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New Zealand cuts rates again, flags more to come WELLINGTON: New Zealand cut interest rates for the second consecutive month on Thursday, warning more easing was likely amid "softening" growth and low inflation in the farm-reliant economy.In a widely expected move, the Reserve Bank trimmed the Official Cash Rate (OCR) 0.25 percentage points to 3.0 percent, building on a similar decrease in June which was the first cut in New Zealand for four years."A reduction in the OCR is warranted by the softening in the economic outlook and low inflation," Reserve Bank governor Graeme Wheeler said in a statement."At this point, some further easing seem likely."Explaining the decision, Wheeler said the economy was growing at a rate of about 2.5 percent but was expected to slow.He said the price of dairy exports, which account for about a third of New Zealand's exports, had fallen sharply.In addition, he said construction activity from a multi-billion dollar rebuild in Christchurch after the ...

RBS hires advisers to look at treatment of small businesses LONDON: Royal Bank of Scotland has appointed external advisers to launch a fresh investigation into its treatment of small business customers, sources familiar with the matter said.The bank, 78 percent-owned by the British government, has hired the advisers to help its own probe which is running alongside an inquiry into the same matter by Britain's financial regulator, the sources said, declining to identify the advisers.The Financial Conduct Authority (FCA) launched an investigation last year into ...
Credit Suisse seeks support for possible asset management deal ZURICH: Credit Suisse's new chief executive is sounding out investors for their backing on a potential deal to bolster the bank's asset management operations, the Financial Times reported on its website on Wednesday, citing unnamed sources. Since taking the helm of the Swiss bank three weeks ago, former Prudential CEO Tidjane Thiam has discussed the idea of expanding the asset management division through an acquisition, the FT reported. Credit Suisse declined to comment. Asset management ...
BoJ's Kuroda: see no need for extra quantitative easing now BANGKOK: Bank of Japan Governor Haruhiko Kuroda said on Tuesday he saw no need for more quantitative easing as he expects inflation to accelerate and reach his price target. Kuroda also said that if it became necessary he would not hesitate to expand the central bank's quantitative easing programme.Copyright Reuters, 2015 ...
Barclays denies deferred prosecution offer from Britain's SFO LONDON: British bank Barclays has denied receiving an offer of a deferred prosecution agreement (DPA) from the UK Serious Fraud Office (SFO), relating to a probe into its multi-billion pound fundraisings during the 2008 financial crisis. Sky News reported earlier on Tuesday that the agency wrote to Barclays several weeks ago to propose a deal.The SFO gained powers to agree DPAs in February last year but has yet to agree such a deal. "We are ...
Greek bank NBG turns down role in bond, citing capital controls, sources say LONDON: National Bank of Greece declined to buy bonds from the euro zone's bailout fund in a sale on Tuesday because of Greece's capital controls, bankers said, a sign of the country's financial isolation.NBG is one of 39 dealer banks the European Stability Mechanism routinely uses to help distribute its bonds. The banks, called the Market Group, underwrite the bonds and sell them on to investors in a process known as syndication.Banks earn a flat ...
Greece's Eurobank to buy Alpha Bank branches in Bulgaria: source ATHENS: Greece's Eurobank will buy out the Bulgarian branches of another top Greek lender Alpha Bank for the symbolic price of one euro, a Eurobank source said Friday."The agreement is all drawn up," the source said, adding that the boards of Eurobank, Greece's number three lender, and number four Alpha Bank would separately meet later on Friday to approve it.Around 80 Alpha branches will be absorbed by Eurobank's Bulgarian subsidiary Postbank."Postbank currently has 180 branches. ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln