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RBS invites pitches for broker role ahead of privatisation LONDON: Royal Bank of Scotland has invited investment banks to pitch for the role of corporate broker as the state-backed lender gears up for a full return to public hands, two sources familir with the matter told Reuters on Friday. The British government, which owns 80 percent of RBS, may begin selling part of the state's holding at a loss later this year, sources familiar with the matter told Reuters on May 10. The government wants to accelerate the disposal of its shares in RBS and Lloyds Banking Group, rescued at a combined cost of 66 billion pounds ($101 billion) during the 2007-9 financial crisis. It has already sold around half its 41 percent stake in Lloyds at a profit, but at current share prices it is sitting on a loss of around 13.5 billion pounds on its investment in RBS. Corporate brokers, a setup peculiar to London, are investment ...

Bank of Cyprus posts Q1 profit, considers capital issue NICOSIA: Cypriot lender Bank of Cyprus posted a net profit of 29 million euros ($31.85 million) in the first quarter of 2015, and said it was considering ways to raise funds to cut its debt to the European Central Bank. The bank, Cyprus's largest, said it was assessing the possibility of raising wholesale funding, with the proceeds to be used to reduce emergency liquidity assistance (ELA) channelled through the ECB.It assumed the ELA debt when ...

AirAsia profit up in Q1 on lower fuel costs KUALA LUMPUR: Malaysia-based AirAsia, the region's biggest low-cost carrier by fleet size, said its first-quarter net profit climbed seven percent year-on-year due mainly to lower fuel and operating costs.Net profit for the quarter ending March 31 was 149.3 million ($40.8 million) the company said in a statement late Thursday, while revenue dipped 0.4 percent to 1.30 billion ringgit."As seen in the first quarter of 2015, we are beneficiary of the low fuel price," Tony Fernandes, ...

Japan's bankrupt Skymark Airlines submits turnaround plan TOKYO: Bankrupt Japanese carrier Skymark Airlines on Friday submitted a restructuring plan to a Tokyo court that will see it owned by its banks, rival All Nippon Airways and an investment fund.Skymark, Japan's third-biggest airline which flies on domestic routes, filed for bankruptcy protection in late January in the face of potentially massive penalties linked to a cancelled $2.2 billion jet order with Airbus.Under the 18 billion yen ($145-million) turnaround scheme, investment fund Integral will ...

Google unveils Android Pay in fresh challenge to Apple SAN FRANCISCO: Google on Thursday unveiled its pay-with-a-phone system for Android devices, ramping up its challenge to Apple in mobile payments.Android Pay, unveiled at the Google developers conference in San Francisco, brings together mobile carriers, payment networks, banks and retailers to allow smartphone users to use their handsets instead of payment cards.Google engineering vice president Dave Burke said Android Pay would work in more than 700,000 US retail outlets that accept contactless payments."We are at ...

Cathay summer strike off after agreement HONG KONG: A summer strike threatened by flight attendants at Hong Kong's flag carrier Cathay Pacific has been called off after an agreement with management following two days of negotiations.The Cathay Pacific Airways Flight Attendants Union announced the two-week strike for August after a two-day sit-in last week at the city's Chek Lap Kok airport failed to win concessions.Workers kicked off their action after Cathay cut wages and changed working conditions.The new moves meant that ...

Long-dated yields edge up on profit-taking, corporate supply NEW YORK: Long-dated US Treasury yields edged higher on profit-taking and new corporate supply, while short-dated yields fell after solid demand at a seven-year note auction indicated little concern about the eventual pace of Federal Reserve rate hikes. US 30-year Treasury yields rose slightly to a session high of 2.9 percent. Earlier, they hit a session low of 2.86 percent, which marked the lowest level in nearly three weeks.The yields had fallen in the past ...


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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 $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln