07282016Thu
Last update: Thu, 28 Jul 2016 04am

Banking & Finance

Business & Finance - Banking & Finance

India allows banks flexibility on big projects to reboot growth MUMBAI: India's central bank has allowed lenders more flexibility to restructure large projects that stall when cash runs out, but stopped short on Tuesday of giving banks freer rein on other problematic loans.In the Reserve Bank of India's monetary policy statement review, Governor Raghuram Rajan said banks could extend timelines for large stalled projects by bringing in new 'promoters', or owners.Prime Minister Narendra Modi swept to power last year on promises to revive India's economy, partly by freeing up delayed infrastructure projects, clearing an investment logjam and fixing bottlenecks that have curtailed growth.Banks in India have the largest exposure to the infrastructure sector, and have become more cautious about lending to it after bad loans surged as growth slowed."If there is a new promoter brought in, then banks could get some more time to complete the project... That could put some projects that are stuck back on the field," Rajan ...

Business & Finance - Banking & Finance

Polish Santander unit CEO sees 2015 net profit higher WARSAW: Poland's No.3 lender BZ WBK said on Tuesday it wants to book a 2015 net profit higher than the 2.05 billion zlotys ($556.4 million) it recorded in 2014, and will cap costs to counter the effect of the surge in the Swiss franc."We want to raise it (net profit) this year by keeping overall costs at par year-on-year, while at the same time raising revenue," chief executive Mateusz Morawiecki told Reuters.The surge in the ...

Business & Finance - Banking & Finance

Turkey central bank rejects snap rate cut after inflation data ISTANBUL: Turkey's central bank, under pressure from President Recep Tayyip Erdogan to aggressively lower rates, on Tuesday rejected the option of an unscheduled rate cut as inflation slowed less than expected.Erdogan and his allies have over the last weeks lambasted central bank Governor Erdem Basci for failing to radically lower interest rates to stimulate faltering growth.Basci had indicated the bank would make an unscheduled cut this week if January inflation data had shown a sharp ...

Business & Finance - Banking & Finance

India central bank says inter-meeting rate moves always an option MUMBAI: The Indian central bank is on "pause" on interest rates until there is more data on the broader economy and prices, but inter-meeting moves remain "on the table", governor Raghuram Rajan said at a press conference after the bank's policy review.India's central bank held interest rates steady at 7.75 percent on Tuesday after easing monetary policy just three weeks ago, likely leaving its next move until after the government presents its annual budget at ...

Business & Finance - Banking & Finance

China's Bank of Beijing says top official investigated SHANGHAI: A director of medium-sized Chinese lender the Bank of Beijing is under investigation by authorities, the firm said, the second senior banker implicated in corruption in under a week. Lu Haijun was being probed for alleged "serious disciplinary violations", the Shanghai-listed bank said late Monday in an exchange filing.It gave no further details, but in China the term typically refers to corruption. Lu was one of the bank's 10 directors according to its latest ...

Business & Finance - Banking & Finance

Spain's Santander posts 70pc profit jump in Q4 MADRID: The euro zone's biggest bank, Santander, on Tuesday posted a nearly 70 percent jump in fourth quarter profit from a year earlier, lifted by earnings from its lending business and as charges on soured loans fell.The Spanish bank said net profit was 1.46 billion euros ($1.65 billion) in the October-December period - the first quarter under new boss Ana Botin, who has shaken up the lender with management changes and recently bolstered capital through ...

Business & Finance - Banking & Finance

Telefonica has no plans to hike capital beyond GVT financing MADRID: Spanish telecoms group Telefonica has no plans to carry out a large capital increase beyond a 3.4-billion-euro ($4 billion) capital raising announced last year to finance the acquisition of GVT in Brazil, Chief Financial Officer Angel Vila told Reuters.In a telephone interview, Vila said press reports of an up-to-5-billion-euro capital hike were "totally unfounded"."What we announced when we did the operation with GVT was that the transaction would be financed with a capital increase ...