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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 as a success; neither gave a specific reason for the windup of the arrangement."The sponsorship arrangement is now coming to an end and we will announce replacement sponsors soon," said Laura Davis, a Singapore-based spokeswoman for Markit in an email statement.Market insiders have been chattering about the coming end of the partnership for months, with some speculating that HSBC was ending its sponsorship of the indicator because of pressure from Beijing, or because the sponsorship ...

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 ...
China's Alibaba launches Internet bank BEIJING: Chinese e-commerce behemoth Alibaba on Thursday launched an Internet bank aimed at serving small businesses which often struggle to obtain credit from large banks.MYbank, which is 30-percent owned by Alibaba-linked Ant Financial Services Group, said in a microblog post it will offer loans of up to 5 million yuan ($800,000).The bank, based in the city of Hangzhou where Alibaba is headquartered, added it will serve "small businesses, individual consumers and rural users."Alibaba completed the ...
China to scrap constraint on bank lending BEIJING: China is to abolish a limit on the amount of loans banks can grant, a liberalising step for the heavily-regulated banking sector which could make stimulus measures more effective.Banks will no longer be required to cap the amount of loans they make at 75 percent of the deposits they keep, known as the loan-to-deposit (LDR) ratio, according to a statement released on the website of the State Council, China's cabinet, after a regular meeting ...
Turkish central bank says to stay cautious until inflation improves ISTANBUL: Turkey's central bank said on Wednesday it would not consider a shift in its cautious monetary policy until it saw inflation easing significantly, signaling it would continue to keep rates on hold in the near future. In a presentation released on its website a day after it kept rates on hold at a monthly policy-setting meeting, the bank maintained a dovish note on the short-term outlook for inflation.The policy has worried economists who see ...
Australia to join China-backed infrastructure bank SYDNEY: Australia said Wednesday it will join the new Beijing-led Asian Infrastructure Investment Bank as a founding member, contributing Aus$930 million (US$719 million) as paid-in capital over five years.The AIIB, to be based in the Chinese capital, has 57 prospective members, and will have a total paid-in capital of US$20 billion as well as authorised capital of US$100 million, Foreign Minister Julie Bishop and Treasurer Joe Hockey said in a joint statement.Hockey will seal the ...
ECB's balance sheet rises to 2.452 trillion euros, gold steady FRANKFURT: The combined balance sheet of the European Central Bank and the euro zone's 19 national central banks rose by 9.850 billion euros to 2.452 trillion euros ($2.74 trillion) in the week to June 19, the ECB said on Tuesday. The ECB's balance sheet is steadily increasing as it rolls out a roughly 1 trillion euro scheme to buy government bonds and other assets known as "quantitative easing". The bank added that Eurosystem gold holdings ...


Index Closing Chg%
Arrow DJIA 17,730.11 0.16
Arrow Nasdaq 5,009.22 0.08
Arrow S&P 2,076.78 0.03
Arrow FTSE 6,585.78 0.67
Arrow DAX 11,058.39 0.37
Arrow CAC-40 4,808.22 0.57
Arrow Nikkei 20,539.79 0.08
Arrow H.Seng 26,064.11 0.83
Arrow Sensex 28,092.79 0.53

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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
WeeklyJuly 01, 2015
Reserves $18.5 bln