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Chinese media see international bank as diplomatic coup BEIJING: The creation of the Chinese-led Asian Infrastructure Investment Bank is a bigger coup for Beijing than its hosting of the 2008 Olympics, state-run media said Tuesday after 50 countries signed its legal framework.China was spurred to create the AIIB after "unfair treatment" by Washington-led institutions, the Global Times said in an editorial, apparently referring to the World Bank and International Monetary Fund.The AIIB has been viewed by some as a rival to the World Bank and Asian Development Bank, and the United States and Japan -- the world's largest and third-largest economies respectively -- have notably declined to join.Under the articles of association, China will initially have 26 percent of the votes in the bank, giving it a veto over some key decisions which require a 75 percent majority -- including the choice of the bank's president, suspensions of members, and changes to the rules.India will have the second-largest ...

ECB chief Mario Draghi in front line of Greek crisis FRANKFURT: European Central Bank chief Mario Draghi famously vowed in 2012 to "do whatever it takes" to save the euro.As the single currency area hurtles towards a possible "Grexit" three years later, the 67-year-old central banker is seeing that pledge put to the test.With the debt-battered Greek economy essentially cut off from normal financing, the breakdown of talks between Athens and its creditors last weekend has placed Draghi -- who insists the ECB is not ...
BNP Paribas in talks to buy GE's European fleet management business PARIS: BNP Paribas's Arval unit signed a memorandum of understanding to buy GE Capital's European fleet management business, the group said in a statement on Monday.The completion of the transaction is expected in the fourth quarter of this year, The French bank said.Copyright Reuters, 2015 ...
Framework for China-led international bank signed BEIJING: Countries from five continents formally signed up to the China-led Asian Infrastructure Investment Bank at a ceremony on Monday, officials said, as Beijing steps up its global diplomatic and economic role.Australia was the first country to sign the articles of association creating the AIIB's legal framework in the Great Hall of the People, an AFP journalist saw, followed by 49 other founding members. Seven more are expected to do so by the end of ...
ECB considers tightening emergency funding for Greek banks FRANKFURT: European Central Bank policy setters are considering keeping Emergency Liquidity Assistance open to Greek banks on Monday but imposing a higher valuation discount on the security they offer in return for the funding, people familiar with the matter said. If the haircut on the assets Greek banks give for Emergency Liquidity Assistance is increased, it would, however, curb their use of such finance. "There is a possibility of an extension," said one of the ...
HSBC ends sponsorship tie-up with Markit for China PMI, emerging markets indexes SHANGHAI: HSBC has ended its marketing tie-up with financial information firm Markit Ltd, both companies told Reuters on Friday, winding down a five-year relationship that some industry insiders said may have become too expensive and a potential political liability for HSBC in China.Markit and HSBC spokespersons said that HSBC had ended its sponsorship of the closely watched China Purchasing Managers Index (PMI) and of other emerging markets indexes compiled by Markit.Both companies described the cooperation ...
ECB's Smets says QE is showing positive results BRUSSELS: The European Central Bank's bond buying programme is working and has had positive effects on the economy, ECB governing council member Jan Smets said on Thursday. The ECB launched its asset buying programme in March, designed to pump 1 trillion euros plus of new money into a sagging euro zone economy. "The aim is, and you can call it effective already, to create macroeconomic stability which is also good for financial stability," Smets told ...


Index Closing Chg%
Arrow DJIA 17,596.35 1.95
Arrow Nasdaq 4,958.47 2.40
Arrow S&P 2,057.64 2.09
Arrow FTSE 6,620.48 1.97
Arrow DAX 11,083.20 3.56
Arrow CAC-40 4,869.82 3.74
Arrow Nikkei 20,109.95 2.88
Arrow H.Seng 25,966.98 2.61
Arrow Sensex 27,645.15 0.60

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJune 25, 2015
Reserves $17.457 bln