05292016Sun
Last update: Sun, 29 May 2016 08am

Banking & Finance

Business & Finance - Banking & Finance

Risks to financial stability have increased in recent months: ECB FRANKFURT: The risks to financial stability in the eurozone have increased in recent months, but the single currency bloc is equipped to deal with them, the European Central Bank said on Tuesday. In its half-yearly Financial Stability Review, the ECB identified four key sources of risk for euro area financial stability over the next two years.And "compared with the November 2015 FSR, most risks have increased," the central bank said. Risks of new financial market turmoil, "triggered by emerging market stress and persistently low commodity prices," had increased and could now be classified as "medium," the ECB said.Similarly, the risks from weak profitability prospects for banks and insurers has also increased to medium.At the same time, concerns about debt sustainability in sovereign and non-financial private sectors were also on the rise, amid heightened political uncertainty and low nominal growth, but currently represented only a "potential" risk, the ECB continued. Nevertheless, ...

Business & Finance - Banking & Finance

 Bank of England's Carney, under fresh fire, defends message on Brexit risk LONDON: Bank of England Governor Mark Carney defended the central bank's decision to flag the risks of leaving the European Union on Tuesday, hitting back at one of his toughest critics who has called for him to resign.Carney said the outcome of the June 23 referendum could require the Bank to make a big reassessment to how it sets interest rates, something it needed to explain to businesses and households."It's important not just for those ...

Business & Finance - Banking & Finance

For third straight month, Turkey central bank cuts top end of rate corridor ISTANBUL: Turkey's central bank cut the top end of its interest rate corridor by an expected 50 basis points on Tuesday, as new Governor Murat Cetinkaya charts a dovish course amid cooling inflation and political pressure for lower rates.Inflation hit its lowest in nearly three years last month, helped by slowing food prices and boosting expectations that Cetinkaya would cut again - even though inflation remains above the bank's own target and the lira currency ...

Business & Finance - Banking & Finance

Out of order: India bank says third of ATMs don't work MUMBAI: A third of India's cash machines don't work, the central bank said, posing a challenge for the government as it strives to provide banking services to millions of poor citizens living in rural areas.The Reserve Bank of India surveyed almost 4,000 ATMs across the country with a "sample size fairly representing geographies and bank categories", according to Deputy Governor S.S Mundra."Survey results are not comforting in any way. Almost one third of the ATMs ...

Business & Finance - Banking & Finance

BNP Paribas to close Cayman Islands business PARIS: French bank BNP Paribas plans to close its remaining business in the Cayman Islands, campaign group Attac reported on its website on Tuesday, in the wake of the Panama Papers revelations about tax havens. Attac - the Association for the Taxation of financial Transactions and Aid to Citizens - cited the minutes of a May 3 meeting of the finance committee of the French bank's central works council.BNP Paribas had no immediate comment.The report ...

Business & Finance - Banking & Finance

Kenya economy to grow 6pc in 2016, current account deficit to narrow NAIROBI: Kenya's central bank governor said on Tuesday the economy was expected to expand by 6 percent in 2016 after 5.6 percent growth last year, while the current account deficit was expected to narrow to 5.5 percent of GDP in 2016 from 6.8 pct. Governor Patrick Njoroge was speaking at a news conference a day after the central bank cut interest rates by 100 basis points to 10.5 percent, saying falling inflation offered room for ...

Business & Finance - Banking & Finance

Serbian central bank revises up 2016 growth as investment, exports rise BELGRADE: Serbia's central bank on Tuesday revised the country's 2016 growth to between 2.25 to 2.5 percent from 1.8 percent citing an increase in investment and rise in exports. In its quarterly report on inflation the bank said higher investment would be driven by implementation of major infrastructure projects, lower interest rates and low fuel prices."Real growth in exports in the first quarter stood at 13 percent year-on-year, while import growth slowed to 4 percent ...