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Societe Generale Q2 earnings rise 8.1%

  Paris / AFP French bank Societe Generale said on Wednesday its second-quarter earnings rose 8.1 percent from a year earlier, bolstered by the sale of its shares in Visa Europe. The bank reported a 1.5 billion euro ($1.7 billion) net profit for the period, higher than the 1.4 billion euros predicted by economists in a survey by FactSet. Selling its ...

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BoE set to axe rates to record low 0.25%

  London / AFP The Bank of England (BoE) is expected to slash interest rates to a record-low 0.25 percent this week and could pump more stimulus into the economy as it battles the fallout from Britain’s vote to leave the EU, economists say. The announcement, due Thursday after the British central bank’s latest monetary policy meeting, would take rates to their ...

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Kenya bank profits drop first time in 16 years

  Nairobi / AFP Kenya’s banking industry last year recorded the first decline in profit since 1999 as costs outpaced income in the wake of two failures and more onerous regulations. Pretax profit across the sector declined 5 percent to 134 billion shillings ($1.3 billion) in the 12 months through December, according to the central bank’s Bank Supervision Report, released in ...

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