India: agencies predict 30% drop in students going to Aus due to bank back up

Implementation of the new policy and introducing new ₹500 and ₹2,000 bank notes into circulation has put a strain on banks resulting in delays in processing education bank loans for overseas study. The backlog on granting loans affects students who are planning to enrol in an Australian university next month, according to AAERI. According to the association, up to three quarters of students choosing to study in Australia take out education loans to pay for the first semester’s tuition fees. “This has slowed down the process for bank loan sanctioning” In each intake, there…

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Bank of England sticks with rate cut signal despite Brexit bounce

The Bank of England said on Thursday it was still likely to cut interest rates to just above zero later this year, even though the initial Brexit hit to Britain’s economy was proving less severe than it had predicted only last month. The BoE’s rate-setters voted unanimously to keep Bank Rate at 0.25 percent, the lowest level in the BoE’s 322-year history, after cutting it in August for the first time since 2009 to tackle the shock of Britain’s vote to leave the European Union. Policymakers also voted 9-0 to…

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HSBC’s $2.5 billion buy-back boosts shares as bank postpones profit goal

HSBC (HSBA.L) announced a $2.5 billion share buy-back and pared ambitions to grow dividend payouts and returns as it took pragmatic steps to soothe investors amid slowing growth in its home markets of Britain and Hong Kong. The lender’s London-listed shares were trading 3.6 percent higher at 0808 GMT (4:08 a.m. ET) after the buy-back took the sting out of a 29 percent drop in January-June pretax profits, which matched analysts’ expectations. As Britain’s vote to leave the European Union clouds economic prospects and Hong Kong absorbs slower growth in…

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Bank of England set to cut rates as survey flags sharpest UK downturn since 2009

Britain’s economy is shrinking at its fastest rate since the financial crisis after last month’s Brexit vote, making a Bank of England rate cut on Thursday a “foregone conclusion”, a closely watched survey of businesses showed. Financial data company Markit said its monthly all-sector Purchasing Managers’ Index chalked up the steepest month-on-month decline on record after big falls in activity at private-sector services, manufacturing and construction firms. “The unprecedented month-on-month drop in the all-sector index has undoubtedly increased the chances of the UK sliding into at least a mild recession,”…

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