07242016Sun
Last update: Sun, 24 Jul 2016 09am

Banking & Finance

Business & Finance - Banking & Finance

German economy to grow strongly in Q3 despite Brexit risks: Bundesbank FRANKFURT: The German economy, Europe's biggest, will continue to expand strongly in the third quarter, despite potential risks from the British vote to quit the European Union, the German central bank or Bundesbank said on Monday.After growth slowed in the second quarter of 2016, "the underlying economic trend remains very strong and a sharp increase in overall economic output can be expected in the summer quarter," the Bundesbank wrote in its latest monthly report.In the period from July to September, the main driving factors behind recovery -- the very favourable situation on the labour market, rising wages and expansive fiscal policy -- "remain intact," the report said. "Continued positive sentiment among companies and households suggest that the slowdown in growth in the second quarter will only be temporary," the central bank continued. "It is currently difficult to forecast the economic fallout for Germany (from Brexit), but it is likely to ...

Business & Finance - Banking & Finance

Bank of America earnings dip NEW YORK: Bank of America on Monday reported a drop in second-quarter earnings as the drag of low interest rates offset a pickup in some key consumer banking categories.Chief executive officer Brian Moynihan said the earnings, which topped expectations, nevertheless reflected the bank's engineering of "another solid quarter in a challenging environment" by keeping a lid on expenses.Net income for the quarter ending June 30 was $3.9 billion, down 19.4 percent.Revenue fell 7.1 percent to ...

Business & Finance - Banking & Finance

Bank of England's Weale sees little urgency to cut interest rates LONDON: Bank of England policymaker Martin Weale said on Monday he was unsure if he would back an interest rate cut at next month's BoE meeting, in contrast to most of his colleagues who think a cut is likely. Weale - who will step down after next month's meeting - said he did not see any sense of panic among consumers or businesses after Britain's vote to leave the European Union last month, and that ...

Business & Finance - Banking & Finance

Qatar's Commercial Bank gets $166mn international loan DUBAI: Commercial Bank of Qatar (CBQ) has obtained a $166 million, three-year loan from international banks for general corporate purposes, it said on Monday. Seven lenders participated in the deal, with Mizuho Bank acting as sole co-ordinator, sole bookrunner and mandated lead arranger. Agricultural Bank of China, State Bank of India and Bank of Taiwan were also mandated lead arrangers; Gunma Bank and Shizuoka Bank were lead arrangers, while Fuyo General Lease was an arranger.Copyright ...

Business & Finance - Banking & Finance

Some British bank accounts paying only 0.01pc interest LONDON: Some bank savings accounts in Britain are paying customers as little as 0.01 percent interest, the Financial Conduct Authority said on Monday as it published a report on the lowest rates offered by 32 providers.Some consumers would do better to switch to a new provider offering a better rate but were unaware how little they were earning from their savings, the FCA said.The Bank of England's benchmark interest rate stands at 0.5 percent.Copyright Reuters, ...

Business & Finance - Banking & Finance

Bank of England's Vlieghe sees signs UK economy slowing after Brexit vote: FT LONDON: Bank of England rate-setter Gertjan Vlieghe said on Sunday he had already seen early signs that Britain's economy is heading for a period of slower economic growth and higher inflation after last month's Brexit vote. Vlieghe, the only member of the Monetary Policy Committee who voted to cut interest rates this month, said he saw an immediate need to cut rates and that this should be supplemented with a package of extra measures next ...

Business & Finance - Banking & Finance

ECB to pave way for stimulus in September: analysts FRANKFURT: The European Central Bank, widely expected to hold fire on monetary policy next week, will likely prepare the ground for more stimulus measures in September as the economic fallout for the eurozone from Brexit becomes clearer, analysts predicted.The ECB's decision-making governing council is scheduled to hold its regular policy meeting on Thursday, a month after Britain voted to quit the European Union.While the initial market turmoil triggered by the shock outcome has abated, taking ...