Connect to share and comment

Growth of bank corporate loans slows in March

SEOUL, April 9 (Yonhap) -- Corporate loans extended by South Korean banks grew at a slower pace in March than in February as large firms repaid their debts at the quarter-ending month to tidy up the balance sheet, the central bank said Wednesday. Banks' corporate loans amounted to 640.6 trillion won (US$612.3 billion) as of end-March, up 1.7 trillion won from the previous month, according to the Bank of Korea (BOK). The March gain compares with a 4.2 trillion won on-month increase tallied for February, it added.

Business Highlights

___ American the latest airline to tweak flier program DALLAS (AP) — Airline travellers are adjusting to constant turbulence in frequent-flier programs. American Airlines is the latest to tinker with its program. The Dallas-based carrier on Tuesday announced changes that make it tougher to redeem miles for a flight during busy travel periods, and to check a bag without a fee.

Regulators act to require US banks to have stronger capital base to reduce financial threats

WASHINGTON - Regulators are acting to require U.S. banks to build a sturdier financial base to lessen the risk that they could collapse and cause a global meltdown. The eight biggest banks will have to meet stricter measures for holding capital — money that provides a cushion against unexpected losses — under a rule that regulators adopted Tuesday.

Italy's Renzi hails 'revolution' with public spending cuts

Italy's Prime Minister Matteo Renzi hailed a "systematic revolution under way in Italy" Tuesday as he unveiled the government's plan to ease pressure on impoverished families through cuts to public spending. Renzi, who came to power in February after ousting his predecessor in a coup, told journalists the cabinet's three-year economic programme would lower income taxes through a 4.5 billion euro reduction in public spending.

Simplify U.S. financial reform rules, Fed's Plosser urges

PHILADELPHIA (Reuters) - A top U.S. central banker on Tuesday criticized the complexity of a nearly four-year-old financial-reform law, urging simpler and more transparent laws for Wall Street that would rely more on the free market to discipline banks and other firms.

Canadian housing starts, permits drop as market cools

By Andrea Hopkins TORONTO (Reuters) - Canadian housing starts fell more than expected in March and building permits dropped sharply in February, according to data released on Tuesday that suggests the country's robust housing market is cooling. Volatility in the housing data and an especially hard winter may explain some of the unexpected weakness in the data, economists said. But the figures still bolstered expectations that home building was starting to slow after a boom that observers have warned is unsustainable.

IMF sees rich nations propelling global growth, but risks linger

By Anna Yukhananov WASHINGTON (Reuters) - The International Monetary Fund on Tuesday predicted the global recovery would strengthen this year and next as output in richer nations picked up, but it warned of rising risks in emerging economies. In its latest global economic snapshot, the Washington-based IMF nevertheless said better policies were needed in both advanced and emerging nations to avoid a prolonged period of sluggish growth.

European stocks drop further

Europe's main stock markets retreated on Tuesday after the previous day's slump, as Ukraine-Russia tensions offset robust British manufacturing data. London's benchmark FTSE 100 index dropped 0.96 percent to 6,559.46 points in afternoon trading. In Paris, the CAC 40 index lost 0.60 percent compared with Monday's closing values to stand at 4,409.39 points and Frankfurt's DAX 30 shed 0.99 percent to 9,416.84.

Fed gives banks 2 more years to ensure holdings of risky securities fit Volcker Rule

WASHINGTON - The Federal Reserve is giving U.S. banks two more years to ensure their holdings of certain complex and risky securities don't put them afoul of the new Volcker Rule. The Fed's move announced Monday didn't give banks an outright exemption for the securities from the Volcker Rule's ban on high-risk investments. Wall Street banks had sought an exemption and the leading Wall Street lobbying group expressed disappointment with the Fed's move.

Eurozone recovery edges ahead, unemployment stays high

The eurozone economy is expected to recover steadily in the first quarter of this year with growth of 0.4 percent pulled by industrial production, but then flag slightly, three top forecasting bodies said on Monday. Threats to this outlook came from a slowing of demand from emerging economies, and tension over Ukraine. But this improvement will have scant effect on high eurozone unemployment, largely because consumers' buying power has been crimped by austerity measures in some eurozone countries and by the effects of unemployment.
Syndicate content