01182017Wed
Last update: Wed, 18 Jan 2017 11pm

Banking & Finance

Business & Finance - Banking & Finance

Standard Chartered named Best Foreign Bank in Pakistan KARACHI: The Standard Chartered has won the "Best Foreign Bank in Pakistan" award for 2015 by Finance Asia.This award is in recognition of Standard Chartered's superior product structuring and distribution capabilities, and reinforces the Bank's dominant leadership position in Pakistan, said a press release issued here Monday.It said that the last decade has seen Standard Chartered transform itself in Pakistan and become an integral part of the social and economic fabric of the country.With a presence in the country for more than 150 years, Standard Chartered is the largest international bank in Pakistan.Commenting on the recognition, Shazad Dada, Chief Executive, Standard Chartered Pakistan, said: "We are delighted to be presented with this award from such a prestigious publication. Receiving this award is not only a testament of our expertise, but a recognition of the strength of our on-the-ground presence and our ability to offer customised solutions to our clients and ...

Business & Finance - Banking & Finance

India govt to consult on central bank on new monetary policy panel NEW DELHI: The Indian government will consult the central bank before taking a decision on the formation of a proposed interest rate-setting panel, junior finance minister Jayant Sinha told Reuters on Monday.Sinha's comments come days after the finance ministry published draft legislation that proposes to reduce the central bank's influence in setting interest rates.Sinha, however, clarified the proposal doesn't reflect New Delhi's views. He added that the government, including Prime Minister Narendra Modi, believes the ...

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Euro zone lending improves in June FRANKFURT: Lending to euro zone households and firms picked up slightly in June, European Central Bank data showed on Monday.Loans to the private sector in June grew by 0.6 percent on the year, compared with a rate of 0.5 percent in May. The June result was in line with expectations in a Reuters poll.Sparse lending to companies had dogged the struggling euro zone economy although the picture has been improving since late 2014 and policy ...

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Fed policy meeting: is Yellen turning bullish? WASHINGTON: Bullishness is not a word much associated with Janet Yellen since she became Federal Reserve chair 18 months ago, but that could change with the Fed's next policy meeting.With a global focus on when the US central bank will begin raising interest rates after nearly seven years locked at zero percent, analysts will be looking for a shift in how the Yellen-led Federal Open Market Committee on Wednesday describes the US economy.No decision to ...

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Nigeria central bank keeps benchmark rate at 13pc ABUJA: Nigeria's central bank kept its benchmark interest rate on hold at 13 percent on Friday, saying concerns about rising inflation and expected normalisation of US interest rates meant monetary policy in Africa's biggest economy had to remain tight. Governor Godwin Emefiele said the bank's monetary policy committee voted 8-4 in favour of keeping the rate at its current level, one of the world's highest benchmark borrowing rates. Its last move was in November. The ...

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Russian central bank withdraws licence from top 50 bank MOSCOW: Russia's central bank on Friday withdrew the licence of Rossiysky Kredit Bank, one of the top 50 banks, saying it had broken federal laws and central bank regulations, presented inaccurate financial reports and engaged in high-risk activity. Rossiysky Kredit Bank was the 45th largest Russian bank by assets as of July 1, according to its financial reporting. The central bank said in a statement that Rossiysky Kredit Bank had hidden grounds for bankruptcy proceedings ...

Business & Finance - Banking & Finance

ECB stimulus may finally reach Greece, but ‘what's the use anyway? LONDON: European Central Bank purchases of Greek bonds, which may start in a month at the earliest, will be too small to push the country's borrowing costs low enough for Athens to regain market access soon.ECB President Mario Draghi has said the bank might have a two-month window after a bailout deal is settled to buy Greek bonds, after which it will quickly hit its self-imposed limit of holding a third of a country's eligible ...