01222017Sun
Last update: Sun, 22 Jan 2017 07pm

Banking & Finance

Business & Finance - Banking & Finance

Irish central bank governor confirms decision to retire DUBLIN: Irish Central Bank Governor Patrick Honohan confirmed on Friday that he intends to retire at the end of the year, nine months before his seven-year term was due to end. Honohan, who was appointed in September 2009 at the height of Ireland's financial crisis, said it was a good time to retire as the bank was moving from a crisis management phase to one of repair and consolidation "That is more an implementation phase, a new chapter and a good time to hand over to somebody else," Honohan, who is also a member of the European Central Bank's (ECB) governing council, told a news conference, adding that he would remain in his job until at least November 1. Copyright Reuters, 2015 ...

Business & Finance - Banking & Finance

Lloyds revival makes retail offer unnecessary LONDON: The revival of Lloyds Banking Group removes the need for the UK government to sell shares in the lender to the British public. The Conservative Party has pledged to do this if it wins the UK's general election on May 7. Moreover, the UK lender's solid first-quarter results may have reinforced Chancellor George Osborne's thinking. Losses from bad debts dropped 59 percent from a year ago, and fresh charges for retail insurance misselling were ...

Business & Finance - Banking & Finance

Commerzbank shareholders reject bigger bonuses BERLIN: Shareholders of Commerzbank, Germany's second largest bank, rejected a proposal Thursday to pay bankers bigger bonuses.At the annual general meeting in Frankfurt, only 64.7 percent of shareholders voted in favour of it, short of the 75 percent required to adopt the move, the bank said.The bank had wanted to be able to pay out top performance-based bonuses to some bankers that would have been worth 200 percent of the basic wage.Such bonuses drew heavy ...

Business & Finance - Banking & Finance

Peru sees deficit rising to 2pc of GDP on stimulus spending LIMA: Peru's budget deficit will rise to 2 percent of gross domestic product this year as the government boosts spending to try to jump-start sluggish economic growth, a finance ministry report estimated on Thursday.The finance ministry had forecast a deficit of 0.4 percent of GDP in its last macroeconomic report in August before the government began rolling out additional measures to counter a sharp economic slowdown.Last year Peru posted a deficit of 0.2 percent of ...

Business & Finance - Banking & Finance

Swiss central bank posts massive loss on soaring franc ZURICH: The Swiss central bank said Thursday it had posted loss of 30 billion francs in the first quarter due to a jump in the franc's value which led to huge exchange rate-related losses.Losses on foreign exchange positions alone amounted to 29.3 billion francs (27.8 billion euros, $31 billion), the Swiss National Bank said.In a shock move, the bank on January 15 decided to scrap a currency cap of 1.20 francs to the euro, sending ...

Business & Finance - Banking & Finance

Bank of Japan cuts economic growth, inflation outlook TOKYO: The Bank of Japan cut its growth and inflation forecasts Thursday, as a slate of tepid data highlight weakness in the world's number three economy, while analysts expect more stimulus later this year.Japan's gross domestic product will expand 2.0 percent in the year to March 2016, while the inflation rate is seen at 0.8 percent, the BoJ said in a semi-annual report. That compares with a previous estimate of 2.1 percent and 1.0 percent ...

Business & Finance - Banking & Finance

Federal Reserve leaves open timeframe for rate rise WASHINGTON: The Federal Reserve left open its timeframe for a rise in interest rates Wednesday, following a winter slowdown that stalled US economic growth.After more than a year hinting that it would begin raising the federal funds rate in mid-2015, the Fed only said it would move when it sees further improvement in the labor market and is confident that inflation will pick up over the medium term.But the policy-setting Federal Open Market Committee (FOMC) ...