Australian banks report lowest profitability since 2009

Australia’s banks are the least profitable they have been since the global financial crisis, with ratings agency Moody’s warning things will get worse later this year. In its summary of the big four banks’ latest profit results, analysts from UBS said adjusted return-on-equity (ROE), a key measure of profitability, was 14.9 per cent. That’s down from 15.7 per cent last ... Read More »

Former Deutsche Bank boss guilty of insider dealing

A former adviser to Sir Philip Green, along with a one-time managing director ofDeutsche Bank, have been found guilty of insider dealing in one of the UK’s most high-profile cases. Eight years after the investigation began, Andrew Hind, 56, ex-finance director at Topshop, part of Green’s Arcadia Group, and his friend Martyn Dodgson, 44, who used to work in corporate ... Read More »

RBI on-tap bank licence: Draft guidelines NBFCs, individuals, groups with finance biz can be eligible

Setting the stage for the entry of more private sector players into the banking system, the Reserve Bank of India (RBI) has allowed individual promoters, non-banking finance companies and business groups predominantly into the financial sector to apply for on-tap bank licences. However, RBI has proposed that large industrial groups in the manufacturing sector will be excluded and they will ... Read More »

ICICI Prudential Life to hire banks for up to $700 mln IPO

ICICI Prudential Life Insurance is set to hire Bank of America Merrill Lynch and ICICI Securities for its planned $600 million to $700 million initial public offering (IPO), IFR reported on Friday citing two sources close to the plans. Other banks are likely to join the syndicate for the IPO that is expected in the current financial year ending March ... Read More »

ECB lowers emergency funding cap for Greek bank to 69.1 bln euros

May 5 The European Central Bank lowered the cap on emergency liquidity assistance (ELA) Greek banks draw from the domestic central bank by 0.3 billion euros to 69.1 billion euros ($79.3 billion), the Bank of Greece said on Thursday. The move reflected improving liquidity conditions in Greece’s banking sector, helped by the stabilisation of private sector deposit flows, the Greek ... Read More »

Reserve Bank cuts cash rate by 0.25% to record low of 1.75%

The Reserve Bank of Australia has cut the cash rate by 0.25% to a record low of 1.75%, flagging concerns about the state of the economy on the same day the treasurer delivers the federal budget. The RBA governor, Glenn Stevens, said, “In Australia, the available information suggests that the economy is continuing to rebalance following the mining investment boom. ... Read More »

Bank of England busy preparing for Brexit vote

The Bank of England is consumed with preparing contingency plans for Britain to leave the EU, with staff across its financial stability, monetary policy and regulatory wings ready to calm any turmoil. In the days leading up to the June 23 poll, the Bank will hold additional auctions of sterling to ensure the banking system has sufficient funds to operate ... Read More »

Bangladesh apparel exports can create more jobs: World Bank

Clothing exports could create more and better jobs inBangladesh if the country makes improvements in productivity, product quality and reliability, and by enforcing better safety conditions and other compliance policies, said latest World Bank report. The report on Monday said Bangladesh has the largest apparel export industry in South Asia and, at 6.4 percent, the largest market share of global ... Read More »

Australia’s Central Bank Cuts Rates to Record Low

Australia’s central bank cut interest rates to a fresh record low as it moves to counter the emergence of disinflation that’s swept the developed world and limit currency gains that could complicate an economic transition. Reserve Bank of Australia Governor Glenn Stevens and his board lowered the cash rate by 25 basis points to 1.75 percent Tuesday, as predicted by ... Read More »

NPA pains to continue at ‘elevated levels’ this fiscal year: ICICI Bank

ICICI Bank, which posted a massive plunge in net profit in the March quarter on a spike in bad loans, expects the asset quality pain to continue at “elevated levels” this fiscal with the top private lender putting a whopping Rs 44,000 crore more of assets on a watch-list. “There are significant uncertainties around future trends and it is expected ... Read More »