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UBS appoints private banker as investment bank operating chief ZURICH: UBS named private banker Andre Cronje operating head of its investment bank, which is shutting vast swaths of its fixed income division.   "Andre's experience from investment banking, wealth management and corporate centre, as well as his international perspective, is a major asset as we seek to reposition ourselves and further our partnership across the group, and particularly with wealth management," UBS said in a memorandum seen by Reuters on Tuesday.   Zurich-based UBS is cutting staff and winding down its fixed income business save for select areas like foreign exchange trading and precious metals trading, and returning to its private banking roots as it adapts to tough capital rules that make it harder to turn a profit from trading.   Copyright Reuters, 2013 ...

China SHANGHAI: China's one-day money rates fell to their lowest in more than seven months on Tuesday as market liquidity remained ample, but dealers cited rising demand for funds after the central bank declined to issue 14-day reverse repos during open market operations in the morning.   The weighted-average one-day bond repurchase rate fell 1 basis point to 1.93 percent from 1.94 percent on Monday, the lowest level since early June.   "I have not seen the one-day rate fall ...
Bank of Japan boosts fiscal 2013 GDP growth forecast TOKYO: The Bank of Japan on Tuesday lifted its growth forecast for the country's economy in the fiscal year starting in March, a glimmer of positive news as the country struggles to cement a recovery.   The BoJ said it now expected Japan's gross domestic product to expand by 2.3 percent in the year ended March 2014, up from an earlier 1.6 percent forecast. Copyright AFP (Agence France-Presse), 2013 ...
Broken-up RBS bank may be easier to sell: Posen LONDON: Breaking up Royal Bank of Scotland could make it easier to sell the part state-owned British lender, a former Bank of England monetary policy committee member said on Monday.   Adam Posen told lawmakers such a step would also boost competition in a market dominated by RBS and three other big lenders - Barclays, HSBC and Lloyds.   Britain owns 82 percent of RBS and has a 40 percent stake in Lloyds. The government wants to return both ...
Japan central bank set to vow boldest action yet to lift economy TOKYO: The Bank of Japan is set on Tuesday to unveil its most determined effort yet to beat years of economic stagnation, but the big challenge will be how to impress markets already pricing in a doubling of its inflation target and further asset buying.   Under pressure from new Prime Minister Shinzo Abe for bolder action to overcome deflation and lift the economy out of recession, the central bank will issue a joint statement with the ...
Deutsche Bank commodities move draws fire from campaigners FRANKFURT: Food campaigners criticised Deutsche Bank for abandoning a moratorium on trading new commodities products, arguing that financial speculators continue to cause price rises for vital foods.   "The biggest losers will be the poorest people on low income. They will be facing even more volatile and higher food prices", said Heidi Chow, campaigner with London-based anti-poverty group the World Development Movement (WDM).   "Anecdotal and statistical evidence that we see shows price volatility is driven by financial speculation," ...
Audi Bank says 2012 net profit rose 5pc BEIRUT: Lebanese lender Audi Bank said its net profit rose 5 percent in 2012 as it strengthened its position in its home market and in Egypt and Turkey.   Net profit for the year rose to $384 million in the face of difficult economic conditions in the region, and consolidated assets rose 8.9 percent on the year to $31.3 billion at end-December, Lebanon's biggest lender by assets said in a statement on Monday.   Audi Bank said the earnings ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln