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New Zealand to take breather after another rate hike WELLINGTON: New Zealand's central bank lifted interest rates for the fourth time this year on Thursday but signalled a pause in further tightening, sending the local currency to a six-week low.The Reserve Bank of New Zealand raised the official cash rate (OCR) 0.25 points to 3.50 percent in a move that was widely expected in financial markets.The OCR has gone up 100 basis points since March, when New Zealand became the first advanced economy to tighten monetary policy since 2012.Reserve Bank governor Graeme Wheeler said the latest rise in the cost of borrowing was needed to keep inflation contained within the bank's 1.0-3.0 percent target."Today's move will help keep future average inflation near the 2.0 percent target mid-point and ensure that the economic expansion can be sustained," he said.But Wheeler said the time had come to temporarily halt the rate hikes and assess their impact on the economy, which is ...

UBS charged with tax fraud in France: judicial source PARIS: Swiss bank UBS was on Wednesday charged with tax fraud in Paris for allegedly helping rich French clients to hide money in Switzerland, a judicial source said.The bank, which was already under investigation for illegal solicitation of customers in France, will now have to pay a total bail of 1.1 billion euros ($1.5 billion), the source told AFP. UBS's Swiss business is suspected of illegally canvassing French customers and setting up dual accounts to ...
Bank of Spain sees GDP growth picking up to 2pc in 2015 MADRID: The Bank of Spain revised up its economic growth forecasts for this year and next on Wednesday, saying it expected a 2 percent expansion in 2015 after internal demand and business investment gathered pace in recent weeks.The central bank, which now sees the Spanish economy growing 1.3 percent this year compared to 1.2 percent previously, had forecast in March that gross domestic product would grow by 1.7 percent in 2015.The central bank said GDP ...
Indonesia central bank says it will intervene in forex market to stabilize rupiah JAKARTA: Indonesia's central bank spokesman says Bank Indonesia (BI) will intervene in the foreign exchange market to stabilize the rupiah a day after Joko "Jokowi" Widodo was named winner of this month's presidential election. "BI will intervene so the fluctuations due to election sentiment are not too sharp," Peter Jacobs, BI spokesman told Reuters on Wednesday. The rupiah strengthened to as much as 11,485 rupiah per dollar compared to its Tuesday close of 11,590. Copyright ...
Morgan Stanley chief marketing officer leaves after 9 months NEW YORK: Susan Smith Ellis has left Morgan Stanley nine months after becoming the chief marketing officer of the Wall Street bank, a spokeswoman confirmed on Tuesday. Ellis was responsible for firm-wide marketing, including global events and client functions.She joined Morgan Stanley as part of its transition from an investment bank for mainly institutional clients to one involving thousands of retail investors following its Smith Barney acquisition. Ellis could not be reached for comment.The reason ...
JPMorgan names former Citi executive Krause to lead China bank HONG KONG: JPMorgan Chase & Co said on Wednesday it named Brett Krause to head its locally incorporated bank in China, adding to other recent hires as it rebuilds its leadership team in the country. Krause, a 20-year banking veteran, was hired as president of JPMorgan Chase Bank (China) Company Limited, the New York-based bank said in an e-mailed statement. He joined JPMorgan in January and previously held leading roles at Citigroup, including senior country ...
BoJ Deputy Governor Nakaso says end of deflation in sight SHIZUOKA: Bank of Japan Deputy Governor Hiroshi Nakaso said the country was eyeing an end to deflation as rising wages and inflation expectations allow companies to increase prices of their goods, signalling confidence over a sustained economic recovery. But he voiced caution over sluggish exports and stressed that the world's third-largest economy is only halfway to meeting the central bank's 2 percent price target, suggesting that the BoJ is nowhere near to withdrawing its massive ...

 



 
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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%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln