07282016Thu
Last update: Thu, 28 Jul 2016 07am

Banking & Finance

Business & Finance - Banking & Finance

Qatar National Bank Q4 profit rise spurred by lending DUBAI: Qatar National Bank (QNB), the largest lender in the Gulf, posted a 3.3 percent rise in fourth-quarter net profit on Tuesday as faster lending growth and net fee and commission income bolstered its performance.The pick-up in loan growth followed two successive quarters in which year-on-year lending growth slowed at the bank, which provides a window on the health of the Qatari economy.Fifty percent owned by Qatar's sovereign wealth fund, QNB's net loans and advances rose 8.8 percent in the year to the end of December 2014 to reach 338 billion riyals ($92.9 billion), a statement showed.That rate is still well short of the more than 20 percent lending growth QNB posted for five quarters in a row, before it slowed to 10.1 percent in first half of the year and again to 8.1 percent in the nine months to the end of September.However, the slowdown came at a time ...

Business & Finance - Banking & Finance

BOJ to cut next fiscal year's CPI forecast to 1.5pc or lower TOKYO: The Bank of Japan is expected to cut its core consumer inflation forecast for next fiscal year - the deadline for meeting its 2 percent target - to 1.5 percent or lower, sources say, keeping it under pressure to expand an already huge stimulus programme.Core consumer inflation has fallen below 1 percent and is seen slowing to near zero in coming months due to plunging global oil prices, threatening the BOJ's pledge to achieve ...

Business & Finance - Banking & Finance

Russian central bank sets limit on rouble liquidity via FX swap at $10bn/day MOSCOW: The Russian central bank has set a limit on rouble liquidity available via foreign currency swaps at $10 billion per day between Jan. 13 and Jan. 31, it said in a statement on Tuesday. It added that the limit could be adjusted if needed.The central bank raised the limit to $10 billion from $2 billion in mid-December to alleviate a shortage of roubles in the money market. Copyright Reuters, 2015 ...

Business & Finance - Banking & Finance

India central bank likely buying dollar via state banks MUMBAI: The Indian central bank was likely buying dollars via state-run banks starting at around 62.02 levels to prevent a further appreciation in the rupee, four traders said on Tuesday.The partially convertible rupee was trading at 62.06/07 per dollar by 1345 India time (0815 GMT), after moments earlier hitting as much as 61.0175, its strongest level since Dec. 10.Traders estimated the central bank likely bought $200 million to $500 million so far in the day.Copyright ...

Business & Finance - Banking & Finance

Kenya's central bank says is in market to mop up 11bn shillings NAIROBI: Kenya's central bank said on Tuesday it was seeking to mop up 11 billion shillings ($120 million) in excess liquidity from the money markets using repurchase agreements, or repos.By mopping up excess liquidity, the central bank makes it more expensive to hold dollars, thereby giving the shilling some support.Copyright Reuters, 2015 ...

Business & Finance - Banking & Finance

Bank of England says to explain inflation fall on Feb 11 LONDON: The Bank of England will publish its explanation of why British inflation is so low on Feb. 11, alongside the publication of its quarterly economic forecasts, the central bank said on Tuesday.Earlier, official data showed that consumer price inflation halved in December to 0.5 percent.BoE Governor Mark Carney is required to explain to finance minister George Osborne in an open letter the reasons for inflation coming in a full percentage point or more above ...

Business & Finance - Banking & Finance

Bangladesh central bank launches weekly sukuk issues DHAKA: Bangladesh's central bank has launched a weekly Islamic bond issuance programme, providing local lenders with a new short- term liquidity management tool and boosting the prospects of Islamic finance in the majority-Muslim country. Bangladesh has developed a sizeable Islamic finance industry but a lack of sharia-compliant instruments such as sukuk threatens to limit further growth of the sector. The central bank has had a sukuk programme since 2004 which has sold six-month paper, but ...