The European Central Bank (ECB) decided to cut interest rates this month by 25 basis points, to set the reference rate at 3.25 %.

This is the third adjustment by the European body, announced by the ECB Governing Council at a meeting in Ljubljana (Slovenia). Meanwhile, “the main refinancing operations (MROs) – the weekly injections of money – and the credit facility – the one that lends to banks for one day – stood at 3.4 % and 3.65 %, respectively.”

With this technical adjustment, the ECB seeks to “align short-term interest rates in the money market with the decisions of the Governing Council, as well as to remove excess liquidity from the system so that it does not interfere with the correct transmission of monetary policy.”

The slowdown in inflation in the eurozone, which was already reported in September at 1.7 %, is the result of the decrease in the price of energy, fresh food, alcohol, tobacco, among other items during the month of August.

M.Pino

Source: publico.es

(Reference image source: Dimitri Karastelev in Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada European Central Bank cuts interest rates to 3.25 % apareció primero en Bitfinance.

An increase of 2,915 % in net profit was recorded by Venezuelan banks from January to June of this year, thanks to innovation in the sector, the offer of new products and services, and an increase in the loan portfolio.

The amount reached by the sector was 7,694.8 million bolivars, which far exceeds the same period for 2022.

“Universal banking, which concentrates 96 % of the banking system’s assets, spent 18 weeks of the semester without being able to cover the legal reserve requirement, which implies a very severe liquidity restriction.”

With respect to operating income, in the first half of the year banking reached 48.29 % of total income, below 70.94 % in the same period of the previous year.

This was due to the “increase in financial income, which rose 2,422.9 % in the year, going from 464.9 million to 11,722.4 million bolivars accumulated between the first half of 2022 and the same period of 2023.”

M.Pino

Source: noticierovenevision

(Reference image source: Kanchanara, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Net profit of Venezuelan banks increased 2,915 % apareció primero en Bitfinance.

The Government of Chile, through the Ministry of Labor and Social Welfare and the Ministry of Finance, has reached an agreement with the Workers Central Union (CUT in Spanish) of Chile, the largest trade union organization in the country, to raise the minimum wage to 440,000 Chilean pesos (about 503 euros) next May.

In turn, as reported by the Government on Monday, a new increase of 20,000 pesos (22.87 euros) will be applied in September, which would raise the final figure to 460,000 pesos (525.99 euros), and another increase of 40,000 pesos (45.73) in July 2024, to place the total amount at 500,000 pesos (571.7 euros).

During the negotiations that began last March, the union had demanded that the Government reach the figure of 500,000 pesos already this May, due to the “high” inflation that is taking place in Chile. This goal must be achieved as soon as possible, we cannot wait,” said the president of the union, David Acuña.

This amount, however, was the goal of the cabinet chaired by Gabriel Boric for the year 2026, at the end of his term. Despite their intention of a greater increase, from the Government, they had considered that it was necessary to reach a balance between the demand of the unions and the capacity of small and medium-sized companies to pay wages.

Last January an initial increase of 50,000 pesos (58.2 euros) was carried out, to which another 10,000 pesos (11.39 euros) were added, thus reaching 410,000 pesos (about 477 euros).

From the CUT they have celebrated that the talks to advance the arrival of the 500,000 pesos are advancing, as part of their “commitment” in the search to overcome the poverty line and create social policies that deliver “a good life” to workers.

Source: dpa

(Reference image source: Government, Europa Press / dpa)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Chileans will have salary increase in May apareció primero en Bitfinance.