02122016Fri
Last update: Fri, 12 Feb 2016 09pm

Banking & Finance

Business & Finance - Banking & Finance

Bank of India posts Q3 loss; bad loans soar MUMBAI: Bank of India Ltd, India's third-biggest state-run lender by assets, reported a loss for the December quarter as bad loans surged. Net loss was 15.06 billion rupees ($220.31 million) for its fiscal third quarter to Dec. 31, compared with 1.73 billion rupees profit in the year-ago quarter, the lender said in a statement on Thursday. Gross bad loans as a percentage of total loans for the bank jumped to 9.18 percent in the December quarter, compared with 7.55 percent in the previous three months. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Thai center bank chief says monetary policy supportive, still high risks to growth BANGKOK: Thailand's economy is recovering at a gradual but uneven pace and monetary policy is still supportive in the face of high downside risks, the central bank governor said on Thursday.Although an army coup in May 2014 restored some stability, Southeast Asia's second-largest economy has been hit hard by sluggish exports and domestic demand, which is being further constrained by high household debt levels which are now equivalent to over 80 percent of gross domestic ...

Business & Finance - Banking & Finance

Philippine central bank keeps powder dry as economy on solid path MANILA: The Philippine central bank kept its benchmark interest rate steady on Thursday, as widely expected, even as it warned of a drag from El Nio and financial market volatility ahead. With the economy expected to remain resilient, inflation trending up and outflow risks looming from high US rates, however, some economists say the central bank's next move may well have to be a hike later this year or next. Southeast Asia's fifth-largest economy is ...

Business & Finance - Banking & Finance

Serbian central bank cuts rates despite dinar losses BELGRADE: Serbia's central bank unexpectedly cut its benchmark interest rate for the first time in four months on Thursday, setting aside concerns over a weakening dinar to tackle doggedly low inflation. The 25 basis point cut to 4.25 percent was the first since the Federal Reserve raised US rates in December, which may tighten the supply of cheap dollars and make investors more cautious about riskier assets in emerging markets such as Serbia.The decision bucked ...

Business & Finance - Banking & Finance

Russian central bank governor does not rule out tightening policy MOSCOW: Russian central bank Governor Elvira Nabiullina said on Thursday that the bank did not rule out tightening monetary policy if inflation risks strengthen. She added that a recent wave of oil price falls was adding additional inflationary pressure and that the central bank did not plan to introduce new regulatory relaxations for banks. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Swiss National Bank could lower rates more ZURICH: The Swiss National Bank could push interest rates deeper into negative territory, Chairman Thomas Jordan said in a magazine interview, warning that turmoil in Europe could revive the franc's traditional role as a safe-haven currency. Asked whether the SNB could lower rates further, Jordan told Swiss magazine Bilanz: "We have gone relatively far with the negative interest rates. At present we are monitoring the situation closely. We do not rule out anything." Just over ...

Business & Finance - Banking & Finance

Sweden cuts key interest rate to -0.5pc: central bank STOCKHOLM: Sweden's central bank on Thursday cut its key interest rate by 15 basis points to a new all-time low of -0.5 percent, citing the risk of slowing inflation and falling confidence in its monetary policy.The bank moved its key rate into negative territory in February 2015 in a bid to encourage spending amid three years of stagnant prices despite strong growth.Copyright AFP (Agence France-Presse), 2016 ...