OTTAWA, Jan 21 (Reuters) – In a shock move, the Bank of Canada cut its benchmark interest rate on Wednesday to counter the effects of cheaper oil on economic growth and inflation and to try to prevent financial instability that could result from a vulnerable housing market.
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DUBAI, Jan 21 (Reuters) – Dar Al Arkan, one of Saudi Arabia’s largest property developers, reported a 26.3 percent fall in fourth-quarter net profit on Wednesday, missing analyst forecasts after it made losses on financial instruments.
JERUSALEM, Jan 21 (Reuters) – Israel’s central bank said on Wednesday the main risk to the stability of the country’s financial system was the exposure of banks and households to a potential slump in house prices, which have nearly doubled since 2007.
The Central Bank of Russia’s (CBR’s) shock decision last month to raise interest rates by 650 basis points in the middle of the night backfired and is now worsening the country’s banking crisis. As Russian newspaper Izvestia reported, sources close to the CBR claim that the central bank will cut rates by 2%-3% from the current rate of 17% in the first quarter of 2015 following a meeting of the National Financial Council…
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