Finance

Federal Reserve’s interest rate hike ‘will benefit eurozone and global economy’

It’s seen as a hugely important step on the road to global economic recovery. The Federal Reserve’s first interest rate rise since the financial crisis struck is designed to send a message that the US economy at least is getting back to normal. The hike is extremely modest: rock bottom interest rates have been raised to between 0.25 and 0.5 ... Read More »

GST panel hands in suggestions; moots 17 to 18 percent revenue neutral rate

The committee on the goods and services tax headed by Chief Economic Advisor Arvind Subramanian on Friday recommended a revenue neutral rate range of 17-18 percent for the proposed GST. The revenue-neutral rate is that single one that “would preserve current revenues”, that is, at which there will be no loss to both state and central governments. “The revenue neutral ... Read More »

Bank of England approves capital calculation models of 19 insurers

British insurers Aviva and Prudential and the Lloyd’s of London insurance market were among 19 firms to have their capital calculation models approved by the Bank of England on Saturday, enabling them to lower costs under new rules. Approval means the insurers can use their internal models to determine how much capital they hold to ensure they can meet policyholder ... Read More »

PF deposits may earn more interest this fiscal: Report

The Employees’ Provident Fund Organisation (EPFO) may hand out more interest on provident fund deposits for the current fiscal, with an announcement likely at its trustees’ meet on Wednesday. The retirement fund body has kept the interest rate on PF deposits unchanged at 8.75% in the past two financial years. “Though the proposal for fixing rate of interest on PF ... Read More »

India is fourth biggest exporter of illicit capital; China leads, says report

With an average annual outflow of $51.03 billion, India is the fourth biggest exporter of illicit capital over a decade with such financial flows surging to $1.1 trillion in 2013, according to a new report. China, with $139.23 billion average annually ($1.39 trillion cumulative), was the biggest exporter of illicit financial flows from developing and emerging economies, according to a ... Read More »

Australian computer forensics police raid home of suspected Bitcoin creator

Australian police raided the Sydney home and office on Wednesday of a man named by Wired magazine as the probable creator of bitcoin and holder of hundreds of millions of dollars worth of the cryptocurrency, Reuters witnesses said. More than a dozen federal police officers entered a house registered on the electoral roll to Craig Steven Wright, whom Wired outed ... Read More »

China central bank sees economic growth slowing to 6.8 percent in 2016

China’s annual economic growth is likely to slow to 6.8 percent next year from an expected 6.9 percent this year, the People’s Bank of China said in a working paper published on Wednesday. The world’s second-largest economy still faces downward pressure and the impact of fiscal and monetary policies that were rolled out this year will be evident by the ... Read More »

Banned and dangerous weapons found for sale on Amazon.co.uk

Banned and dangerous weapons, many of them disguised as everyday items, are being routinely and illegally sold to online shoppers on Amazon.co.uk, a Guardian investigation has found. Illegal weapons, including some reputedly developed for military and police forces, have been put up for sale in breach of UK firearms and offensive weapons laws. In test purchases, the Guardian bought three ... Read More »

Rabobank to cut 9,000 jobs and shed assets to boost profit

Dutch cooperative bank Rabobank [RABO.UL] plans to lay off nearly a fifth of its workforce to boost profit and prepare for tougher European banking guidelines, it said on Wednesday. The bank said it would shed 9,000 of its 47,000 staff by 2018 and would cut 150 billion euros ($164.7 billion) worth of assets from its balance sheet by 2020, to ... Read More »

Citigroup to take $300 million ‘repositioning charge’ in fourth quarter

Citigroup Inc (C.N) will take a $300 million “repositioning charge” in the fourth quarter to “resize infrastructure and capacity” throughout its businesses, Chief Financial Officer John Gerspach said on Wednesday. Citi will also add $300 million to $400 million in loan reserves from the third quarter for energy loans, based on the expectation that oil prices will remain low, Gerspach ... Read More »