Vienna / Reuters The euro zone needs negative interest rates to avoid sliding into deflation, European Central Bank (ECB) Governing Council member Ewald Nowotny said in an Austrian newspaper interview, defending the policy against widespread criticism in Germany. The ECB kept the cost of borrowing for banks at zero on Thursday and will continue to charge them 0.4 percent ...

  Bloomberg Family Bank Ltd., a closely-held Kenyan lender, plans to raise 4 billion shillings ($40 million) in a share sale to existing investors by June that will be used to fund an East African expansion. The company wants to make a “cautious entry” into markets in the region over the next year, outgoing Managing Director Peter Munyiri told reporters ...

  WASHINGTON / AP U.S. homebuilders’ confidence held steady in April, reflecting an overall optimistic outlook in the market for new homes even as a gauge of current sales fell slightly. The National Association of Home Builders/Wells Fargo builder sentiment index released was unchanged at 58. It hasn’t budged in three months. Readings above 50 indicate more builders view sales ...