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Crisis-hit Co-op reveals 2013 loss of $4.2bn LONDON: Britain's Co-operative Group made a loss of 2.5 billion pounds ($4.2 billion) in 2013, a year it described as disastrous and the worst in its 150-year history.Co-op, which was hit by a 1.9 billion pound funding gap at its bank, a drugs scandal and an exodus of top executives, said on Thursday the results served as a wake-up call to the serious challenges that it faces."2013 was a disastrous year for The Co-operative Group, the worst in our 150-year history," Interim Chief Executive Richard Pennycook said in a statement."Today's results demonstrate that but they also highlight fundamental failings in management and governance at the group over many years."Copyright Reuters, 2014


Japan steelmaker ready to ship world's longest rail tracks TOKYO: Japan's top steelmaker said Thursday it has built a system to make and ship the longest pieces of railway track in the world, extending to 150 metres (492 feet).Nippon Steel & Sumitomo Metal said its extra-long rails are more durable than shorter ones that need to be welded together and can offer passengers a quieter, more comfortable ride.The company, the world's second-largest steelmaker after ArcelorMittal, has been making the 150-metre rails since 2002, but ...

Taiwan Semiconductor profit up 21 percent in Q1 TAIPEI: Taiwan Semiconductor Manufacturing Co said Thursday its first-quarter net profit rose 21 percent year-on-year, boosted by stronger than expected demand for chips used in smartphones and tablets. The world's biggest contract chip maker said net profit rose to Tw$47.87 billion ($1.6 billion) in the January-March period, while revenue grew 11.6 percent to Tw$148.22 billion from a year earlier. Net profit and revenue rose 6.8 percent and 1.7 percent, respectively, from the fourth quarter last ...

Spain to issue bonds due 2017, 2019 and 2024 next Thursday MADRID: Spain will issue 3-, 5- and 10-year bonds at a scheduled auction on April 24, the Treasury said. The bonds are due April 30, 2017, with a 2.1 percent coupon, April 30, 2019, with a 2.75 percent coupon and April 30, 2024, with a 3.8 percent coupon. The target amount the Treasury wishes to raise at the auction will be announced on Monday at around 1200 GMT. Copyright Reuters, 2014

Turkey's Vakifbank secures $995mn syndicated loan ISTANBUL: Turkey's Vakifbank secured a one-year syndicated loan in two tranches of $270.5 million and 525 million euros ($724.84 million) from international markets, the bank said on Thursday. The loan would have a total cost of LIBOR +0.90 percent and EURIBOR +0.90 percent respectively, the lender said in a statement with the Istanbul stock exchange. Copyright Reuters, 2014

Turkish central bank injects 5bn lira in repo, bids 9.32bn ISTANBUL: The Turkish central bank injected 5 billion lira ($2.34 billion)into the market in a two-week repo auction on Thursday at a fixed simple rate of 10 percent, data showed. Bids totalled 9.32 billion lira for the repo, which matures on April 24. Copyright Reuters, 2014

Thai TMB Bank cuts 2014 loan growth target after weak Q1 BANGKOK: Thailand's TMB Bank cut its 2014 loan growth target to between 6 percent and 8 percent, saying it was becoming more cautious as political tensions raise concerns about the economy. TMB Bank, the country's seven-largest lender, had previously forecast loan growth of 8 percent for the year. Its first-quarter loan portfolio, however, grew only 0.3 percent from the previous quarter, leading to the revision of the outlook, Chief Executive Boontuck Wungcharoen said in a ...


 



 
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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%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln