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Swiss bank BSI fined $211mn in US tax evasion case WASHINGTON: Swiss Bank BSI will pay a $211 million penalty after acknowledging it helped clients create sham identities to evade US taxes, the Justice Department announced Monday.BSI employed myriad schemes to facilitate tax evasion, such as creating false-front corporations and trusts to hide money.BSI had more than 3,000 active accounts secretly tied to US taxpayers after 2008, many of which it knew were not disclosed to US authorities, Justice said.Under a two-year deferred prosecution agreement, BSI agreed to make a complete disclosure of cross-border activities, assist prosecutors with all investigations related to the case and ensure that all new accounts will be declared to the USBSI came forward to US prosecutors under a 2013 program started by Justice's tax division to encourage banks to self-disclose violations. Justice expects similar agreements in the "near future", said assistant attorney general Caroline Ciraolo."The program offers a unique opportunity for Swiss banks to come ...

Ford to relaunch Lincoln Continental in US, China NEW YORK: The Lincoln Continental, the luxury car of celebrities and US presidents from yesteryear, is coming back.Ford Motor Monday unveiled a concept for a new full-sized sedan aimed at the American and Chinese markets and expected to be sold at dealerships starting in 2016. The Continental was last on the market in 2002. The revived Continental has Venetian leather seats and door panels, laser-assisted head lamps designed to reduce glare and a tinted sunroof ...

Prices ease as Wall Street rallies NEW YORK: US Treasury debt prices softened on Monday, giving back some gains from last week as equity markets rose on signs China was moving to bolster its massive economy.As Wall Street stocks jumped, yields on the 10-year note stayed well below the 2 percent touched last week and were last at 1.951 percent on a price decline of 1/32.The long bond was off 7/32 and yielding 2.5374 percent, according to Thomson Reuters data.Stocks, which ...

India's central bank tightens takeover rules for shadow banking MUMBAI: The Reserve Bank of India plans tougher rules for takeovers involving non-banking financial companies (NBFCs), according to a draft guideline published on Monday, outlining a demand that all substantial deals seek its prior approval.In its latest effort to boost transparency and strengthen its grip on the alternative lenders that account for a large part of India's shadow-banking sector, the RBI said any purchase of a stake of 26 percent or more in a company, ...

India central bank gives lenders more flexibility to cover bad loans MUMBAI: Indian banks can now divert as provision against bad loans a bigger share of the capital cushion required to be set aside to guard themselves against an economic downturn, the central bank said on Monday, easing pressure on a struggling sector.India currently mandates that banks set aside funds for emergency use in a so-called counter cyclical capital buffer. Up to half that buffer, held as of Dec. 31, can now be used for provision ...

Bank Indonesia says it doesn't have the luxury to go against market JAKARTA: Indonesia's central bank doesn't have the luxury to go against what is happening in the global financial market, senior deputy governor said, suggesting that Bank Indonesia would keep its policy tight next month.Bank Indonesia kept its key interest rate on hold at 7.50 percent in the eve of the U.S. Federal Reserve's meeting this month, but analysts have said it has scope to cut sometime this year.Analysts said the central bank had shifted its ...

Russian central bank seen cutting rates again as inflation stabilises MOSCOW: Russia's central bank will cut its main lending rate again on April 30 as the economy contracts more and inflation, although high, remains stable, a Reuters poll predicted on Monday.Output has tumbled while inflation remains a concern as low international oil prices and Western sanctions imposed over the Ukraine conflict have harmed export earnings and investment inflows.But Russia has lately seen signs of financial stabilisation, notably a recovery in the rouble, as the oil ...


Index Closing Chg%
Arrow DJIA 17,698.18 0.44
Arrow Nasdaq 4,880.23 0.42
Arrow S&P 2,059.69 0.40
Arrow FTSE 6,809.50 0.54
Arrow DAX 12,001.38 0.2
Arrow CAC-40 5,062.22 0.57
Arrow Nikkei 19,034.84 0.90
Arrow H.Seng 25,082.75 0.73
Arrow Sensex 28,260.14 1.08

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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 20, 2015
Reserves $16.132 bln