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China's Alibaba plans to invest more in India NEW DELHI: E-commerce giant Alibaba's founder Jack Ma promised Wednesday to invest more in India where online sales are soaring, predicting that the Internet will transform the country's future.Ma, on a whirlwind 48-hour trip with a nearly 100-member Chinese business delegation to India, has been scouting for investment opportunities to drive Alibaba's revenues following its record $25-billion initial public offer in September."We'll invest more in India, work with Indian entrepreneurs, India technology companies," the billionaire told a New Delhi business audience on his first visit to India since the IPO.Ma, who founded China's biggest e-commerce company 15 years ago in his apartment with $60,000 collected from friends, divulged no figures for his Indian investment plans. India's e-commerce sales totalled $2 billion last year -- a puny sum compared with China's $300 billion. But Indian sales are expected to hit around $15 billion by 2016, according to analysts, thanks to an ...


Samsung Electronics to buy back $2bn in shares SEOUL: South Korea's Samsung Electronics Co Ltd on Wednesday announced a $2 billion share buyback plan, its first since 2007, following investor calls for higher returns against a backdrop of rapidly declining profits. The world's largest smartphone maker will buy back 1.65 million common shares and 250,000 preferred shares to stabilise its share price and boost value for shareholders, it said in a regulatory filing, its second-largest buyback ever. The buyback is the latest by ...

Malaysia's Maybank Q3 net falls 8pc on lower non-interest income KUALA LUMPUR: Malayan Banking Bhd (Maybank), Malaysia's largest bank by assets, posted on Wednesday an 8 percent fall in third-quarter profit, mainly hurt by lower non-interest income and weakness at its insurance businesses. Net profit for July-September was 1.61 billion ringgit ($480.60 million) compared with 1.75 billion ringgit a year earlier, Maybank said in a stock exchange filing. Revenue rose 8 percent to 8.9 billion ringgit. "The group expects its financial performance for the financial ...

Chile traders see easing cycle to restart in six months SANTIAGO: Chile's central bank is seen restarting its monetary easing cycle in six months, as above-target inflation is expected to subside over the next year, according to the median estimate of 64 traders surveyed in a central bank poll published on Wednesday. The key rate is forecast to remain steady at its current 3.0 percent in December and in three months, but then be cut to 2.75 percent in half a year. Traders see inflation ...

EBRD eyes 20pc stake in Hypo Balkans for up to 50mn euros VIENNA: The European Bank for Reconstruction and Development (EBRD) plans to invest up to 50 million euros ($62 million) for a 20 percent stake in the Balkans network of nationalised Austrian lender Hypo Alpe Adria, it said on Wednesday. Hypo Alpe Adria -- now known as Heta Asset Resolution after its conversion to a "bad bank" -- has agreed in principle to sell the Balkans network to US private equity group Advent International and the ...

Russian FinMin sells 70mn rbls of OFZ bonds, avg yield 10.2pc MOSCOW: Russia's Finance Ministry said on Wednesday it had sold 70 million roubles ($1.5 million) of OFZ treasury bonds at an average yield of 10.2 percent at a second of two auctions. The ministry offered 5 billion roubles of OFZ bonds maturing in 2016 and said there was 520 million roubles of bids. It earlier sold 603 million roubles of OFZ bonds maturing in 2023 at an average yield of 10.39 percent. Copyright Reuters, 2014 ...

Alibaba founder pledges more investment in India NEW DELHI: Alibaba founder Jack Ma, China's wealthiest man, said Wednesday he plans to invest more funds in India and believes the Internet can transform the country's future.Ma, whose Alibaba controls 80 percent of e-commerce in China, was speaking to a business audience on his first visit to India, two months after his record initial-public-share offering raised $25 billion."We will invest more in India, work with Indian entrepreneurs and technology companies," the billionaire promised in ...


 



 
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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