Video PlayerClose U.S. Federal Reserve Chairman Jerome Powell speaks during a press conference in Washington D.C., the United States, on Dec. 19, 2018. The U.S. Federal Reserve on Wednesday raised short-term interest rates by a quarter of a percentage point, but signaled a slower pace of rate hikes next year as the U.S. economy is expected to cool down. (Xinhua/Liu Jie) WASHINGTON, Dec. 19 (Xinhua) -- The U.S. Federal Reserve on Wednesday raised short-term interest rates by a quarter of a percentage point, but signaled a slower pace of rate hikes next year as the U.S. economy is expected to cool down. "In view of realized and expected labor market conditions and inflation, the (Federal Open Market) Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent," the Fed said in a statement after concluding a two-day policy meeting. It marked the Fed's fourth rate hike this year and the ninth such move since late 2015, as the central bank moves … [Read more...] about U.S. Fed raises rates, but signals slower pace of hikes next year
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The second quarter net profit of State Bank of India (SBI) has more than trebled to ₹3,012 crore for the quarter ended September 30 from the ₹945 crore recorded in the year-earlier period, mainly due to one-time gain from stake sale in its life insurance arm.There was a gain of ₹3,484.30 crore from sale of 4.5% stake in SBI Life Insurance Company during the quarter.Net interest income rose 17.7% to ₹24,600 crore while net interest margin improved 42 basis points (bps) to 3.22%. Non-interest income increased 28.2% to ₹12,023 crore for the quarter.“The bank has shown all-round improvement in the performance,” said Rajnish Kumar, chairman, SBI during the post earnings media interaction.“[The] bank’s focus has been on improving the core pre-provision operating profit. There also, the results are visible. This creates resilience to absorb any shock in the asset quality,” he said.With slippages falling to ₹8,805 crore in Q2 … [Read more...] about State Bank’s profit trebles on one-time gain
Beijing: The World Bank is cutting back a USD 50 million project in China's restive Xinjiang region following a review prompted by allegations of abuses. A statement from the bank dated Monday said it would close a component of the project to support vocational colleges involving partner schools that were the subject of the abuse claims. It said although visits to the partner schools "did not substantiate the allegations," they were too widely dispersed to be properly monitored for adherence to bank standards. "In addition, the project will be placed under enhanced supervision to ensure that all applicable Bank standards are adhered to," the bank said. The statement said a review was ordered after "serious allegations" about the partner schools were received in August, but did not describe them in detail. "The World Bank's work is driven by core principles of inclusion, with special consideration for the protection of minorities and other vulnerable peoples," it said. "When … [Read more...] about World Bank Cuts Back $50 Million Project in China’s Xinjiang after Allegations of Abuses
MUMBAI: While millennials, who have been driving credit demand by a large margin in the past two years, in what can potentially raise concerns for lenders, most of them have been taking the riskier unsecured loans, warns a report. The number of millennials, - those born after 1980 - opting for a new loan grew 58 per cent as against a 14 per cent growth in the non-millennial segment, a study by credit bureau TransUnion- Cibil said on Tuesday. Lenders are increasingly depending on the retail segment for their loan growth as its quality is better than the corporate segment which is shying away from investing having already sitting with bloated balance-sheets. There have also been concerns raised about the financial behaviour of the millennial segment, especially if there are over-leveraging in the process and those raising such flags are pointing to the dipping national savings rate. In what displays increasing consumption-oriented tendencies in this segment, the Cibil study said … [Read more...] about Are millennials spawning next wave of NPA piles for banks?
Video PlayerClose MANILA, Sept. 18 (Xinhua) -- Bank of China Manila Branch has been designated as the clearing bank for renminbi (RMB) business in the Philippines, the bank announced on Wednesday. "A clearing bank will not only make local RMB transactions easier in support of the already existing Philippine RMB Trading Community that was launched last year, it will also boost local investments and other financial activities, further strengthening the economic relationship between the Philippines and China," Deng Jun, country head of Bank of China Manila Branch, said in a statement. As an RMB clearing bank designated by China's central bank, Bank of China Manila Branch will enable the Philippine financial institutions to transfer RMB funds and participate in China's foreign exchange market, security market, and bond market. Moreover, it will also help the local banks expand their product scope and provide better convenience for clients and investors looking to enter the Chinese … [Read more...] about Bank of China Manila Branch named RMB clearing bank for Philippines