Wednesday, 15 May 2013 14:50
Posted by Shoaib-ur-Rehman Siddiqui
LONDON: Following are the highlights of remarks made by Bank of England Governor Mervyn King after the central bank published its quarterly inflation report on Wednesday.KING ON BRIGHTER OUTLOOK"Today's projections are for growth to be a little stronger and inflation a little weaker than we expected three months ago, that's the first time I've been able to say that since before the financial crisis."But this is no time to be complacent we must press on to ensure a recovery and to bring down unemployment."This hasn't been a typical recession and it won't be a typical recovery. Nevertheless, a recovery is in sight."KING ON MONETARY POLICY"With inflation still high and spare capacity remaining, monetary policy continues to perform a difficult balancing act. Attempting to return inflation to target too rapidly will result in even slower growth and higher unemployment. That in turn would risk eroding the medium term supply capacity of ...
18
LONDON: Following are the highlights of remarks made by Bank of England Governor Mervyn King after the central bank published its quarterly inflation report on Wednesday.KING ON BRIGHTER OUTLOOK"Today's projections are for growth to be a little stronger and inflation a little weaker than we expected three months ago, that's the first time I've been able to say that since before the financial crisis."But this is no time to be complacent we must press on to ensure a recovery and to bring down unemployment."This hasn't been a typical recession and it won't be a typical recovery. Nevertheless, a recovery is in sight."KING ON MONETARY POLICY"With inflation still high and spare capacity remaining, monetary policy continues to perform a difficult balancing act. Attempting to return inflation to target too rapidly will result in even slower growth and higher unemployment. That in turn would risk eroding the medium term supply capacity of ...
LONDON: Asia-focused bank HSBC announced on Wednesday that it will make another $2-3 billion (1.5-2.3 billion euros) of new cost savings by 2016, extending its restructuring plans.The lender said in a statement that it will seek the additional sustainable cost savings on top of its wide-ranging restructuring process that was launched in 2011.HSBC revealed last week that it had slashed a total of $4.0 billion from its annual costs, axing about 46,000 jobs since 2011 ...
FRANKFURT: Commerzbank, Germany's second-biggest bank, said Tuesday the subscription price for new shares in its planned capital increase has been set at 4.50 euros ($5.85) apiece, meaning it stands to raise up to 2.5 billion euros in all. Commerzbank said in a statement that it is issuing a total 555.5 million new shares.The capital increase is taking the form of a so-called rights issue where existing shareholders can apply for the new shares. For every ...
TOKYO: Japan's central bank on Tuesday became the latest organisation to express concerns over the access journalists at Bloomberg News have had to potentially sensitive data.The Bank of Japan's comment comes as a scandal grows for the financial news wire, whose terminals are used every day by officials at many of the world's most important institutions and banks."We are now in contact with Bloomberg's office in Tokyo to determine the facts," said a BoJ spokesman, ...
BUDAPEST: Hungary's OTP Bank is in talks to buy two banks from foreign owners who plan to withdraw from the country's banking sector, OTP Chairman and CEO Sandor Csanyi said on Monday.He also told InfoRadio that Hungary should cut its huge taxes on banks in the longer term or face economic stagnation and an exodus of foreign-owned banks who make losses."In one case we have already submitted a bid, not a binding one but a ...
RIYADH: Saudi Arabia's central bank has asked commercial banks to increase localisation of some functions as Riyadh pushes to move more of its citizens into jobs now done by expatriates, a banker in the kingdom said on Monday.The Saudi Arabian Monetary Agency (SAMA) sent the banks a circular in April giving them three months to list the types of jobs that could be reserved entirely for Saudis, he said.In recent months Saudi Arabia has instituted ...
FRANKFURT: Commerzbank AG will start its 2.5 billion euro ($3.2 billion) share sale this week, offering a hefty discount in a move designed to help repay state aid, two people familiar with the transaction told Reuters.Commerzbank is joining a slew of European banks tapping shareholders for fresh money, including Germany's bellwether Deutsche Bank, Russia's second-largest bank VTB as well as Greek and Spanish banks.The banks are taking advantage of bullish equity markets as European shares ...
