05062016Fri
Last update: Fri, 06 May 2016 10am

Banking & Finance

Business & Finance - Banking & Finance

Australia's NAB earnings up after Clydesdale spin off SYDNEY: National Australia Bank shares rallied Thursday as bad debt charges eased, although it booked a hefty Aus$1.74 billion (US$1.29 billion) half-year net loss from spinning off troubled British asset Clydesdale.Cash profit in the six months to March 31, the financial industry's preferred measure which strips out volatile items, was up 6.5 percent at Aus$3.31 billion.Taking into account its exit this year from the struggling Scottish business, which involved a one-off Aus$4.22 billion hit from the demerger and float, the net result was in the red.This compared to a profit of Aus$2.86 billion in the same period last year.The underperforming Clydesdale unit was divested with 75 percent going to NAB shareholders and the rest sold through an initial public offering to institutional investors."This is our first result squarely focused on our Australian and New Zealand business," said chief executive Andrew Thorburn."It shows that delivering against our strategic priorities is producing ...

Business & Finance - Banking & Finance

Barclays begins offloading Africa business with 12pc stake sale JOHANNESBURG: Barclays Plc said on Wednesday it is selling shares representing 12 percent of Barclays Africa Group and that South Africa's state pension fund would be an anchor investor.Barclays Plc is selling down its 62 percent stake, which is worth some $5 billion, in Barclays Africa Group (BAG) under a plan by new Chief Executive Jes Staley to simplify the bank's structure and generate higher shareholder returns.Barclays said in a statement it would sell 103.6 ...

Business & Finance - Banking & Finance

RBS prepares for Brexit uncertainty, to cut more costs EDINBURGH/LONDON: Royal Bank of Scotland Chairman Howard Davies said the state-backed bank was preparing for a potential phase of economic instability following a referendum on Britain's membership of the European Union.Speaking at the bank's annual investor meeting in Edinburgh on Wednesday, Davies said the vote was generating additional uncertainty in a sector already buffeted by low interest rates and economic volatility, but RBS would continue to support its customers whichever way the British electorate votes ...

Business & Finance - Banking & Finance

Bank of England set to end monthly rate meetings after new law passes LONDON: The Bank of England will later this year move to a schedule of eight monetary policy meetings a year rather than 12, after reforms to Britain's central bank became law on Wednesday.The BoE wants to follow the example of the U.S. Federal Reserve and the European Central Bank and hold interest rate-setting meetings every six weeks, rather than once a month.The change needed legislation to pass through the British parliament, and the BoE said ...

Business & Finance - Banking & Finance

Fed's market guru applauds new rate-liftoff tools NEW YORK: The new tools the Federal Reserve used to pry US interest rates up from near zero in December could not have worked better, the US central bank's top market technician said on Wednesday. "Although we don't know yet whether the interest rate control exhibited to date with the new tools will continue at different settings of the target range, so far, things have gone as well as could have been expected," Simon Potter, ...

Business & Finance - Banking & Finance

Bank of Portugal says budget consolidation halted in 2015 LISBON: Portugal interrupted the process of budget consolidation last year, the Bank of Portugal said on Wednesday, warning that the country's European commitments mean the economic adjustment has to continue to reduce imbalances. In its quarterly economic bulletin, the central bank said that "in terms of budget policy the consolidation that started in 2011 was interrupted as a result of a 0.8 percentage point fall in structural revenues" even though structural spending dropped to its ...

Business & Finance - Banking & Finance

EBRD board approves taking 15pc stake in Erste Hungary unit BUDAPEST: The European Bank for Reconstruction and Development's (EBRD) board of directors has approved taking a 15 percent stake in the Hungarian unit of Erste Group Bank, an EBRD spokesman said."EBRD board has just approved that the bank will be in a position to take a 15 percent equity stake subject to finalisation of talks between state and Erste Bank," spokesman Axel Reiserer said. He said the EBRD, which first agreed on the transaction in ...