01192017Thu
Last update: Thu, 19 Jan 2017 05am

Banking & Finance

Business & Finance - Banking & Finance

UK firms see inflation rising noticeably next year LONDON: Costs paid by British companies for materials and imports rose at the fastest pace in around five years in the fourth quarter, something that will cause inflation to rise noticeably next year, a Bank of England survey showed on Wednesday. Growth in both services and manufacturing sectors improved a little in the fourth quarter, helped by the strongest reading for factory exports since the third quarter of 2014, according to the BoE survey, based on the findings of its regional agents.But the BoE said input costs had risen sharply."That was expected to start affecting consumer prices more noticeably in the New Year. Wage growth had remained stable, but some contacts expected upward pressures, including from higher inflation next year," the BoE said.Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Spanish economy to grow 0.7pc on quarter in Q4 MADRID: The Bank of Spain said on Wednesday it expected the Spanish economy to grow at 0.7 percent quarter-on-quarter in the final three months of the year, unchanged from the previous quarter and in line with the economy ministry's forecast on Tuesday. Last week the central bank raised its forecast for growth over 2016 to 3.2 percent and to 2.5 percent for next year.Strong employment growth and the persistence of favourable financial conditions had sustained ...

Business & Finance - Banking & Finance

Hungary's central bank accepts HUF 400bn in 3-month deposits, as expected BUDAPEST: The Hungarian central bank accepted 3-month deposits worth 400 billion forints ($1.34 billion) on Wednesday at its last tender this year, it announced on its Reuters page. The central bank's 3-month deposits now hold 900 billion forints. The bank has set a limit of 900 billion forints for the stock of deposits by the end of the year.On Tuesday, it announced that it would cap the amount in the 3-month deposits at 750 billion ...

Business & Finance - Banking & Finance

Italy lawmakers approve 20bn euro plan to prop up banks ROME/MILAN: Italy's parliament gave the green light on Wednesday for a 20 billion euro ($20.8 billion) plan to prop up the country's weaker banks, starting with a bailout as early as this week for the third largest, Monte dei Paschi di Siena. The Tuscan lender, recently judged the weakest of the European Union's major banks, needs to erase a mountain of bad loans and raise 5 billion euros in capital by the end of this ...

Business & Finance - Banking & Finance

EU bank sector exceeds liquidity rules ahead of deadline LONDON: The European Union banking sector has complied with new liquidity rules ahead of a 2018 deadline and no extra time is needed to plug an 11 billion euro shortfall at a few banks, the bloc's watchdog said on Wednesday. The new rules, known as the liquidity coverage ratio (LCR), require banks to hold enough cash and top quality securities to last a 30-day outflow of funds in rocky markets.Drawing on the lessons of the ...

Business & Finance - Banking & Finance

India central bank rolls back cash deposit curb with immediate effect MUMBAI: The Reserve Bank of India on Wednesday rolled back a recent curb on cash deposits that had been put in place just 10 days before the end of the government's demonetisation deadline of Dec. 30.The measure had directed banks to question any individual depositing more than 5000 rupees ($74) in old discontinued notes in the days leading up to the deadline.Customers had to give the banks a satisfactory reason on why they had not ...

Business & Finance - Banking & Finance

Philippine central bank seen holding rates, confident on growth and inflation MANILA: Strong growth and manageable inflation should let the Philippine central bank, at its first meeting since the Federal Reserve hiked U.S. interest rates, keep its benchmark interest rate on hold at 3.0 percent on Thursday.The Fed last week signalled a faster pace of increases in 2017, potentially luring more capital away from the Philippines and other emerging markets.All 13 economists polled by Reuters said they expect no change in the central bank's key overnight ...