07262016Tue
Last update: Tue, 26 Jul 2016 01pm

Banking & Finance

Business & Finance - Banking & Finance

Croatia's budget gap narrows almost 70pc y/y in H1 SARAJEVO: Croatia's budget deficit shrunk by nearly 70 percent in the first half of 2016, Finance Minister Zdravko Maric said, due to faster-than-expected economic growth that could exceed this year's 2 percent target. The budget deficit in the first half amounted to 2.4 billion kuna ($352.09 million) or 0.7 percent of the gross domestic product, 5.1 billion kuna less than in the same period of the last year, Maric was quoted as saying in a statement on the finance ministry website."This is one-third of the last year's deficit," Maric said. He added the data were encouraging for the newest member of the European Union to achieve its 2016 deficit goal at just below 3 percent of GDP, or at 9.2 billion kuna.The total budget revenues rose 10.5 percent to 56.3 billion kuna in the first half and spending was up 0.4 percent to 58.6 billion kuna. Primary surplus amounted to ...

Business & Finance - Banking & Finance

Poland approves new retailer tax to boost budget WARSAW: Poland's parliament, led by the conservative Law and Justice (PiS) party, has passed a bill imposing a progressive levy on retailers aimed at bolstering the state budget. The tax, one of PiS's main election promises, will boost the budget by 1.5 billion zlotys ($380 million) annually. It imposes a 0.8 percent levy on monthly revenue between 17 million and 170 million zlotys and 1.4 percent on monthly sales above 170 million.Poland's fragmented retail market ...

Business & Finance - Banking & Finance

Europe to tell G20 UK economy, banks are resilient despite Brexit CHENGDU: Britain's vote to leave the European Union may dampen global growth, but European fundamentals are strong and the British economy and banking sector are resilient, European financial leaders will tell their counterparts from the biggest economies on Saturday. Finance ministers and central bank governors from 20 of the world's biggest economies (G20) are in talks this weekend to discuss global economic issues and Britain's decision to leave the 28-nation EU, dubbed Brexit, is high ...

Business & Finance - Banking & Finance

BOJ's Kuroda says to ease again if necessary to hit 2pc price goal CHENGDU: Bank of Japan Governor Haruhiko Kuroda said on Saturday he would ease policy further if necessary to achieve its 2 percent inflation goal, while reiterating a commitment to continue with the current stimulus until prices are anchored there. Speaking to reporters on the sidelines of a G20 meeting of finance ministers and central bankers in the southwestern Chinese city of Chengdu, Kuroda said the major topic of debate is how Britain's vote to exit ...

Business & Finance - Banking & Finance

National Australia Bank unveils new structure to focus at home SYDNEY: National Australia Bank , the country's No.1 lender, on Friday announced a top management shake-up and restructuring to reverse declining market share in Australia and New Zealand, leading to the departure of three senior executives. After exiting struggling UK operations and selling a controlling stake in its life insurance business, CEO Andrew Thorburn is under pressure to boost growth at home where NAB has underperformed its three big rivals in recent years."To me this ...

Business & Finance - Banking & Finance

Nigeria central bank grants loan to Skye Bank after capital problems LAGOS: Nigeria's central bank has provided a short-term loan to Skye Bank to help to stabilise its operations after it replaced top executives for failing to meet minimum capital requirements. The central bank has been seeking to contain growing problems at Nigerian banks where profits have been falling and bad loans rising due to a heavy exposure to the oil industry and a weak economy due to low oil prices. "We provide a short-term facility ...

Business & Finance - Banking & Finance

US Fed awards $70.52bn in reverse repos NEW YORK: The US Federal Reserve on Thursday awarded $70.52 billion of one-day, fixed-rate reverse repurchase agreements to 31 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. On Wednesday, the Fed allotted $79.37 billion in one-day reverse repos to 28 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. The reverse repurchase agreement program is ...