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Bundesbank cautions that impact of Grexit unknown FRANKFURT: Nobody can foresee the full extent of the fallout if Greece were to quit the euro zone, the vice president of Germany's Bundesbank said in a newspaper interview published on Saturday."The direct contagion effect on other countries is smaller because the direct claims of banks on Greece are smaller," Claudia Buch told the Rheinische Post newspaper."But noone knows what the indirect effects would be."Greek officials were due to resume talks with the country's creditors in Brussels on Saturday on a cash-for-reforms deal Athens needs to clinch by an end-June deadline to avoid a default and possible exit from the euro zone.Copyright Reuters, 2015


Airbus says US to be biggest customer for A400M military plane FRANKFURT: European aircraft maker Airbus believes the United States will be the biggest customer for its A400M military transport plane, despite a fatal crash involving one of them during a test flight last month."By the next decade at the latest, the US armed forces will be the biggest customer for the aircraft," Airbus chief executive Tom Enders told the weekly magazine WirtschaftsWoche in an interview.Despite its current technical problems, there was no other rival product ...

Orange CEO tells Israel PM of deep regret over boycott row JERUSALEM: The head of French telecoms giant Orange told Israeli Prime Minister Benjamin Netanyahu on Friday he was distressed by reactions to remarks seen as backing a boycott of the Jewish State."I deeply regret the impact resulting from the context and interpretation of those statements," Orange quoted Stephane Richard as telling Netanyahu at a meeting in Jerusalem.A row erupted after remarks by Richard during a news conference in Cairo on June 3 in which he ...

Honda says expanded air bag recalls to cost $360mn, no change in guidance TOKYO: Honda Motor Co said on Friday it expects to spend 44.8 billion yen ($363 million) in quality-related costs to pay for the recall of cars fitted with air bag parts made by Takata Corp after the supplier agreed to an expanded recall in the United States.Japan's third-largest automaker said there was no change to its dividend and profit forecasts for the current business year through March 2016, since it had set aside sufficient reserves.A ...

India's Reliance Ind to start commercial telecoms operations by Dec MUMBAI: India's Reliance Industries Ltd will start commercial 4G telecommunication services by December, Chairman Mukesh Ambani said on Friday.Speaking at the company's annual meeting of shareholders, Ambani, India's richest man, said the telecoms unit will initiate a test launch over the next few months and that the fiscal year to March 2017 will be the first full year of its commercial operations.Reliance, which re-entered the telecoms business in 2010 by acquiring the only company that ...

China's ICBC, Taiwan's Sinopac optimistic about closing $600mn deal TAIPEI: China's Industrial and Commercial Bank of China (ICBC) and Sinopac Financial Holdings are optimistic about closing their T$20 billion ($600 million) deal which has been delayed by a stalled bill in Taiwan's parliament, according to a source with direct knowledge of the matter.ICBC, among the mainland's four biggest banks, agreed in 2013 to buy a 20 percent stake of Sinopac's banking arm but the companies have been forced to renew their contract as Taiwan's ...

India's PFC preparing to meet bond investors for dollar debut SINGAPORE: State-owned Power Finance Corp is likely to kick off meetings with fixed income investors next week for a potential debut offering of US dollar bonds.The meetings will be arranged by Barclays, SBI Caps and Standard Chartered, who were hired a year ago for the potential offering, sources aware of the situation said.The bonds would be issued out of a US$1 billion GMTN programme already registered with the Singapore Exchange.PFC has been an active borrower ...


 



 
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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%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln