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'Many' Fed members favor near-term rate hike

Washington - Emirates Voice

A majority of US central bankers favor raising benchmark interest rates in the near term, signalling the Federal Reserve is likely to tighten monetary policy next month, minutes from their last meeting revealed Wednesday. But sharp disagreements persist among policymakers over the dangers of inflation and the need to raise rates, according to the minutes of the Fed's October 31-NovemberRead more

US housing costs drive modest gain in October inflation

Washington - Emirates Voice

The rising costs of housing and medical care drove a modest gain in US consumer inflation last month, according to official figures published Wednesday. And within the data, one key measure of annual inflation posted its first increase since January, giving a flicker of hope to US central bankers who have long awaited the return of price pressures. The FederalRead more

Low inflation likely temporary but may have 'misjudged'

Washington - Emirates Voice

US Federal Reserve Chair Janet Yellen said Tuesday that central bankers believe the surprisingly low inflation in the past year is only temporary, but she acknowledged they may have "misjudged" the situation. In her first comments since the Fed last week decided to keep the benchmark interest rate on hold, Yellen again said gradual rate hikes will be appropriate, butRead more

US Fed can 'be patient' in raising rates

Washington - Emirates Voice

US central bankers remain divided over inflation risks, and some argue they can afford to "be patient" before raising rates again, according to the minutes of the last policy meeting released Wednesday. The Federal Reserve had been expected to raise the benchmark lending rate a third time this year, but the minutes of the July 25-26 meeting showed policymakers remainRead more

Bankers warm up to bigger profits on larger business volume

Abu Dhabi - Emirates Voice

Pakistani bankers have warmed up to bigger profitability on a projected lager business volume in financial year 2017-18. In their quest for bigger profits and larger business transactions, the bankers will be aided by the new national budget that will come into force on July 1. This biggest-ever budget in Pakistani history projects the total outlay of Rs5.10 trillion andRead more

Saudi money supply growth picks up as economy strengthens

DUBAI - Arab Today

Saudi Arabia’s money supply growth picked up in December in a sign that the economy is regaining strength after a slump last year caused by low oil prices and government austerity measures, central bank data showed. Annual growth in M3 money supply, the broadest money supply measure, rose to 0.7 percent in December, its highest level since January 2016, fromRead more

China's Business Index Improves in Q3

Beijing - XINHUA

China's business people reported better operational conditions for the third quarter of 2016 and were more confident with the broader economy, the central bank said. The business index grew to 50.3% from 48.3% in the second quarter and the profitability index rose to 54.7% from 52.7%, according to a survey by the People's Bank of China (PBOC). In addition, theRead more