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Banking & Finance

Business & Finance - Banking & Finance

PBOC does 18bn yuan repos, injects 17bn yuan for week SHANGHAI: China's central bank will drain 18 billion yuan ($2.90 billion)from the money markets through 28-day bond repurchase agreements on Thursday, traders said, meaning it will inject a net 17 billion yuan into the market this week.The People's Bank of China (PBOC) conducted a net injection of 50 billion yuan into the market last week.Copyright Reuters, 2014 ...

Business & Finance - Banking & Finance

UK recoups £135mn in tax from leaked Swiss bank list LONDON: Britain has recovered £135 million ($231 million, 171 million euros) from clients named on a leaked list of HSBC's private banking operation in Switzerland, the tax authority said on Wednesday.Her Majesty's Revenue and Customs (HMRC) told a parliamentary hearing that one person had been prosecuted from a list of 24,000 HSBC Private Bank clients leaked by former employee Herve Falciani, who said he wanted to expose tax evasion.The leak sent shockwaves through the world ...

Business & Finance - Banking & Finance

Japan domestic demand tops capacity for first time in 6 years TOKYO: Domestic demand in Japan outpaced production capacity for the first time in six years in January-March, the Bank of Japan said in its monthly report on Wednesday, a positive sign that inflation will move toward the central bank's 2 percent target.A positive output gap will help the BOJ make the argument that it can meet its 2 percent price growth goal next year, as slack in the economy has been eliminated and domestic demand ...

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South Korea central bank chief says was too optimistic on economic outlook SEOUL: South Korea's central bank governor said he was too optimistic about the economic outlook in April, when he said the general direction of interest rates would be up should the economy stay to its growth path."You can signal a move 23 months prior (to the actual action), but if something unexpected happens in even a month's time that could change policy," said Bank of Korea Governor Lee Ju-yeol to reporters on the sidelines of ...

Business & Finance - Banking & Finance

Nigerian govt revenues fall to 784.9bn naira LAGOS: Nigerian government revenues fell 7 percent month-on-month to 784.9 billion naira in June from 844 billion naira in May due to oil outages, Accountant General Jonah Otunla said on Tuesday."Ongoing repair and maintenance work at various terminal and the force majeure declared at Forcados between March and May, 2014 were responsible for the slight decline in mineral revenue," Otunla said.Africa's biggest oil producer relies on its energy business for 80 percent of government revenues.Otunla ...

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Audi to launch third shift at Hungary car plant next month BUDAPEST: German carmaker Audi will launch a third shift at its car plant in Hungary from mid-August to meet rising demand for its premium models, the company said on Tuesday.Audi's plant in the western Hungarian town of Gyor, 120 kms (75 miles) from Budapest, where it manufactures the TT Coupe and Roadster sports cars as well as the A3 Limousine and Cabriolet, has an annual capacity of 160,000 vehicles."We are preparing for serial production of ...

Business & Finance - Banking & Finance

BOJ says inflation to stay above 1pc despite cut in GDP forecast TOKYO: The Bank of Japan's governor voiced confidence on Tuesday that inflation would hold above 1 percent even when a boost from energy costs fades, attempting to convince sceptics the economy was recovering and there was no threat of a return to deflation.Haruhiko Kuroda, once Japan's top currency diplomat, also sought to keep the yen in check, warning that sharp gains were unwarranted with the BOJ maintaining its massive stimulus while its US counterpart started ...