08262016Fri
Last update: Fri, 26 Aug 2016 06pm

Banking & Finance

Business & Finance - Banking & Finance

Central banks can't just dial up growth: RBA governor SYDNEY: Central bankers can't just "dial up growth" to stimulate economies, outgoing Reserve Bank of Australia governor Glenn Stevens said Wednesday, expressing serious reservations about the world's reliance on monetary policy.Central banks, particularly in developed nations, enacted unprecedented monetary easing policies after the global economic crisis to kickstart growth -- including pumping huge amounts of liquidity into markets, cutting interest rates to ultra-low levels and buying up assets.But the path towards recovery has been uneven. Amid fears that zero or negative interest rates and quantitative easing are becoming ineffective, central banks have started to consider other measures including so-called "helicopter money" where they funnel cash directly into economies."We can't just assume that monetary policy can simply dial up the growth we need. We need some realism here," Stevens said in Sydney in his last speech before he steps down as Reserve Bank of Australia (RBA) governor next month."I have serious ...

Business & Finance - Banking & Finance

Record profits for Australia's Commonwealth Bank SYDNEY: Australia's biggest bank, the Commonwealth, sounded a cautious note about the country's economic outlook Wednesday even as it posted a record Aus$9.23 billion (US$7.08 billion) in annual profit.The Commonwealth Bank's performance is closely watched to provide guidance on the health of the Australian economy in the current low interest-rate environment.CBA chief executive Ian Narev said the company remained positive about Australia's economic prospects but warned that the nation's nominal growth, which is not adjusted ...

Business & Finance - Banking & Finance

India's Rajan keeps rates on hold in final move as governor MUMBAI: India's Raghuram Rajan kept interest rates on hold on Tuesday in a bid to wrestle down inflation, in his final policy review as central bank chief.In a widely expected move, the popular Reserve Bank of India governor said he would hold the benchmark repo rate, the level at which it lends to commercial banks, at 6.50 percent.Twenty six out of 27 economists in a Bloomberg News survey predicted the bank would hold rates, after ...

Business & Finance - Banking & Finance

ANZ third-quarter profit drops 3 percent SYDNEY: Australia and New Zealand Banking Group posted a 3 percent drop in third-quarter cash profit on Tuesday, hurt by changes in the way it accounts for software expenses. Net interest margins, a key gauge of profitability, were stable, as gains in the institutional business were offset by higher funding costs and tough competition on rates. Of the four major Australian banks, ANZ is the only one to have developed a large business overseas, predominantly ...

Business & Finance - Banking & Finance

Greece's National Bank securitises business loans to raise 300mn ATHENS: National Bank of Greece (NBG) said on Monday it had concluded the securitisation of business loans which would allow it to raise up to 300 million euros in medium-term funding. The bank said it would place the senior notes with the European Investment Bank, the European Investment Fund and the European Bank for Reconstruction and Development. It was the first securitisation transaction since 2007, National Bank said.It said the transaction sought to enhance the ...

Business & Finance - Banking & Finance

Credit Suisse caps Zurich property sales by offloading prime site ZURICH: Credit Suisse has capped a series of downtown Zurich property divestments with the sale of a building on the up-market Bahnhofstrasse to investment fund Swiss Prime Anlagestiftung. The sale was for more than 100 million Swiss francs ($102 million), the finnews.ch financial website reported on Monday.A spokesman for Switzerland's second-biggest bank confirmed the sale but gave no financial details other than to say it would be booked in the third quarter as a sale-and-leaseback ...

Business & Finance - Banking & Finance

Colombia central bank should not raise key rate in August BOGOTA: Colombia's central bank should not raise its benchmark interest rate in August because inflation will fall now that a prolonged truckers strike has ended, Finance Minister Mauricio Cardenas said on Monday.July inflation was 0.52 percent, well above market expectations, taking 12-month inflation to 8.97 percent, more than double the central bank's long-term target range of 2 percent to 4 percent. A 45-day truckers strike during June and July sent food prices soaring across the ...