09262016Mon
Last update: Mon, 26 Sep 2016 10am

Banking & Finance

Business & Finance - Banking & Finance

Fed policymakers begin 2-day meeting, decision due on Wednesday WASHINGTON: Policymakers at the Federal Reserve started a two-day policy meeting on Tuesday at 1 p.m. EDT, a Fed official said. The meeting is due to finish on Wednesday.Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Germany should reform now, because good times may not last: ECB's Praet FRANKFURT: Germany relies too much on export demand and should reform now because the good times may not last, European Central Bank Executive Board Member Peter Praet told a French newspaper on Tuesday. Germany is running a trade surplus that is an anomaly and should build up an internal market, possibly through higher wages, more investment or lower taxes, Praet, the ECB's chief economist, told L'Opinion in an interview. It also is running a budget ...

Business & Finance - Banking & Finance

Greek central bank lifts Attica lending freeze ATHENS: Attica Bank shareholders approved a new chief executive and board chairman on Tuesday to address corporate governance concerns and the Greek central bank quickly lifted a freeze on new lending. The small Greek bank, which is majority owned by the engineers pension fund TSMEDE, approved the appointment of Theodore Pantalakis as chief executive and Panagiotis Roumeliotis as board chairman. Last week, the central bank froze new lending until Attica resolved "serious structural problems and ...

Business & Finance - Banking & Finance

Banco Popular plans to axe 3,000 jobs MADRID: Spain's struggling Banco Popular said Tuesday it plans to axe up to 3,000 jobs, about a fifth of its workforce, in the latest round of cost cutting by a Spanish lender.The bank plans to close around 300 of its 2,000 branches in Spain as part of a restructuring, it said in a statement."This restructuring process will affect between 2,900 and 3,000 people," the statement said.The bank said it would negotiate the job cuts with ...

Business & Finance - Banking & Finance

Nigeria central bank keeps benchmark interest rate, cash reserve ratio LAGOS: Nigeria's central bank kept its benchmark interest at 14 percent on Tuesday, and also maintained existing cash reserve ratios for commercial banks at 22.5 percent. Economists polled by Reuters last week predicted that the central bank would keep its benchmark interest rate at 14 percent and reiterate its focus on resuscitating growth. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

RBS says starts winding down shipping business LONDON: The Royal Bank of Scotland has begun winding down its global shipping finance business, it said on Tuesday, ending efforts to sell it amid a worsening downturn across the freight industry. Chief Executive Ross McEwan is battling to complete a restructuring, which includes asset sales and thousands of job cuts, amid a low-interest rate environment that makes finding profitable new business tough. "In line with the bank's strategy to create a simpler, stronger, and ...

Business & Finance - Banking & Finance

Hungary keeps rates on hold, to squeeze deposit funds into economy BUDAPEST: Hungary's central bank kept its base rate on hold on Tuesday and said it would ease monetary conditions further by squeezing out at least 200-400 billion forints from its main deposit tool into the economy by year-end. The bank, under Governor Gyorgy Matolcsy, an ally of Prime Minister Viktor Orban, wants private banks to offer cheaper loans to households and firms and to buy government debt instead to boost growth and reduce debt-financing costs. ...