Banking Sector

New Zealand central bank cuts interest rate to 2.5 per cent

New Zealand central bank cuts interest rate to 2.5 per centWellington - New Zealand's central bank slashed its benchmark interest rate Thursday by half a per cent to 2.5 per cent, its seventh cut since July.

The so-called official cash rate (OCR) was already at its lowest mark since it was introduced in 1999 and Reserve Bank governor Alan Bollard signalled that he could keep it at or below the current level until late 2010.

"We consider it appropriate to provide further policy stimulus to the economy," he said. "The OCR could still move modestly lower over the coming quarters."

At least six large US banks need more capital

At least six large US banks need more capital New York - At least six of the 19 largest US banks need more capital to remain healthy through the recession, according to leaked information from the two-month stress test carried out by the nation's bank regulators, Bloomberg financial news service reported Wednesday.

The infusions could come from extra cash injections from the government, but more likely from converting preferred shares to common equity, the report said, citing people close to the situation.

Worst might be over for Singapore's economy, central bank says

SingaporeSingapore - The worst might be over for Singapore's economy, but a decisive rebound from recession is not in sight for 2009, the city-state's central bank said Wednesday. "With the current world economic downturn likely to be a prolonged one, Singapore's climb out of recession will be slow and gradual," the Monetary Authority said in a macroeconomic review.

The most intense phase of this downturn for Singapore might have already occurred, it said.

"Nonetheless, the domestic economy is not expected to stage a decisive rebound this year," the central bank said.

Allianz earnings fall amid economic gloom

AllianzMunich - Europe's biggest insurer Allianz AG reported Wednesday a more-than-40-per-cent fall i

Controversial Societe Generale board head resigns

Societe GeneraleParis - The much-criticized head of the board of directors of French bank Societe Generale, Daniel Bouton, is stepping down. "I choose to depart to protect the bank. I have become the target of incessant criticism which will end by damaging this enterprise," the 59-year-old Bouton said in an interview published Wednesday in the daily Le Figaro.

Bouton admitted making mistakes and being "clumsy" during his tenure as the bank's general director, which began in 1997, but said that the criticism had become "unbearable."

Sell Axis Bank

Sell Axis BankStock market analysts have suggested investors to ‘sell’ Axis Bank stock as there are full chances of a downward trend in this stock in the coming days.

According to them, investors can sell the stock with a strict stop loss of Rs 536 to achieve a target that lies between Rs 520-516.

Today (April 29), the stock opened at Rs 548.95 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 50.56 and 10.65 respectively. The share price has seen a 52-week high of Rs 969.90 and a low of Rs 278.50 on BSE.