IMF may slash world growth forecast again
MUMBAI • The International Monetary Fund (IMF) may cut global growth forecasts further in the coming weeks, financial counsellor Jose Vinals said yesterday, calling on policymakers to take comprehensive measures to strengthen their economies.
In January, IMF projected global growth of 3.4 per cent this year and 3.6 per cent next year, cutting its October forecast for both years by 0.2 percentage point.
VW's US chief quits amid falling sales
WASHINGTON • Mr Michael Horn, leader of the Volkswagen brand in the United States, abruptly left the carmaker as its American sales continue to fall, following an emissions-test cheating scandal. The decision was mutual and Mr Horn, 54, will be replaced for now by executive Hinrich Woebcken, the company said in a statement.
ANZ exits SME lending business in 5 countries
SINGAPORE/SYDNEY • Australia and New Zealand Banking Group has exited the emerging corporate business in five Asian markets and cut around 100 jobs, a bank spokesman said.
It exited from the unit that lends to smaller businesses in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan.
Australia's major banks are scrambling to improve shareholder returns and profits amid slowing revenue growth and stricter regulatory capital rules.