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Credit demand subdued, economy needs stimulus: SBI Chairman - Dotemirates

Credit demand subdued, economy needs stimulus: SBI Chairman

Kolkata: State Bank of India (SBI) Chairman Rajnish Kumar on Sunday said credit demand remains subdued and there is a need for stimulus in the economy. Though lack of credit demand exists in the economy, there is no supply-side constraint as the public sector banks are more or less well-capitalised, he said. "Demand for credit in the economy is subdued. There is a need for stimulus in the economy", Kumar told reporters here. He was in the city to attend the multi-level consultation programme with the branch managers of SBI in the region. "There is no supply-side constraint. More or...


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Business News

14/09/2019

Has the US flotation bubble burst?

One of the most hotly anticipated stock market listings of the year - the flotation of office property rental firm WeWork - is now in doubt. The uncertainty comes after the firm was reported to be facing pressure from its biggest external investor, Japanese firm SoftBank, to drop its flotation plans amid concerns about its plunging valuation. The company was valued at $47bn (£38bn) last year, but reports have suggested it is now considering a price tag of less than $20bn. Other high-profile and heavily loss-making companies - such as ride-hailing apps Lyft and Uber and messaging app Slack -...
14/09/2019

Historic towns to benefit from £95m boost named

Historic English shopping centres will benefit from a £95m regeneration fund, the government has said.In all, 69 towns and cities will receive money, with projects aimed at turning disused buildings into shops, houses and community centres.The largest share of money, £21.1m, will go to the Midlands, with £2m going to restore buildings in Coventry that survived World War Two bombing.The government said the move would "breathe new life" into High Streets.The government's Future High Street Fund is providing £52m of the money, while £40m will come from the Department for Digital, Culture, Media and Sport (DCMS). A further £3m is...
14/09/2019

US, China tariffs could lower global GDP by 0.8 percent in 2020: IMF

IMF spokesman Gerry Rice said trade tensions were beginning to affect a world economy already facing challenges including a weakening of manufacturing activity not seen since the global financial crisis of 2007-2008.US Treasury Secretary Steven Mnuchin told Reuters he had not seen the new IMF forecast, but did not expect the impact to be as significant in the United States."I don't see it in US as that big an impact," he said, when asked about the IMF forecast after an event hosted by the New York Times.Rice told a regularly scheduled IMF news conference that the global lender is to...

14/09/2019

Debenhams enters Oman as part of Middle East expansion

MUSCAT: Debenhams has opened two new stores in its biggest international region, the Middle East, entering Oman for the first time, and taking the number of stores in this region to 29.Debenhams opened in The Galleria Al-Maryah Island in Abu Dhabi, on Wednesday 4th September, as part of the center’s much-anticipated expansion. It is Debenhams’ sixth store in the UAE with partner Alshaya, and will trade on two floors across 75,073 square feet.The launch in Oman means Debenhams is now represented in 8 countries in the region. The store is in the newly-opened Mall Of Muscat, which boasts the largest...
13/09/2019

‘Count Draghila’ is sucking our accounts dry, says German daily Bild

BERLIN: Mass-selling German newspaper Bild on Friday accused European Central Bank president Mario Draghi of “sucking dry” the bank accounts of Germany’s savers, a day after the ECB cut interest rates further. Next to a photomontage of Draghi with fangs and dressed as a vampire, Bild’s headline read: “Count Draghila is sucking our accounts dry.” Hoping to kick-start economic activity nearly a decade after the euro zone’s debt crisis, the ECB on Thursday cut interest rates deeper into negative territory and promised bond purchases with no end-date to push borrowing costs even lower. The bigger-than-expected stimulus immediately fueled concerns among...
13/09/2019

EU weighs new energy taxes as Germany calls for ‘drastic’ steps

HELSINKI: The EU is considering new energy taxes to meet its climate targets, top officials said on Friday, with Germany calling for “drastic steps” to reduce carbon emissions. In the last decade, EU countries have led the global shift towards renewable energy and set up the world’s largest emissions trading system to price carbon and reduce reliance on more polluting fuels. However, the bloc’s rules on energy taxation have not changed for more than 15 years. They are “outdated and poorly adapted to climate change challenges and developments in energy policy at EU level,” according to a document which EU...