Banking

  Bloomberg Carlos Dominguez, who is set to become finance secretary in the Philippines, said the incoming government of President-elect Rodrigo Duterte is willing to initially lose revenue through income-tax cuts to help boost economic growth and reduce poverty. Lower income levies will be part of a tax reform bill submitted to lawmakers by September, Dominguez, 70, said in an ...

  Bloomberg The European Central Bank’s ultra-loose monetary policy has helped boost growth and inflation in the euro area, according to research by the Bank of Spain assessing the impact of quantitative easing in the 19-nation bloc. The ECB’s actions would have added about 1.4 percentage points to the bloc’s total output and lifted prices by about 1.2 points respectively ...

  Paris / AFP The German and French central banks issued downbeat growth forecasts, as the EU Commission came under pressure to bring Paris in line over excessive deficits. The Bundesbank said the powerhouse German economy would expand by 1.7 percent this year, slowing to 1.4 percent in 2017. This was a downgrade of previous forecasts of 1.8 percent and ...

  Bloomberg China’s central bank will further adjust how it assesses the amount of deposits banks must set aside with it as reserves to help ease swings in cash markets. From July 15, the People’s Bank of China will check banks’ average deposit value during a certain period, instead of at the end of a period, it said in a ...

  Bloomberg A JPMorgan Chase & Co foreign-exchange salesman who was fired for failing to follow rules introduced in the wake of the market-rigging scandal said his suspension left him anxious and isolated and eventually cost him 2 million pounds (US$3 million). Patrice Ktorza, a former executive director, is suing the bank for unfair dismissal in a London tribunal. He ...

  Bloomberg Bank of Nova Scotia said fiscal second-quarter profit fell 12 percent on higher losses from energy loans and restructuring charges as it shifts toward digital banking. Net income for the period ended April 30 slid to C$1.58 billion ($1.21 billion), or C$1.23 a share, from C$1.8 billion, or C$1.42, a year earlier, the Toronto-based bank said Tuesday in ...

  BLOOMBERG Mario Draghi’s insistence that his stimulus programme is only half done brings with it a worrying thought. What if its best effects are already spent anyway? At least four times at Thursday’s press meet in Vienna, the European Central Bank president emphasised how policy makers need to see the ‘full impact’ and must ‘focus on implementation’ of their ...

  Bloomberg Federal Reserve Governor Lael Brainard said a ‘sobering’ US employment report suggested the labour market has slowed, as she continued to warn against moving too quickly to raise interest rates. “In this environment, prudent risk management implies there is a benefit to waiting for additional data to provide confidence that domestic activity has rebounded strongly and reassurance that ...

  AFP The European Central Bank held key interest rates at historic lows Thursday, but made no announcement regarding Greece despite speculation it may offer a helping hand to its cash-strapped banks. Meeting in the Austrian capital instead of its usual home venue in Frankfurt, the ECB’s decision-making governing council voted not to alter borrowing costs, which have been at ...

  AP A US congressional committee is investigating how hackers managed to divert US$101 million from Bank of Bangladesh accounts held at the Federal Reserve in New York. The February theft led the Bangladesh central bank’s chairman to resign, and added to worries about the security of online bank data. This week, the Science Committee in the US House of ...