4 Min Read
SYDNEY (Reuters) -Australia’s central bank left its cash rate at record lows on Tuesday and reiterated its lower-for-longer policy stance even as data showed the country’s economic output was above its pre-pandemic level and house prices were shooting through the roof.
FILE PHOTO: Pedestrians walk past the main entrance to the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, October 3, 2016. REUTERS/David Gray
The Reserve Bank of Australia (RBA) left its policy settings at 0.1% for a sixth straight meeting, awaiting inflation and wage pressures, in a decision that was widely expected by economists in a Reuters poll. [AU/INT]
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WARSAW, May 11 (Reuters) - Bank Millennium, the Polish unit of Portuguese lender BCP, sees no need to raise capital to cover the costs of potential settlements with clients over Swiss franc loans, the bank’s management said on Tuesday.
The Polish Supreme Court was expected to issue a highly anticipated guidance on FX loans later on Tuesday that might have an impact on the way banks reach settlements with their clients, whose loan repayments ballooned due to franc appreciation against the zloty.
The court’s building has, however, been evacuated due to a bomb threat.
“Our scenario shows that we have a strong capital surplus that allows us to deal with some negative scenarios regarding the court verdicts of the cases we have already in the court and even assuming some additional numbers that would come to the courts in the future,” Millennium’s Chief Financial Officer Fernando Bicho told a press conference.
By Reuters Staff
3 Min Read
SMOKOVAC, Montenegro, June 1 (Reuters) - Montenegro’s new Chinese-funded highway has become a huge financial burden and political football but it is also a long overdue replacement of what Montenegrans have nicknamed “death road”.
A NATO member and a European Union membership candidate, Montenegro borrowed 809 million euros ($990 million) from China’s Export-Import Bank in 2014 to pay for 85% of the first section of the road, which eventually will link the Adriatic port of Bar and Montenegro’s landlocked neighbour Serbia.
The loan sent Montenegro’s debt soaring to 97% of economic output. Last week, finance minister Milojko Spajic called it the most expensive highway in the world although he said the country had the funds to repay the debt.