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South Korea finance minister sees downside risks to growth SEJONG: South Korea's finance minister said on Thursday the economy faces downside risks, possibly endangering the government's growth target of 3.7 percent for this year. "Growth in the first half of the year has been weak, so although we target 3.7 percent growth for this year, there are downside risks," Finance Minister Choi Kyung-hwan told lawmakers during a parliamentary audit in the ministry's headquarters in Sejong. "Although there are risks, we plan to make our utmost efforts to achieve that goal," he said. Choi's was commenting in response to a question on the Bank of Korea downgrading its growth forecast for this year to 3.5 percent from 3.8 percent on Wednesday, after it slashed interest rates from 2.25 percent to 2.0 percent. Copyright Reuters, 2014 ...

Bank of China bolsters balance sheet with $6.5bn issue HONG KONG: Bank of China (BoC) on Thursday sold $6.5 billion worth of contingent capital, launching a landmark wave of fundraising by China's biggest banks as they strengthen their balance sheets to meet new global bank capital rules. It is the first time a Chinese bank has issued so-called additional Tier 1 preference shares, instruments which behave like bonds and convert into common equity if the bank's core capital falls below certain trigger ratios. It ...
Bank of America reports $70mn loss on legal charge NEW YORK: Bank of America Wednesday reported a third-quarter loss due to a large mortgage-securities settlement, even as the financial giant scored gains in four of five operating divisions.The second-largest US bank by assets notched a net loss of $70 million due to a previously announced $5.3 billion charge following a record mortgage-securities settlement with the US Department of Justice in August.BofA's results translated into a loss of one cent per share, well below the ...
BOJ senior official QE makes it easier for banks to lend, helps economy TOKYO: A senior Bank of Japan official said on Wednesday that the central bank's quantitative easing makes it easier for banks to lend money as it pushes interest rates lower.Quantitative easing also helps increase demand for funding and contributes to overall growth, BOJ Executive Director Masayoshi Amamiya said in parliament.Amamiya is an architect of the BOJ's quantitative easing and is in charge of an important division that determines monetary policy options.Copyright Reuters, 2014 ...
Bank of Korea governor's comments at news conference SEOUL: South Korea's central bank cut its policy interest rate for the second time in three months on Wednesday to spur the flagging economy, in line with the market's expectations, but many analysts see slim chances of further easing.Following are key remarks from Bank of Korea Governor Lee Ju-yeol at a news conference."The decision to lower rates on Wednesday was not unanimous as one dissenter voted to hold rates steady.""Our decision to cut rates was ...
Bank of Korea cuts rates, avoids signalling end of cycle SEOUL: South Korea's central bank slashed its policy interest rate for the second time in three months on Wednesday to match its record low and gave no clear signal that its easing cycle had ended - keeping the door open for another cut.Bond prices rose modestly as Wednesday's decision had been widely expected, with the anticipated tightening in US monetary policy next year obscuring the outlook for South Korea's own policy direction.The Bank of Korea ...
Former UBS banker's tax trial opens in Florida FORT LAUDERDALE: Former UBS banker Raoul Weil went on trial here Tuesday, charged with conspiring to help Americans hide billions of dollars from US tax authorities.Impeccably dressed in a dark suit, Weil, who has pleaded not guilty, looked relaxed as his trial opened in federal court here with the selection of a 12-member jury.Prosecutors allege that the 54-year-old Swiss citizen helped US clients conceal some $20 billion in assets from tax authorities between 2002 and ...

 



 
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Banking Review 2013


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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln