targets sustained profit over the medium-term, bolstered by growth in consumer and corporate lending, its chief executive told Reuters.Last week, Hungary's government and the European Bank for Reconstruction and Development sealed an agreement to each acquire a 15 percent stake in Erste's local unit for a combined 77.78 billion forints ($271.8 million).The bank, Hungary's sixth-largest lender by total ...

Business & Finance - Banking & Finance

Brazil central bank sees 2017 CPI above target, no plans for rate cut BRASILIA: Brazil's central bank expects inflation to ease next year but still remain slightly above the official target, warning it is too early to consider cutting interest rates just yet. In its quarterly inflation report released on Tuesday, the bank lowered its 2017 inflation forecast to 4.7 percent from 4.9 percent. For 2016, the bank raised its forecast to 6.9 percent from 6.6 percent. The report is the bank's most solid outlook since Ilan Goldfajn ...

Business & Finance - Banking & Finance

Majority of India's central bank committee suggested no rate cuts at June review MUMBAI: Reserve Bank of India Governor Raghuram Rajan sided with three of the five members of a technical advisory committee who recommended the central bank leave interest rates on hold at its June 7 policy review, according to minutes released on Tuesday. The three members said the RBI should wait for inflation to ease further, monitor the progress of monsoon rains and get further clarity on the US Federal Reserve's actions -- arguments Rajan also ...

Business & Finance - Banking & Finance

Indonesia central bank has room to loosen monetary policy further JAKARTA: Indonesia's central bank has room to loosen monetary policy again as inflation is expected to stand at 3.8 percent to 3.9 percent by the end of 2016, inside its target range, deputy governor Perry Warjiyo said on Tuesday. "(The next policy easing) is a matter of how much and when," Warjiyo told reporters, adding that Bank Indonesia thinks the Federal Reserve's chance of raising US interest rates later this year is getting smaller. Bank ...