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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 the Commission said the financial condition of the two companies, which have a combined negative net worth of $1.6 billion, was rapidly "deteriorating".An official from the Taiwan Insurance Guaranty Fund said the finances of the two firms "failed to improve despite several bids of capital injection in the past few years".In a bid to avoid stirring panic among half-a -million clients of the companies, the Commission said "the two firms will continue to operate with ...

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 ...
Turkey's Vakifbank Q2 net profit falls 9pc, beats forecasts ISTANBUL: Turkish lender Vakifbank posted a net profit of 349.2 million lira ($162.4 million) in the second quarter, down 9 percent from a year earlier but exceeding a Reuters poll forecast of 318 million lira. The bank, which made the announcement in a statement to the Istanbul stock exchange late on Monday, had a net profit of 382.1 million lira in the same period a year earlier. Copyright Reuters, 2014 ...
Indonesia finance min sees 2014 budget deficit below 2.4pc of GDP JAKARTA: Indonesia's budget deficit for 2014 will be below 2.4 percent of gross domestic product (GDP), Finance Minister Chatib Basri told reporters on Tuesday, slightly lower than a previous forecast of 2.4 percent. Next year's budget deficit will be below 1.5 percent if the incoming government, which will take office on Oct. 20, decides to cut fuel subsidies, he added. Copyright Reuters, 2014 ...


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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