The Reserve Bank of India (RBI) has declared that it will be conducting a special repo auction for Rs 598.30 billion on Thursday, March 12.

In a statement, the apex bank said that the reversal of the auction will be on March 26.

The liquidity from a special fixed rate term repo auction at 5% per annum (p.a.) against eligible securities will be provided to mutual funds (MF), non-banking financial companies (NBFC) and housing finance companies (HFC) either on incremental or on rollover basis.

Vaduz, Lichtenstein  - The Principality of Lichtenstein has agreed to make its financial sector more transparent and work better on tax issues with other countries, it said in a statement Thursday.

"Liechtenstein commits to and will implement the global standards of transparency and exchange of information as developed by the OECD," read the statement, referring to the Organization for Economic Cooperation and Development.

Wellington - New Zealand's central bank slashed its benchmark interest rate Thursday by half a per cent to 3 per cent, its sixth 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 would cut it again.

Norwegian bank DnB NOR on Tuesday announced that it has introduced a representative office in Mumbai, Maharashtra.

The Mumbai division was formally opened by Rune Bjerke, DnB NOR President and CEO, at a ceremonial occasion attended by the Norwegian Ambassador to India, Her Excellency Ms Ann Ollestad.

The bank said that it opened an office in Mumbai to cater to its strong base of ship owning community plus providing services to domestic companies that have sound presence in the Indian market.

Zurich  - UBS, the Swiss banking giant, lost more money last year than originally reported, it noted Wednesday, primarily due to a large fine it had to pay United States authorities as part of a tax settlement.

In 2008, UBS lost a record 20.9 billion Swiss francs (18 billion dollars). Last month it had reported losses of 19.6 billion francs and announced job cuts. Most of the losses came from its investment banking sector.