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US economy faces considerable uncertainty

WASHINGTON: Federal Reserve Chair Janet Yellen said that the US economy faces “considerable uncertainty” from slower domestic activity and from a possible British vote to break with the European Union. Pointing to recent slower hiring and investment domestically, and to the risk that a pro-Brexit vote will send shock waves [...]

ECB lowers emergency funding cap for Greek banks

ATHENS: The European Central Bank lowered the cap on emergency liquidity assistance (ELA) Greek banks draw from the domestic central bank by 7.0 billion euros to 61.1 billion euros ($69.2 billion) effective from June 30, the Bank of Greece said on Thursday. The move reflected improving liquidity conditions in Greece’s [...]

El Salvador continues to suffer from lower growth: IMF

WASHINGTON: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV today consultation with El Salvador. El Salvador continues to suffer from significantly lower growth than neighboring countries amid low investment, high outward migration, weak competitiveness, and political gridlock. GDP growth has averaged 2 percent over 2000-2014, [...]

SBP advises banks to beef up cyber security

KARACHI: State Bank of Pakistan has advised the banks to continuously enhance their cyber security controls, processes and procedures in order to anticipate, withstand, detect, and respond to cyber attacks. Banks/DFIs/Microfinance Banks shall formulate cyber security controls as an integral part of their IT risk management policy, accompanied by appropriate [...]

Deutsche Bank in deal with staff over branch closures

FRANKFURT: Deutsche Bank has struck a deal with its German works council about closing nearly a quarter of the lender’s branches in its home market, several people familiar with the matter said. Germany’s flagship lender has embarked on a strategic overhaul and cost-cutting program, announcing in 2015 that it would [...]

Brexit vote

The Brexit vote has riveted the world’s attention. European Central Bank chief Mario Draghi said on Tuesday that the ECB is prepared for all eventualities regarding the British EU referendum, but the economic impact of the vote is difficult to predict. At a meeting in Brussels, Draghi said that EU [...]

Futile tug of war

A crucial meeting between Chinese President Xi Jinping and Indian Prime Minister Narendra Modi on June 23, on the sidelines of the Shanghai Cooperation Organization summit in Tashkent, holds the key to India and Pakistan’s entry into the Nuclear Suppliers Group. This meeting coincides with the plenary meeting of the [...]

Lending to poor didn’t cause financial crisis

Two of Donald Trump’s economic advisers, Lawrence Kudlow and Stephen Moore, have revived an idea about the source of the financial crisis that really should have been put to rest long ago. In a column published and rebroadcast by many politically sympathetic sites, they lay the blame for the credit [...]

Haroon tipped to re-join PCB in key position

KARACHI: Just two months after being sacked as Pakistan chief selector, former Test cricketer Haroon Rasheed may return to the Pakistan Cricket Board (PCB) as Director Cricket Operations, media reported on Thursday. “Haroon has applied for the new position being created in the cricket set-up which has undergone some changes [...]