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US bankruptcy court sets Fisker auction WILMINGTON: A Chinese auto parts maker and a Hong Kong businessman will square off in an auction for Fisker Automotive, the defunct maker of a plug-in hybrid sports car, a US Bankruptcy Court judge ruled on Friday. The Feb. 12 auction will pit the US unit of China's Wanxiang Group against Hybrid Tech Holdings, a company affiliated with investor Richard Li of Hong Kong. Hybrid has said its initial bid would be worth $55 million. Fisker's committee of unsecured creditors has said it hopes to find other potential buyers by the Feb. 7 bid deadline. US Bankruptcy Judge Kevin Gross of Wilmington, Delaware, said at a Friday hearing that attendance at the auction would be limited to the bidders, Fisker and a representative of the unsecured creditors committee. The auction will take place at the law offices of Kirkland & Ellis in New ...


Polish central banker Hausner sees Q3 GDP growth at 4pc SZCZYRK: Poland's economic growth will accelerate to an annual 4 percent in the third quarter of this year, but inflation is unlikely to pick up much, central banker Jerzy Hausner said on Friday. "Growth will top 3 percent in the whole year 2014 and will reach 4 percent in the third quarter," he told reporters. "I do not see any reasons why inflation would not stay at low levels envisaged in the projection of the ...

China central bank tells lenders to strengthen liquidity management BEIJING: China's central bank on Friday urged commercial lenders to strengthen liquidity management and set a reasonable pace on lending, even as it pledged to adjust liquidity to help maintain appropriate credit growth this year. Rising money market rates and bond yields in recent months indicate the People's Bank of China is committed to curbing high debt levels in the economy to head off potential financial risks, but there is little sign of abrupt policy ...

Deutsche Bank to withdraw from gold fix amid probe LONDON: Deutsche Bank will withdraw from gold and silver benchmark setting, or fixing, amid an investigation by German regulators into suspected manipulation of precious metals prices by banks. Deutsche, one of five banks involved in the twice-daily gold fix for global price setting, said it was dropping out of the process after withdrawing from the bulk of its commodities business. "Deutsche Bank is withdrawing its participation in the gold and silver benchmark setting process following ...

Panasonic to sell SE Asia chip-assembly plants:sources TOKYO: Panasonic Corp plans to sell three chip-assembly plants in Southeast Asia to Singapore's United Test and Assembly Center Ltd, sources familiar with the matter said on Friday, as part of Panasonic's global reorganisation.Panasonic aims to conclude a deal by early February, but final details including price have yet to be agreed. The company is also considering what to do with two other chip assembly plants in Shanghai and Suzhou, China, the sources added, saying ...

Mitsubishi Motors jumps as much 11 pct to 5-month high TOKYO: Shares in Mitsubishi Motors Corp jumped as much as 11 percent to a five-month high of 1,291 yen on Friday morning, driven by some short-term investors' cutting their short positions in the Japanese automaker.Short-term investors have been heavily shorting Mitsubishi Motors, which announced last week that it would raise up to 241.63 billion yen ($2.32 billion) in a public share offering to help buy back most of the preferred shares issued to Mitsubishi group ...

Shell warns Q4 profits 'significantly' below recent levels LONDON: Royal Dutch Shell warned Friday that its fourth-quarter profits were expected to be "significantly lower than recent levels", blaming higher exploration costs, lower volumes and the poor industry environment. Shell said in an update that it expects to post adjusted net profits of $2.2 billion (1.6 billion euros) in the three months to December, down 70 percent from $7.3 billion last time around.Copyright AFP (Agence France-Presse), 2014


 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln