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UBS chairman says overhaul may boost shareholder returns: report BERLIN: UBS may be able to improve shareholder returns quickly as the Swiss bank is reaping the benefits from radical restructuring, Der Spiegel reported on Sunday, citing Chairman Axel Weber.   "By means of our strategy (of taking the knife to investment banking operations) we are complying with new capital requirements much more quickly than others and can much sooner pay out dividends in a sustained manner," Weber was quoted as saying in an interview.   Weber, previously head of Germany's Bundesbank and a member of the European Central Bank's governing council, said new rules for capital resources and liquidity may radically change the landscape for investment banking.   "Especially for complex commercial transactions, the capital requirements will in future be so high that they (transactions) can no longer be conducted in a profitable manner," Weber told the magazine.   UBS is shifting its focus toward the bank's core private banking business for wealthy clients and away from ...


For Argentina holdout fund, a decade NEW YORK: Investing in distressed debt isn't supposed to be a smooth ride. Until earlier this week, US hedge fund Elliott Management had seemed close to victory in its near decade-long legal battle with Argentina over the country's defaulted debt.   Then, the latest courtroom twist on Wednesday pushed the case into 2013, giving Argentina precious breathing space to rethink its strategy.   Elliott founded by publicity-shy billionaire Paul Singer - remains confident its strategy of blocking Argentina's every escape ...

Toyota China sales tumble again in Nov, though pace eases  BEIJING: Toyota Motor Corp is still struggling to revive sales in China, part of a broader slump Japanese car firms are suffering as a result of a diplomatic row between the countries.   Toyota's sales in China totalled roughly 60,000 vehicles last month, a senior company executive said, compared with 81,800 cars the company and its Chinese partners sold in November last year.   The pace of the last month's decline - roughly 25 percent from a year earlier ...

Microsoft, Google in catfight over online shopping  WASHINGTON: Just in time for the holidays, Microsoft and Google have become embroiled in a bitter dispute over who is the fairest of them all for online shopping, stepping up the battle between the tech giants.   Microsoft threw the first punch when it launched a campaign for its Bing search engine "to highlight Bing's commitment to honest search results."   The campaign also seeks "to help explain to consumers the risks of Google Shopping's newly announced 'pay-to-rank' practice," ...

Ford recalls 89,000 vehicles amid engine fire concerns  NEW YORK: Ford Motor Company on Friday issued a recall of more than 89,000 vehicles in the United States and Canada amid concerns the engines could catch on fire.   The automaker said the voluntary recall affects SE and SEL models of the 2013 Escape and 2013 Fusion that are equipped with a 1.6-liter engine.   "Ford is voluntarily recalling these vehicles because of reports of engine overheating, resulting in engine fires while the engine is running. No injuries ...

Sharp agrees to sell TV plants to Hon Hai for $667mn  TOKYO: Sharp Corp has agreed to sell three of its television assembly factories outside Japan to Hon Hai Precision Industry, a deal which would total about 55 billion yen ($666.91 million), the Sankei newspaper reported on Saturday.   The daily, citing sources it did not identify, said both companies have reached an agreement for debt-laden Japanese consumer electronics firm Sharp to sell its television factories in Mexico, China and Malaysia to Hon Hai.   The sale of Sharp's Mexican ...

Fed to buy $45bn of Treasuries in Dec, sell $38bn  NEW YORK: The Federal Reserve will buy about $45 billion of Treasuries in 15 operations in December and will sell about $35 billion of Treasuries in five operations, the New York Fed said on its website on Friday.   The operations are part of a continuation of the Fed's "Operation Twist" stimulus effort, which extends the maturity of the US central bank's holdings of Treasury debt in a bid to lower mortgage rates and other long-term borrowing ...


 



 
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Banking Review 2013


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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln