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Standard Chartered fined $300mn over laundering controls NEW YORK: New York state's banking regulator hit Standard Chartered Bank with a $300 million fine and restrictions on its dollar-clearing business on Tuesday for not detecting possible money laundering.The New York Department of Financial Services (DFS) said the British bank's internal compliance systems had failed to detect or act on a large number of "potentially high-risk transactions" mostly originating from Hong Kong and the United Arab Emirates.The new punishment came two years after the bank paid US regulators $667 million to settle charges it violated US sanctions by handling thousands of money transactions involving Iran, Myanmar, Libya and Sudan.A DFS monitor appointed in 2012 to keep an eye on the bank discovered that it had not detected the allegedly high-risk transactions from Hong Kong and the UAE and reported them as it should have, the department said."If a bank fails to live up to its commitments, there should be ...


US yields up on robust housing data NEW YORK: US Treasury yields rose on Tuesday after stronger-than-expected housing data but a modest increase in consumer inflation data for July, pushing the levels up from last week's 14 month lows."Inflation data is neither here nor there, but the housing data is a little bit more bearish for Treasuries. I think we'll be relatively rangebound," said Thomas Simons, money market economist at Jefferies LLC in New York.U.S. housing starts rebounded strongly in July, pointing ...

Credit Suisse says arranged but did not sell BES securities ZURICH: Credit Suisse has confirmed it arranged securities on behalf of crisis-hit Portuguese lender Banco Espirito Santo SA (BES), but said it had not sold those securities or advised any clients or affiliates of BES to buy them.BES was rescued by the state earlier this month after posting huge losses from exposure to the crumbling business empire of its founding Espirito Santo family.The Wall Street Journal had reported that Credit Suisse helped assemble billions of ...

Interbank, Bund rates hit lows as euro zone outlook dims LONDON: Euro zone money market rates fell to new lows on Tuesday and German Bund yields dropped below 1 percent as the region's weak recovery kept up pressure on the European Central Bank to maintain its ultra-loose monetary policy.With a fresh round of tit-for-tat sanctions between Russia and the West in discussion as the Ukraine conflict rumbles on, investors are becoming increasingly certain that economic stagnation combined with low inflation will herald a prolonged period ...

Samsung Wins Multiple European Imaging and Sound Association Awards Products awarded this year include the Samsung Galaxy K zoom, the Samsung SMART CAMERA NX30 and the Samsung M7 Multiroom SystemLAHORE: Samsung Electronics Co. Ltd, a global leader in digital media and digital convergence technologies, announced that the European Imaging and Sound Association (EISA) have awarded the company multiple awards in the following categories: European Smartphone Camera 2014-2015, European Connected Camera 2014-2015and European Multiroom System 2014-2015. The products awarded this year are the Samsung Galaxy ...

Japan's NSK says hit with $28.5mn fine by China regulators TOKYO: Japanese auto parts maker NSK said Tuesday it had been hit with a $28.5 million fine for violating China's anti-monopoly laws, part of a wider crackdown that has ensnared major firms including Audi and Chrysler.The company said it was "fully cooperating" with China's National Development and Reform Commission, which slapped it with the 174.92 million yuan ($28.5 million) penalty in connection with the sale of ball bearings."We express our sincere regret for the concern ...

Maersk raises profit outlook as shipping volumes grow COPENHAGEN: Danish shipping and oil conglomerate AP Moeller Maersk raised its full-year profit guidance on Tuesday after quarterly results were boosted by a strong performance by its container shipping business.It also said it would return about $1.0 billion (749 million euros) to shareholders over the next year through a share-buyback programme.The group, which has about 15 percent of the global container market through Maersk Line, said profit was expected to be $4.5 billion this year ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln