UK Could Fund Growth With BoE Profit, Citi Economist Says - Report
The U.K. government could fund a GBP20 billion ($31.38 billion) tax giveaway to boost growth next year by releasing the profits made by the Bank of England's money-printing program, a leading economist has suggested to The Daily Telegraph.
Commonwealth Bank Profit Up 11%, Margins Under Pressure
Commonwealth Bank of Australia (CBA.AU) Wednesday reported an 11% rise in net profit to 7.09 billion Australian dollars (US$7.4 billion) in fiscal 2012, even as net-interest margins declined amid intensifying competition for deposits.
Australian Shares Advance As Banks Gain
Australian shares rose on Wednesday, with bank-sector earnings providing a boost for the market.
Japan Stocks Edge Up, With Exporters Among Gainers
Japanese stocks moved higher in early Wednesday trade, with a rising euro helping some exporters and offsetting an earnings hit in the banking sector.
Elpida May Start Rebuilding In October: Report
Bankrupted Japanese chip maker Elpida Memory Inc. plans to submit its restructuring plans to court next Tuesday and to start rebuilding as early as October under its new owner Micron Technology Inc. , the Nikkei said in an unsourced report Wednesday.
Brazil's Deposit Guarantee Agency to Buy Back Cruzeiro do Sul Debt
Brazil's Deposit Guarantee Agency, known as FGC, said Tuesday it will buy back at a discount debt sold by troubled Banco Cruzeiro do Sul SA (CZRS4.BR) as it seeks buyers for the bank.
Samsung Focuses on Alleged Apple Infringement, Defends Own Actions
SAN JOSE, Calif.--Samsung Electronics Co. (SSNHY, 005930.SE) defended against Apple Inc.'s (AAPL) arguments that it had copied the iPhone, while accusing Apple of violating three Samsung patents as the high-stakes patent trial between the companies continues its second phase.
Westfield 1st Half Profit Up 31% As Store Property Incomes Rise
Westfield Group (WDC.AU) said Wednesday its first-half net profit rose by almost a third as it benefited from positive property valuations, asset sales and increased shopper activity in its malls.
Commonwealth Bank of Australia Fiscal Year Profit Up 11%
Commonwealth Bank of Australia (CBA.AU) on Wednesday reported net profit for fiscal 2012 of 7.09 billion Australian dollars (US$7.4 billion), up 11% on year, but said revenue growth was subdued as customers remained cautious about the global environment.