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US appeals court says FHFA suit against UBS may proceed NEW YORK: A federal appeals court in New York said on Friday the Federal Housing Finance Agency could proceed with its lawsuit against UBS AG over mortgage losses at Fannie Mae and Freddie Mac. Rejecting UBS' bid to dismiss the case, the 2nd US Circuit Court of Appeals said the agency had standing to sue and did not wait too long to bring its case, having sued within three years after it became the conservator for the mortgage financiers. The decision is a victory for the FHFA, which has been suing 17 banks and lenders to recoup losses that Fannie Mae and Freddie Mac suffered after buying roughly $200 billion of mortgage securities. Friday's decision upholds a May 2012 ruling by US District Judge Denise Cote in Manhattan, and its reasoning will apply in the 14 other FHFA lawsuits she handles, plus a 15th lawsuit pending in Connecticut. The other ...

ECB's Nowotny says bank supervision quality utmost VIENNA: The quality of a new banking supervisory mechanism for Europe is more important than how soon it starts work, European Central Bank policymaker Ewald Nowotny said on Friday. "I think it is not so important when this system becomes effective it is important that it becomes a very well-functioning system. This is a field where you are not allowed to make any mistakes," Nowotny said during a speech in Vienna. "The priority has to ...
No sign of deposit withdrawals in Slovenia: Kranjec LJUBLJANA: Slovenian banks have not seen major deposit withdrawals in recent days, ECB policymaker Marko Kranjec said on Friday, after Cyprus's bailout raised concerns about other vulnerable euro zone banking sectors.Kranjec also said he expected Slovenia's new government to give clear signals that it is determined to stabilise the economy which would bring down national borrowing costs.Slovenian banks are sitting on some 7 billion euros ($9 billion) of bad loans, equal to 20 percent of ...
Ex-HBOS bosses should get lifetime finance ban: report LONDON: The former bosses of British bank HBOS should be banned by regulators from working in the financial sector ever again, according to a parliamentary commission report into the lender's collapse.The influential Parliamentary Commission on Banking Standards attacked the state-rescued group's ex-chairman Lord Dennis Stevenson and previous chief executives Sir James Crosby and Andy Hornby in the key review.In the report -- called 'An Accident Waiting to Happen' -- the Commission slammed the trio for ...
Allianz eyes China, US in property push PARIS: Allianz, Europe's No. 1 insurer, is scouring Chinese and US real estate as part of an overall plan to buy around 2 billion euros ($2.57 billion) in property assets this year, its head of real estate told Reuters.The insurer wants to bring down its exposure to the weak eurozone economy and may buy around 200 to 400 million euros of property in the US and Asia this year, Olivier Piani said in an interview ...
Bank of Japan plan, job jitters propel US bond prices NEW YORK: The US Treasury debt market rallied on Thursday as investors sought higher-yielding dollar assets after the Bank of Japan said it would step up asset purchases to boost its economy, sending Japanese bond yields to record lows.A surprise jump in domestic jobless claims undermined recent optimism about an improving labor market and fueled bets the Federal Reserve would cling to its own large-scale asset purchase program this year to cut unemployment, analysts said.The ...
Global investment banking fees rise 6pc in first quarter LONDON: Fees earned for global investment banking services in the first quarter rose six percent year-on-year to $19.8 billion, according to Thomson Reuters data, the strongest annual start in two years.Bank of America Merrill Lynch topped global investment banking league tables after earning $1.52 billion in fees in the first three months of the year, or 7.7 percent of the total fee pool.JP Morgan came second with $1.48 billion and Goldman Sachs was in third ...


Index Closing Chg%
Arrow DJIA 17,817.90 0.04
Arrow Nasdaq 4,754.89 0.29
Arrow S&P 2,069.41 0.29
Arrow FTSE 6,729.79 0.31
Arrow DAX 9,785.54 0.54
Arrow CAC-40 4,368.44 0.49
Arrow Nikkei 17,357.51 0.33
Arrow H.Seng 23,893.14 1.95
Arrow Sensex 28,499.54 0.58

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln