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Samsung sells defence, petrochemical units for $1.7bn SEOUL: Samsung Group announced Wednesday the sale of stakes in four petrochemical and defence affiliates for $1.7 billion as the South Korean giant steps up restructuring efforts ahead of a generational ownership succession. The sale to the Hanwha conglomerate, which has major petrochemical holdings, is expected to be finalised in the first half of next year, Samsung said in a statement.The deal involves Samsung Electronics and other group affiliates selling their combined stakes in defence firm Samsung Techwin and Samsung General Chemicals.A 50-percent stake held by Samsung General Chemicals in its joint venture with the French energy giant Total, called Samsung Total, will also be sold to Hanwha, along with Samsung Techwin's 50-percent holding in a joint venture with French defence firm Thales.It marks the first sale of Samsung affiliates since the group was forced to shed its struggling carmaking unit in 1997 during the Asian financial crisis.Samsung is comprised ...


ECB's negative interest rates under fire in Germany FRANKFURT: The European Central Bank is under fire in Germany because of its policy of negative interest rates, which is prompting some banks to charge customers for holding money in their bank accounts.In Germany, where saving is considered a virtue, the announcement by one of the country's biggest lenders, Commerzbank, that it will start charging clients with high deposits on their accounts has angered many.Commerzbank insists that mom-and-pop retail customers will not be affected and ...

India central bank under pressure to cut rates as growth slips NEW DELHI: India's economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates.The sources said Finance Minister Arun Jaitley would press Reserve Bank of India (RBI) Governor Raghuram Rajan to lower borrowing costs when the two meet ahead of a decision on interest rates next Tuesday.Six months ...

China won't consider more rate cuts or easing until Q4 data out: official BEIJING: China's central bank will wait until fourth-quarter economic data is out and monitor U.S. and Japanese monetary policy before considering any more rate cuts or easing, a central bank adviser said on Tuesday.The People's Bank of China surprised the markets by cutting rates last Friday for the first time in more than two years to help stabilize the world's second-largest economy. Reuters then reported that China was prepared to ease policy again."Regarding the next ...

Kenya's central bank chief appeals abuse-of-office charge NAIROBI: Kenya's central bank chief filed an appeal on Tuesday asking a court to throw out a case accusing him of abusing his office through his involvement in issuing a tender to install security software at the bank.Earlier this month, Kenya's High Court ruled the government's anti-graft agency and chief prosecutor could pursue the case against Central Bank Governor Njuguna Ndung'u.Ndung'u has denied involvement in the case, saying he was not involved in the tender ...

Europe's biggest bank names new boss in reshuffle MADRID: Spain's Santander, the biggest bank in Europe by market value, on Tuesday named Jose Antonio Alvarez its new chief executive in a reshuffle after longtime chairman Emilio Botin died.The bank's chief financial officer for the past decade, Alvarez was promoted to the top management post to replace Javier Marin after his two years in the job, the bank said in a statement.Several other managers were internally promoted under the leadership of Ana Botin, Emilio ...

Volvo makes 400mn euro provision for EU antitrust investigation STOCKHOLM: Swedish truck maker Volvo said on Tuesday it had decided to make a provision of 400 million euros ($497 million), corresponding to 3.7 billion Swedish crowns, due to an ongoing antitrust investigation by the European Commission. Volvo said the provision would hit the group's fourth-quarter operating profit. "The proceedings are still at an early stage and there are a number of uncertainties associated with the final outcome of the Commission's investigation as well as ...


 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln