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Bundesbank urges German banks to re-think business model FRANKFURT: Germany's banking sector proved its strength during the financial crisis, but needs to examine its business model to increase stability in the future, Bundesbank board member Andreas Dombret told AFP in an interview. Dombret, in charge of banking and financial supervision at the German central bank, called on banks to diversify their revenue sources, which are currently too dependent on interest rates, and cut costs. "Fundamentally speaking, German banks can't all be lumped together in the same basket. Germany's three-pillar banking sector model (private, public and cooperative) has proved its worth during the financial crisis and contributed to a stabilisation of the banking landscape," Dombret said. And German banks had increased their ability to withstand risks, he added. "Even before last year's stress tests, they significantly beefed up their own capital. The stress tests showed that all major German banks had sufficient own capital to withstand a substantial economic ...

India's ICICI bank opens first branch in China MUMBAI: ICICI Bank Ltd, India's biggest private sector lender by assets, on Saturday opened its first branch in China as trade between Asia's two key economies flourishes.ICICI, which is also traded in New York, said the Shanghai branch got regulatory approval in March 2015.Initially, the branch inaugurated by Indian Prime Minister Narendra Modi during a three-day visit to boost economic ties, will have 17 staff.China and India signed 26 business deals worth more than $22 ...
EBRD eyes cooperation with Chinese-led Asian bank AIIB TBILISI: The European Bank for Reconstruction and Development (EBRD) said on Friday it was ready to cooperate on projects with China and its newly launched Asian Infrastructure Investment Bank (AIIB). In March, a number of European governments decided to become founding members of the AIIB despite misgivings in the United States, which fears the bank will expand China's global influence at the expense of Western lenders. "Our approach is to face reality and to try ...
Lloyds eyes return to private hands in next 12 months EDINBURGH: Lloyds Banking Group could be fully returned to private hands within the next year, Chairman Norman Blackwell said at the company's annual meeting. The government has already sold nearly half of the 41 percent stake it took as a result of its 20-billion-pound ($31.6 billion) rescue of the bank during the 2007-9 financial crisis, raising over 10 billion pounds for taxpayers. It is continuing to sell the shares to financial institutions such as pension ...
Russia crisis to hit ex-Soviet states harder than expected: EBRD TBILISI: The impact of Russia's economic crisis on its ex-Soviet neighbours will prove even more damaging than previously anticipated and continue into 2016, the European Bank for Reconstruction and Development (EBRD) said on Thursday.Resulting from Western economic sanctions and falling oil prices, Russia's economic dive "is having larger-than-expected negative spill-over effects on countries with which it has strong economic links," the EBRD said.Russia's gross domestic product is due to contract by 4.5 percent this year ...
Bank of England cuts growth outlook, backs market's view on rates LONDON: The Bank of England cut its forecasts for British economic growth over the next three years on Wednesday, and cautiously backed bets in financial markets that it will only start to raise interest rates in around a year's time.The central bank now expects growth this year of 2.5 percent, down from a 2.9 percent projection in February and closer to most other economic forecasters' expectations.Britain was the fastest-growing major advanced economy in 2014, as ...
Bank of England knocks sterling off seven-year highs LONDON: Sterling slipped from almost-seven-year highs on Wednesday after the Bank of England cut its growth forecasts and warned about a strong pound's impact on the outlook for interest rates. The UK economy has outpaced much of Europe over the past two years, and the prospect that Britain will be the first to follow any rise in US rates has kept sterling strong - a worry for exporters facing off against euro zone competitors. But ...


Index Closing Chg%
Arrow DJIA 18,162.99 0.67
Arrow Nasdaq 5,106.59 1.47
Arrow S&P 2,123.48 0.92
Arrow FTSE 7,033.33 1.21
Arrow DAX 11,771.13 1.26
Arrow CAC-40 5,182.53 1.95
Arrow Nikkei 20,472.58 0.17
Arrow H.Seng 28,081.21 0.60
Arrow Sensex 27,564.66 0.12

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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 $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 26, 2015
Reserves $17.749 bln