Email By business reporter Michael Janda Updated July 11, 2018 18:02:00 Photo: Wayne Byres said the big banks could survive a 35 per cent house price crash. (Reuters: Jason Reed) Related Story: Investor lending falls almost $100b as property market softens Related Story: Westpac concedes poor lending practices in explosive internal documents Related Story: Bank regulator relaxes investor loan 'speed limit', boards made accountable Related Story: Homebuyers' borrowing capacity could be cut by up to 40 per cent Map: Australia The bank regulator says it has done the "heavy lifting" on home loan standards, and even a major housing crash would not sink Australia's big banks.In a speech to Australian Business Economists — many of whom work for the institutions the Australian Prudential Regulation Authority (APRA) oversees — the regulator's chairman Wayne Byres downplayed its moves to limit risky home lending."Despite the prominence it has been given, our goal in … [Read more...] about Bank regulator APRA finished the ‘heavy lifting’ on mortgage lending standards
China banking news
Washington: In what comes as a positive news for the Indian economy, the World Bank on Wednesday projected India's economy to grow by 7.5 percent during the 2019-20 fiscal year. The Apex bank made its growth projections for India based on economic stimulus provided by Modi government's policy reforms and rebound in credit. India retained its position as the fastest growing major economy in a world of slowing growth, according to the World Bank. The Bank’s Global Economic Prospects (GEP) report released on Tuesday kept the forecasts made for India in its June report for the next fiscal year and the 7.3 per cent estimate for the current fiscal year, up from 6.7 per cent recorded in 2017-18. However, it warned that in South Asia, the upcoming election cycle “elevates political uncertainty in the region”. “The challenging political environment could adversely affect the ongoing reform agenda and economic activity in some countries,” it added. … [Read more...] about World Bank projects Indian economy to grow at 7.5 percent in FY 2019-20 amid robust policy reforms, rebound in credit
The Modi PMO is like none other.IMAGE: Prime Minister Narendra Modi makes a round of the PMO soon after assuming office. On extreme left, in the pink shirt, is Nripendra Misra, principal secretary to the prime minister. "Man! What a cat!" exclaimed a 30-something investment banker, unwittingly slipping back into college lingo, such was his excitement after a meeting with T V Somanathan (Tamil Nadu IAS, 1987), joint secretary in the Prime Minister's Office handling finance and capital markets. Amid moves made after the 2016-2017 Budget that suggested a redefinition of long-term capital gains, with potentially profound tax effects on the earnings of foreign institutional investors, managers have been making a beeline to the finance ministry, PMO, anybody who will listen, to impress upon the government what a bad idea this is. In Somanathan, they have found a worthy sparring partner. "He listens to you quietly and then catches you out with a gentle query that comprehensively demolishes … [Read more...] about All the Prime Minister’s officers
Video PlayerClose NANNING, Jan. 30 (Xinhua) -- Days away from the Lunar New Year, Zhong Xian is reluctant to go hometown to visit her parents. Zhong, 33, is a business manager at a state bank in Nanning, capital city of south China's Guangxi Zhuang Autonomous Region. The single woman is planning to go to Phuket in Thailand for the holiday instead. "Every Spring Festival when I return home, my parents urge me to get married," Zhong said straightforwardly. "I am so fed up." Chinese Lunar New Year falls on Feb. 5 this year. From Jan. 21 to March 1, nearly 3 billion trips are to be made via China's transport systems, as people set off for family gatherings or tours. But put off by a host of factors such as family and societal pressure, an increasing number of Chinese decide not to make the homecoming. They either choose to stay in places where they work or simply go for travel. In a poll posted Monday by Life Times on microblogging platform Sina Weibo, many of the so-called "home-fear … [Read more...] about Across China: The sorrows of China’s “home-fear tribe”
New Delhi is approaching Gota with an open mind, observes N Sathiya Moorthy. IMAGE: Prime Minister Narendra Damodardas Modi greets Sri Lankan President Gotabaya Rajapaksa at Hyderabad House in New Delhi, November 29, 2019. Photograph: Arun Sharma/PTI Photo As is to be expected, Sri Lanka's new President Gotabaya Nandasena Rajapaksa's maiden overseas visit, to New Delhi, has come in for multiple interpretations at the hands of India's strategic community. It used to be the case with his elder brother and predecessor once removed, President Percy Mahinda Rajapaksa, during his second term in office -- after he had successfully headed the nation in eliminating the LTTE with multiple conventional military capabilities. India has had an open mind to the Gota election back home, and his subsequent Delhi visit. There was no jubilation of the kind that had attended that of predecessor Maithripala Sirisena -- or the attendant electoral defeat of incumbent Mahinda R, in elections 2005. 'Cautious … [Read more...] about Can India trust Gota and the Rajapaksas?