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ICBC Middle East 2012 profit jumps 69pc RIYADH: The Middle East branch of Industrial and Commercial Bank of China, the world's biggest lending bank, enjoyed surging profits and asset growth in 2012, it said on Saturday, underscoring increasingly close economic ties between Beijing and the Gulf. The bank's Middle East unit, based in Dubai, said pre-tax profit surged 69 percent in 2012 from 2011 to $54 million, while operating income jumped 47 percent to $72 million. Total assets at end of 2012 were $3.96 billion, a rise of 29 percent over the same figure at the end of 2011, it said in an emailed statement. Annual trade between China and the UAE grew fifteen-fold to $37 billion from 2000 to 2011, Hong Kong Monetary Authority chief executive Norman Chan told China's official Xinhua news agency last month. Most of that trade is conducted in dollars, but a growing proportion is also starting to be carried out in ...

India central bank chief endorses advisors on policy rate cut MUMBAI: India's central bank governor Duvvuri Subbarao endorsed the unanimous recommendation of all external members of the bank to cut its policy interest rate last month the first cut in 9 months minutes of the quarterly meeting released on Saturday showed. Four of the six members suggested that the Reserve Bank of India (RBI) should reduce the policy rate by 25 basis points in the third quarter policy review as global conditions were favourable and ...
SBP clarifies Governor KARACHI: The State Bank of Pakistan has clarified that the SBP Governor, Yaseen Anwar's statement regarding the submission of loan defaulters' list to the Election Commission of Pakistan (ECP) on February 26, has been incorrectly reported in a section of the press Friday.   Clarifying the statement of the Governor, the SBP Spokesman pointed out that Yaseen Anwar while making submission to the Senate Standing Committee on Finance Thursday did not say that the loan defaulters' list ...
Turkey cancels $5.7bn highway privatisation tender ISTANBUL: Turkish Finance Minister Mehmet Simsek said on Friday the government had cancelled a $5.7 billion tender for the privatisation of toll roads and bridges, after Prime Minister Tayyip Erdogan earlier said the result had not met expectations.Turkey's Koc Holding and Gozde Girisim and Malaysia's UEM Group Berhad had won the tender in December. The Istanbul stock exchange was closed when Simsek made the statement.Copyright Reuters, 2013 ...
Banks repay ECB 61.1bn euros of second crisis loan FRANKFURT: Banks will repay the European Central Bank 61.1 billion euros ($80.8 billion) in the second of two three years loans they took from the ECB a year ago, opting to hand back the money in a sign that at least parts of the financial system are returning to health.The ECB said on Friday 356 banks had decided to repay funds from the second loan at the earliest opportunity, on Feb. 27. A total of ...
Price of Asia takeovers unreasonable: CEO FRANKFURT: Allianz said it saw prices for insurance takeovers in Asia as too high, underpinning its decision to distribute insurance products in partnership with HSBC. "We just looked at where the opportunities for M&A in Asia are and found them unreasonable from the pricing point of view and also from the scale point of view," Allianz Chief Executive Michael Diekmann told an analysts conference. "There was nothing clean that we really wanted to invest in," ...
Commerzbank says seeks to avoid compulsory redundancies FRANKFURT: Germany's second biggest lender Commerzbank said it aims to avoid compulsory redundancies as much as possible in its revamp that will see up to 6,000 jobs go by 2016. Commerzbank also said on Friday it will not have compulsory redundancies until the end of 2014, one year longer that it had initially promised, if the lender succeeds in cutting 600 domestic jobs by the end 2013. In its in retail banking unit, Commerzbank wants ...


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Arrow DJIA 17,810.06 0.51
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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