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Amazon says has begun declaring sales in UK, Germany, Spain, Italy PARIS: Online retail giant Amazon said it has started declaring sales made in major European markets in the respective countries instead of Luxembourg, meaning it will pay taxes on the sales in the nations."As of May 1, Amazon... is recording retail sales made to customers through... branches in the UK, Germany, Spain and Italy," the company said in a statement. "Previously, these retail sales were recorded in Luxembourg. We are working on opening a branch for France." Copyright AFP (Agence France-Presse), 2015

US shale oil producers to ramp up drilling at current price: Goldman Sachs SINGAPORE: Shale oil producers, benefiting from lower costs, are expected to ramp up drilling activity if the price of US oil stays near $60 a barrel, Goldman Sachs said."We believe that should West Texas Intermediate prices remain near $60 a barrel, US producers will ramp up activity, given improved returns, with costs down by at least 20 percent," analysts at Goldman Sachs said in a report.US drillers cut the number of rigs by just one ...

Shake-up in key Samsung assets to cement heir's grip as succession looms SEOUL: Samsung Group's de facto holding company on Tuesday sought another cornerstone as it reconstructs South Korea's biggest conglomerate to smooth the path for management succession, offering more than $8 billion to buy an affiliate with a key stake in flagship firm Samsung Electronics.Cheil Industries Inc, with interests from construction to fashion, is offering new stock priced at about 8.9 trillion won ($8.11 billion) to buy building firm Samsung C&T Corp. After recent market jitters ...

Societe Generale offers Tier 2 Dim Sum bonds SINGAPORE: French bank Societe Generale is returning to the Dim Sum market to sell a 10-year non-call five Tier 2 bonds, indicated to yield in the 5.3% area.Societe Generale and Standard Chartered are global co-ordinators, while Bank of China, China Construction Bank, Agricultural Bank of China International and ICBC Europe are joint bookrunners.The Basel III-compliant bonds, expected to price today, will be listed on the Euronext Paris exchange.In March, SocGen issued a Rmb1bn (US$160m) Formosa ...

ANZ launches first Australia bank ETFs in $14bn market SYDNEY: ANZ Banking Group said on Tuesday it would launch six exchange traded funds (ETFs) linked to currency, gold and equities, the first of Australia's major banks to venture into the fast-growing A$18 billion ($14 billion) domestic ETF market.ANZ, Australia's third largest lender by market value, is partnering with London-based ETF Securities to launch the fund, Danny Laidler, co-head of ANZ ETFs, told reporters.The ETFs will be backed by the bank's deposits and physical gold ...

Goldman Sachs names new investment banking heads in Asia HONG KONG: Goldman Sachs has named Andrea Vella and Kate Richdale as its new co-heads of investment banking in Asia excluding Japan, according to an internal memo, replacing Matthew Westerman who will transfer to a senior role in London.Westerman, who had been sole head of the US firm's Asian investment banking division since 2013, will become chairman of investment banking for Europe, the Middle East and Africa, according to the memo seen by Reuters on ...

Singapore's MMI sounds out investors for up to $300mn IPO SINGAPORE: Singapore's MMI Technologies, an electronics parts company owned by private equity firm KKR & Co LP, has started meeting with investors for an initial public offering worth between $200 million and $300 million, IFR reported.Book building will start in mid-June and the IPO will include the sale of primary and secondary shares, said IFR, a Thomson Reuters publication, citing a source close to the transaction.KKR, which led a $700 million private-equity buyout in 2007, ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln