UK and China regulators discuss framework for financial projects

British and Chinese securities watchdogs are discussing an agreement that will pave the way for landmark financial services projects between the countries, sources said, easing fears that Britain could be a less attractive partner for such deals after last month’s vote to leave the European Union. Britain’s Financial Conduct Authority (FCA) and the China Securities Regulatory Commission (CSRC) are cooperating ... Read More »

Centre’s fiscal deficit at 42.9% of BE in first two months of FY17

The central government’s fiscal deficit for the first two months of the current financial year (April & May) was 42.9% of the Budget Estimate (BE) for 2016-17, despite slowing of capital expenditure. In the corresponding period of 2015-16, it was 37.5% of BE. In April, first month of this financial year, it was 25.7% of the year’s budgeted amount, compared ... Read More »

Indian money in Swiss banks dips 33% to Rs 8,392 cr

Money held by Indians in Swiss banks has fallen by nearly one-third to a record low of 1.2 billion franc (about Rs 8,392 crore) amid a continuing global clampdown on the famed secrecy wall of Switzerland’s banking system. The funds held by Indians with banks in Switzerland fell byCHF 596.42 million to CHF 1,217.6 million at the end of 2015, ... Read More »

7th Pay Commission: Pay hike to boost growth, say India Inc, analysts

India Inc, analysts gave thumbs up to the Union Cabinet decision to clear the 7th Central Pay Commission recommendations, stating the move will “boost consumption in the economy” and lead to higher GDP growth. The pay hike combined with continued public push to the capital expenditure will help steer the economy to higher growth levels of 8 per cent and ... Read More »

Rupee gains 8 paise to 67.19 vs dollar in early trade

The rupee appreciated 8 paise to 67.19 against the US dollar in early trade on Wednesday on fresh selling of the American unit by exporters. Besides, a higher opening in the domestic equity market supported the rupee. However, dollar’s strength against some currencies overseas capped the gains, forex dealers said. On Tuesday, the rupee closed lower by 13 paise at ... Read More »

UK finance firms face anxious year

More than four in 10 major financial services firms say their confidence has been knocked by the slowing global economy, Brexit fears and a slump in oil prices. In recent months 42% of major banks and insurers said their “confidence had diminished” because of this cocktail of ongoing uncertainties, according to a survey by Lloyds Bank. Only 3% of more ... Read More »

PM and Finance Minister say they’re open to RBNZ proposal for new Macro-Prudential measures, including debt-to-income limits

Prime Minister John Key and Finance Minister Bill English have signalled they are open to a potential Reserve Bank proposal to limit debt-to-income ratios, just as is currently done in Britain. Reserve Bank Governor Graeme Wheeler and Deputy Governor Grant Spencer said earlier today at their news conference releasing the latest half-yearly Financial Stability Report that they were seriously considering ... Read More »

Stuck with dangerous dollar dominance

The world is getting an object lesson on the problems of having one dominant global currency and even the supposed prime beneficiary, the United States, can see the downside. Alarming bouts of volatility in world financial markets over the past 12 months have been rooted in a fear of what happens when a world with its highest-ever peacetime debt pile ... Read More »

Dollar dips from two-week high, stocks in the red

The dollar fell on Wednesday, succumbing to a bout of profit-taking after hitting a two-week high the previous day, while European stocks also put a positive start to the week behind them to trade in the red. Weak corporate earnings weighed on stocks, as Germany’s DAX .GDAXI snapped a four-day winning streak and the broader FTSEuroFirst 300 index of leading ... Read More »

Greece’s latest financial emergency is both tragic and absurd

It’s that time of year again. Greece is running out of money. There are violent protests in Athens. Eurozone finance ministers are gathering in Brussels in an “emergency” conclave to decide what to do next. The International Monetary Fund has already made it clear what it thinks should happen. It says Europe should cut Greece some slack by easing the ... Read More »