07242016Sun
Last update: Sun, 24 Jul 2016 11am

Banking & Finance

Business & Finance - Banking & Finance

World Bank bars four companies from projects WASHINGTON: The World Bank announced Friday it had barred four companies, including a former unit of Daewoo, from future contracts after finding serious misconduct in projects around the world.The development lender said its investigations found fraud and corruption related to projects in Mongolia, Vietnam, Peru and Kenya that involved the companies.Daewoo Information Systems, a former branch of the sprawling South Korean conglomerate Daewoo, was debarred for engaging in "corrupt misconduct" to win a Bank-financed contract in Mongolia.The company is frozen out of World Bank projects for two and a half years.The other three companies were put on the black list for submitting false information in bidding for contracts: Thang Loi Group, over a Vietnam project; Consorcio Ocongate, for a Peru project; and Minimix Agencies, related to a project in Kenya. They were debarred from two to four years."The outcome of our investigations during this last quarter speaks to the sustained ...

Business & Finance - Banking & Finance

Bank of Italy cuts Italy's growth outlook following Brexit ROME: Italy's economy will grow by less than one percent this year and only marginally faster in 2017, the Bank of Italy said on Friday, cutting its previous forecasts as a result of Britain's decision to leave the European Union. The outcome of last month's referendum in Britain will have "effects on the economic situation which are still hard to assess, but nonetheless it has notably increased the risks," the central bank wrote in its ...

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Bank of England's chief economist says UK needs prompt, muscular stimulus LONDON: The Bank of England needs to act "promptly as well as muscularly" to stimulate the economy and boost confidence, its chief economist said on Friday, a day after the central bank upset markets by not cutting rates. In his first speech since Britain voted last month to leave the European Union, Andrew Haldane said the BoE needed to come up with a "package of mutually-complementary monetary policy easing measures" in time for a rate-setting ...

Business & Finance - Banking & Finance

India's Infosys shares plunge as sales outlook cut BANGALORE: Infosys shares plunged more than nine percent on the Bombay Stock Exchange Friday after the Indian software giant cut its earnings outlook for the year.The Bangalore-based IT services exporter reported a 13 percent rise in first-quarter net profit year-on-year but revised down its sales forecast, sparking the share-price fall. Net profit for the three months to June 30 came in at 34.36 billion rupees ($513 million) compared with 30.30 billion rupees for the same ...

Business & Finance - Banking & Finance

Bank of England jolts sterling as it keeps rates on hold, August move expected LONDON: The Bank of England wrong-footed investors by keeping interest rates on hold on Thursday, but held out the prospect of a stimulus package soon to help the economy cope with Britain's decision to leave the European Union.The battered pound surged by more than 2 percent as the central bank held its Bank Rate at 0.50 percent, contrary to widespread expectations of a first cut in more than seven years. Governor Mark Carney said two ...

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US Fed awards $30.36bn in reverse repos NEW YORK: The US Federal Reserve on Thursday awarded $30.36 billion of one-day, fixed-rate reverse repurchase agreements to 21 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. The amount was the smallest of reverse repos since June 15, when the US central bank awarded $28.31 billion to 20 bidders, according to New York Fed data. On Wednesday, the Fed allotted $48.36 billion in one-day reverse repos to ...

Business & Finance - Banking & Finance

Brexit questions linger as JPMorgan reports solid earnings NEW YORK: JPMorgan Chase said Thursday it is too soon to know if it will shift its European headquarters out from London after Britain's break with the EU, as it reported solid second-quarter earnings.The June 23 vote by Britain to leave the European Union gave the bank a slight boost to trading revenues as global markets churned at the unexpected outcome, executives said.But chief financial officer Marianne Lake said "it's very early days" as far ...