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Allahabad Bank increases deposit rates

Kolkata, Oct. 25 Allahabad Bank has increased rates of interest on term deposits of specific maturities as a part of its ‘Festival Bonanza’ scheme. According to a press statement by the bank here on Saturday, the interest rates on term deposits of one year up to three years have been increased by 50 basis points at 10.50 per cent. For senior citizens, the revised rates stand at 11 per cent (10.5 per cent). The interest rates on other time buckets have also been increased in the range of 25-75 basis points, the release said.

UPDATE 3-Some Hong Kong banks finally cut lending rates

By Susan Fenton and Christina Lo HONG KONG, Nov 7 (Reuters) - Some Hong Kong banks, including HSBC, finally cut their prime rates on Friday following a drop in interbank rates, after ignoring official rate reductions in the past two months as the global financial crisis deepened. But Friday's rate cuts of 25 basis points each were small and other banks left lending rates unchanged. That was despite a plunge in interbank rates in the past week as central banks in Europe and Asia eased monetary policy to try to contain the biggest financial crisis in decades. HSBC said it would reduce its best lending rate to Hong Kong customers by 25 basis points to 5 percent, its lowest level since November 2004, from Monday. 'The interbank rate level has come down, so there is room for an interest rate cut under these conditions,' a spokeswoman for the b

HSBC, major Hong Kong banks cut prime lending rates

and Standard Chartered cut their prime lending rates on Friday following a sharp drop in interbank rates, as central banks in Europe and Asia slashed interest rates.

Copyright Royalty Board Keeps Download Rates The Same; iTunes 'Saved'

I tend to think the whole concept of compulsory license rates in the music space is rather backwards. There are a bunch of different rates for all different participants, and it's basically the opposite of letting a market work. It's the government setting a handout rate for many different groups who don't want to create their own business model. The whole process serves to significantly hold back a number of new and innovative business models by letting many to rely on the government to effectively set their revenue for them. That said, one of the worst things is that a single decision by whoever sets the royalties can completely change how an industry works with a single vote. Earlier this week, we noted that Apple was threatening to shutter iTunes if the Copyright Royalty Board raised the rates for publishers on downloads.

National Bank of Poland official interest rates - 27/10/2008

WARSAW. OCTOBER 27. INTERFAX CENTRAL EUROPE - Following is a table of official money market rates as set by the National Bank of Poland (NBP). The Central Bank's Monetary Policy Council left Poland's interest rates flat during its last September sitting. NBP OFFICIAL INTEREST RATES Rate Term Current Last Change Last Change (%) (bps) Date Reference Rate 14 days 6.00 +25 25/06/08 Lombard Rate one-day 7.50 +25 25/06/08 renewable Rediscount Up to 3 months 6.25 +25 25/06/08 Rate Commercial overnight / one 4.50 +25 25/06/08 Deposit Rate day Source: National Bank of Poland MS/ For further information please e-mail newsroom@interfax.pl or phone (+48) 22 630 83 88.

Czech National Bank (CNB) official interest rates - 15/10/2008

PRAGUE. OCTOBER 15. INTERFAX CENTRAL EUROPE - Following is a table of official money market rates as set by the Czech National Bank (CNB). The central bank's Monetary Policy Council (MPC) kept rates on hold at its September 25, 2008 sitting. The CNB holds its next rate-setting meeting November 6, 2008. CNB OFFICIAL INTEREST RATES Name Rate p.a. Last change (bps) Last change date 2 week repo 3.50 -25 07/08/2008 rate Discount rate 2.50 -25 07/08/2008 Lombard rate 4.50 -25 07/08/2008 Source: Czech National Bank BK/EJ For further information please contact the reporter at email: brian.kenety@interfax.cz or by telephone on: (+420) 221 105 336.

National Bank of Slovakia (NBS) official interest rates - 31/10/2008

PRAGUE. OCTOBER 31. INTERFAX CENTRAL EUROPE - Following is a table of official money market rates as set by the National Bank of Slovakia (NBS). The central bank's Monetary Policy Council last changed interest rates after its October 28, 2008 meeting. The NBS will hold its next rate-setting meeting on November 25, 2008. NBS OFFICAL INTEREST RATES Rate Current (%) Last change (bps) Last change date Basic interest 4.25 -50 24/04/2007 rate of the NBS 2 week repo rate 4.25 -50 24/04/2007 Overnight 2.75 +50 24/04/2007 sterilization rate Overnight 5.75 -100 24/04/2007 refinancing rate Source: NBS BK/MS/ For further information please contact the reporter at email: brian.kenety@interfax.cz or by telephone on: (+420) 221 105 336.

Rates could fall below 1% if banks don't lend

NORTH west business leaders have welcomed the shock 1.5% cut in interest rates, and are calling on the banks to pass them on to struggling firms.Although the drop to 3% has received a hearty welcome, there is concern that it won’t be felt in the real economy.Economists say that if the banks don’t pass on rate cuts and start to lend, further cuts can be expected. Andrew Smith, KPMG's chief economist, said he would not be surprised to see rates down to 1% or even lower within the coming year.And Darrell Matthews, regional......for the full story register now for free or login below...

Mortgage rates go down, then up again

In the first act, mortgage rates sank as markets digested the federal government's takeover of Freddie Mac and Fannie Mae. Mortgage shoppers exulted at Uncle Sam's rescue of Fannie and Freddie. Some dared to hope that rates would fall even lower.

Thai rates still support economic growth -c.bank

BANGKOK, Oct 10 (Reuters) - Thai interest rates are accommodative, supporting economic growth, even though the Bank of Thailand chose this week not to cut rates like other countries in response to the global credit crunch, Deputy Governor Bandid Nijathaworn said on Friday.

Abbey raises some mortgage rates

Abbey has put up the interest rates on its tracker mortgages for new customers by 0.5%, in the week the Bank of England is expected to cut rates.

Westpac cuts rates by 45 to 75 basis points (updated)

Westpac have cut their standard variable, fixed and capped mortgage rates by between 45 and 75 basis points. (Updated following Kiwibank’s announcement regarding cuts in its variable and fixed rates).

Copyright board leaves rates unchanged, iTunes lives for another day

The recording industry's efforts to compensate for lagging CD sales by promoting hikes in royalties rates, suffered another serious setback yesterday in the US as a panel of judges ruled mechanical royalties rates should stay put.

IDBI Bank cuts home, education loan rates

MUMBAI: Shortly after Reserve Bank cut its key rates, IDBI Bank reduced its home and educational loan rates by 0.5 per cent with immediate effect on Saturday.

IDBI Bank cuts home, education loan rates by 0.5 per cent

Mumbai (PTI): Shortly after Reserve Bank cut its key rates, IDBI Bank on Saturday reduced its home and educational loan rates by 0.5 per cent with immediate effect.

France to Cut Mobile Termination Rates

The French telecoms regulator, Arcep has announced plans to start regulating mobile termination rates, and require a gradual reduction in the rates charged to landline operators over the next few years.

Moneyback Bank lowers personal loan rates

Following Moneyback Bank's decrease to its unsecured personal loan rates by 0.6% APR this week, Simeon Linstead, Head of Personal Finance at uSwitch.com, comments: "Amidst the current financial uncertainty, Moneyback bank has provided a glimmer of hope for consumers by lowering its rates for loans between £7,500 - £15,000 from 8.4% to 7.8%.

ICICI Bank hikes foreign currency deposit rates

MUMBAI: Leading private-sector lender ICICI Bank has hiked interest rates on foreign currency non-resident (b) account deposits and non-resident external term deposit rates with immediate effect.

Banks may cut rates further

Mumbai, Nov 17 (PTI) With inflation declining and fiscal discipline improving in the system, the Reserve Bank might reduce its cash reserve ratio and repo rates further enabling banks to lower their lending, deposit rates further, bankers said.

Pvt, foreign banks may reduce rates

Private and foreign banks are ready to consider a reduction in interest rates. In a meeting with Finance Secretary Arun Ramanathan and Reserve Bank of India deputy governor V Leeladhar, foreign and private bank chiefs said on Wednesday that they would seriously look into the matter, a day after public sector banks said that they would reduce interest rates by 0.5 to 1.0 percentage point.

Japan's Sanyo to keep 95% steam cracker run rates in October

Japan's Sanyo Petrochemical is keeping operating rates at its sole naphtha-fed steam cracker at 95% for the third straight month in October due to ongoing weakness in the price of ethylene derivatives, a company official said Monday. The company cut run rates from 100% to to 95% in August. The steam cracker can produce 470,000 mt/year of ethylene and 300,000 mt/year of propylene. Price of ethylene derivatives in Asia have been plummeting since July as fears of a looming global recession slash demand for petrochemicals, of which ethylene is a key feedstock. Closely-watched film-grade high density polyethylene prices were pegged at $1,195/mt CFR Far East Asia early Monday, $640/mt lower than the record-high $1,835/mt reached early July. (see) --Fumiko Dobashi, fumiko_dobashi@platts.

CBA first bank to cut mortgage rates

COMMONWEALTH Bank of Australia (CBA) has become the first major bank to cut its variable home loan interest rates, after the central bank eased official rates.

Private banks in no hurry to cut rates

Private banks are not in a tearing hurry to bring down interest rates with credit offtake shooting up by 29 per cent and flow of deposits virtually drying up. While almost all public sector banks have reduced lending rates by up to 75 basis points, no major private bank has come out with any rate cut so far.

FM to ask banks to cut rates

Hailing RBI’s latest policy package to infuse additional liquidity as a signal for a cut in interest rates, Finance Minister P Chidambaram today said he would ask the PSU banks to consider lowering lending rates.

Norway c.bank sees rates falling further

OSLO, Oct 29 (Reuters) - Norway's central bank signalled more interest rate cuts ahead after it lowered its main rate by a half point to 4.75 percent on Wednesday to bolster the economy against the global crisis. It was the second cut this month in Norway, following the bank's half-point decrease on Oct. 15. 'The effects of the financial crisis will most likely be more pronounced than envisaged only recently,' central bank Governor Svein Gjedrem said in a statement. The bank also said that it considered but rejected the alternative of cutting rates by 25 basis points instead of 50. In a new monetary policy report, the bank lowered its trajectory for interest rates ahead and said it saw the deposit rate bottoming out at 3.76 percent in June 2010.

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