June, 2016

• 7 June

  Oz keeps interest rates on hold

  

    Sydney / AP Australia’s central bank held interest rates steady at the all-time low of 1.75 percent on Tuesday following strong growth figures, while keeping an eye on low inflation. The Reserve Bank of Australia cut the official cash rate from 2.0 percent last month to spur the economy, but gave little indication of further easing in a statement ...

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• 7 June

  Nissan to face criminal charges over emissions

  Seoul / AFP South Korea has called for car giant Nissan to face criminal charges for allegedly manipulating emissions data on a popular sports utility vehicle, weeks after Seoul slapped the firm with a fine over the issue. The environment ministry called on state prosecutors to probe Nissan Korea after saying tests had shown an emission defeat system on the ...

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• 7 June

  China needs $1 trillion green finance to cut pollution

  

    Shanghai / Bloomberg China’s cities need about 6.6 trillion yuan ($1 trillion) of green financing over the next five years to reach its pollution-reduction targets, according to a report. Financial markets will need to cover as much as 90 percent of investment funding for clean transportation, energy-efficient buildings and renewable power through 2020, according to the executive summary of ...

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• 7 June

  Standard Chartered aims to double Pakistan profit

  

    Bloomberg Standard Chartered Plc, the London-based bank that generates most of its income from Asia, is seeking to double operating profit at its Pakistan unit within five years as the country’s economy grows and banks churn out more loans. The bank is targeting an advance to deposit ratio of at least 45 percent in 12 months from 35 percent ...

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• 7 June

  Fed’s Yellen seeks interest-rate hike

  

    Bloomberg June is out. July might be too soon. The Federal Reserve’s next interest-rate increase is coming, but even September isn’t a sure bet. That’s the message investors and economists are taking from Chair Janet Yellen’s remarks. Her comments were the last the public will hear from a Fed official before the central bank’s policy-setting meeting next week. In ...

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• 7 June

  Deutsche Bank abandons new digital bank plan

  

    BLOOMBERG Deutsche Bank AG Chief Executive Officer John Cryan said Germany’s largest lender is abandoning plans for a new digital bank in the US, led by Henry Ritchotte, just months after it was announced. While the team under Ritchotte developed an “excellent blueprint” for the service in the US, Deutsche Bank decided that the project would “divert resources from ...

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• 7 June

  Zimbabwe threatens to cancel bank licenses

    Bloomberg Zimbabwe’s central bank threatened to cancel the licenses of banks and foreign-currency dealers found to have violated new exchange-control regulations aimed at easing a dollar shortage. The Reserve Bank of Zimbabwe last week sent a directive changing the way banks and other authorized foreign-currency dealers are required to handle export earnings, adding measures aimed at encouraging companies to ...

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• 7 June

  RBI chief jokes over future as rates held

  

    AFP India’s central bank chief Raghuram Rajan joked on Tuesday that it would be ‘cruel’ to end intense speculation surrounding his future as he held interest rates in the world’s fastest-growing large economy. The Indian media is abuzz with predictions about whether the popular central banker, often dubbed ‘Rockstar Rajan’, will be given a second three-year term as governor ...

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• 7 June

  Six Taiwanese banks sue Nomura unit

  

    Bloomberg Six Taiwanese banks filed a lawsuit against a unit of Nomura Holdings Inc, saying it failed to extend its portion of a syndicated loan to a now-insolvent shoemaker, Ultrasonic AG. Nomura International (Hong Kong) Ltd, part of Japan’s biggest brokerage, was sued in the Taipei District Court, according to Winnie Chang, a Taipei-based spokeswoman for Cathay United Bank. ...

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• 7 June

  China’s doorway to the West

  

    Bloomberg Growing up in a fishing village along the Yangtze River in Chongqing, PengJianhu used to clamber down to the water from his home perched on wooden stilts and nestled into the riverbank’s steep cliffs. For Peng, the nation’s largest river system is an economic wellspring, linking his home to bustling coastal markets some 1,400 km (870 miles) to ...

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