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Banking & Finance

Business & Finance - Banking & Finance

Singapore's key short-term interest rate hits 6-year high SINGAPORE: Singapore's benchmark three-month interest rate rose above 1 percent for the first time in more than six years on Tuesday, reflecting tighter conditions in the domestic money market and recent weakness in the Singapore dollar.The three-month Singapore interbank offered rate (Sibor), which is used to set floating-rate mortgages, rose to 1.00129 percent, its highest level since December 2008.A softer Singapore dollar can put upward pressure on local interest rates as investors seek higher yields as compensation for holding the weakening currency.The U.S. dollar has been bolstered by expectations the Federal Reserve will raise interest rates later this year, while the Singapore dollar has come under pressure after the Monetary Authority of Singapore (MAS) unexpectedly reduced the upward slope of its policy band in late January.The Singapore dollar fell as low as 1.3938 versus the U.S. dollar earlier this month, the weakest level since July 2010. It has since pulled ...

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Philippine central bank seen keeping rates steady on Thursday MANILA: The Philippine central bank will likely keep its benchmark interest rate steady for a fourth straight meeting on Thursday, according to 11 economists polled by Reuters, with inflation expected to stay within its target this year.The Bangko Sentral ng Pilipinas has kept its overnight borrowing rate steady at 4.0 percent since last October as inflation cooled, helped by easing food and fuel prices.Seven of the 11 economists replied to a question about the timing ...

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Philippine central bank says sees room for monetary, fiscal tweaks as needed MANILA: The Philippine central bank believes there is sufficient room for adjustments in both the country's monetary and fiscal policies if necessary, given low inflation, its governor said on Tuesday.Governor Amando Tetangco, speaking at a business forum ahead of a policy meeting on Thursday, also said the country's growth target this year of 7 to 8 percent was within reach.The Bangko Sentral ng Pilipinas kept the overnight borrowing rate at 4 percent for the third ...

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Fed rate hike 'widely expected' this year, Fischer says NEW YORK: The Federal Reserve is "widely expected" to begin raising U.S. interest rates this year, with policymakers deciding on subsequent policy tightening or loosening on a meeting-to-meeting basis, the Fed's second-in-command said on Monday.Fed Vice Chair Stanley Fischer cited significant economic progress and a labor market that was nearing full employment. In an upbeat speech to the Economic Club of New York, he did however mention that the strong dollar may offset some benefits ...

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RBS to sell $3bn more Citizens shares to cut stake to less than half LONDON: Royal Bank of Scotland is to sell up to $3.3 billion more shares in its U.S. bank Citizens to cut its stake to less than half and accelerate its retreat to its home UK market.RBS said on Monday it will sell 115 million shares of Citizens' common stock and up to another 17.25 million shares in an over-allotment option, equivalent to 24 percent of Citizen's issued shares.RBS sold a first slice of Citizens in ...

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Bundesbank sees 'strong' German growth in first half of 2015 FRANKFURT: The German economy, Europe's biggest, will notch up "strong" growth in the first half of 2015, driven by robust exports and buoyant consumer spending, the German central bank or Bundesbank said Monday."The German economy, following surprisingly strong growth at the end of 2014, should have continued to grow strongly in the first quarter of 2015," the Bundesbank wrote in its latest monthly report."For the second quarter, too, the robust economic uptrend will continue. The ...

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China monetary policy to remain prudent: central bank governor BEIJING: China will stick to a prudent monetary policy despite a recent rate cut and a reduction in the reserve requirement ratio, China's central bank governor Zhou Xiaochuan said on Sunday.Monetary policy needs to support growth as well as helping structural adjustments, Zhou said. China's QFII scheme was not flexible enough and reform measures were being planned, he said.Copyright Reuters, 2015 ...