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China's big five banks to raise $21bn in two-week fundraising spree SINGAPORE/SHANGHAI: China's top five banks will raise 128 billion yuan ($20.8 billion) in a two-week bond offering spree following a year-long hiatus, as regulators signal a willingness for lenders to aggressively tap fixed-income markets.The country's bank regulator began phasing in new higher capital adequacy requirements last year, in line with global rules known as Basel III, and aggressive implementation of the third Basel accord is a key element of China's plan to fortify banks against risks from a slowing economy.China Construction Bank Corp and Agricultural Bank of China Ltd , the country's second- and third-largest banks, respectively, have announced plans to raise 50 billion yuan worth of Basel III-compliant Tier 2 capital via domestic bond issues on Friday.Bank of Communications Co Ltd , the country's fifth-biggest lender, plans to raise 28 billion yuan on Aug. 18.The issues follow two large offerings last week, the first from the country's top five ...

Bank of England slashes wages forecast, says key for policy LONDON: The Bank of England forecast on Wednesday that wages would grow far more slowly than previously expected and linked their rate of increase closely to borrowing costs, suggesting it was in no hurry to raise Britain's record low interest rates.Shortly after data showed average British wages suffered their first fall in more than five years in the second quarter of 2014, the Bank cut its forecast for wage growth this year in half to ...
Taiwan financial regulator takes over two loss-making insurers TAIPEI: Taiwan's financial regulator said it has taken over two loss-making local insurers, citing their "deteriorating" financial health while assuring clients that they will be protected by the government.The Financial Supervisory Commission announced the surprise takeover of Global Life Insurance and Singfor Life Insurance in a statement late Tuesday."We had no choice but to take this drastic step in order to streamline the insurance market and maintain stability," said Commission chairman William Tseng.In a statement ...
China bank loans plunge in July: central bank SHANGHAI: China's bank lending slumped in July from June, the central bank said Wednesday, as demand for loans weakened amid struggles in the property sector, key to the world's second-largest economy. New yuan loans extended by domestic banks came in at 385.2 billion yuan ($62.5 billion) last month, the People's Bank of China (PBoC) said in a statement, a drastic decline from June's 1.08 trillion yuan.The figure was just over half the median forecast of ...
Australia's Commonwealth Bank annual profit soars 13pc SYDNEY: Australia's biggest bank, the Commonwealth, on Wednesday posted a bumper 13 percent jump in full-year net profit to a record Aus$8.63 billion (US$8.0 billion) with gains across each of its core divisions.The country's top home lender and biggest company by market capitalisation said net profit for the 12 months ending June 30 was up from Aus$7.68 billion the year before, slightly above analyst expectations.Cash profit -- the bank's preferred measure which strips out one-off ...
India central bank governor warns on crony capitalism MUMBAI: India's central bank governor Raghuram Rajan has said crony capitalism is emerging as a "real concern" in India and a major threat to competition and economic growth.The term describes instances when governments give firms or individuals favourable treatment and allow conglomerates undue political influence."One of the greatest dangers to the growth of developing countries is... crony capitalism (which) creates oligarchies that slow down growth," Rajan said in a lecture late Monday in Mumbai.During the ...
Turkish central bank injects 15bn lira in repo, bids 28.18bn lira ISTANBUL: Turkey's central bank injected 15 billion lira ($6.96 billion) into the market in a one-week repo auction on Tuesday at a fixed simple rate of 8.25 percent, bank data showed. Total bids for the repo, maturing on Aug. 19, were 28.18 billion lira. Copyright Reuters, 2014 ...


Index Closing Chg%
Arrow DJIA 16,919.59 0.48
Arrow Nasdaq 4,527.52 0.43
Arrow S&P 1,981.60 0.50
Arrow FTSE 6,779.31 0.56
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Arrow CAC-40 4,254.45 0.56
Arrow Nikkei 15,449.79 0.83
Arrow H.Seng 25,122.95 0.67
Arrow Sensex 26,420.67 0.11

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln