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RBS fined for failings in mortgage affordability tests LONDON: Britain's financial regulator has fined Royal Bank of Scotland and its NatWest division 14.5 million pounds ($24 million) for selling mortgages to customers without properly testing if they could afford them. The Financial Conduct Authority (FCA) said on Wednesday that RBS and NatWest failed to ensure that advice given to customers between June 2011 and March 2013 was suitable. Mortgage affordability tests failed to consider the full extent of a customer's budget, and the bank failed to properly advise customers looking to consolidate debt and to recommend the most appropriate mortgage term, the FCA said. Only 2 of 164 sales reviewed were considered by the regulator to meet the standard required.The fine deals another setback for Chief Executive Ross McEwan, whose efforts to turn around the bank - which is 81-percent owned by the British government and made an 8.2 billion pound loss last year - are being hampered ...

OCBC enters exclusive talks to sell United Engineers stake to Thai billionaire SINGAPORE: Singapore's Oversea-Chinese Banking Corporation (OCBC) and its insurance arm said they are in exclusive talks with a company controlled by Thai billionaire Charoen Sirivadhanabhakdi to sell their stake in United Engineers Ltd. OCBC and related companies own around 36 percent of United Engineers, valuing their combined stake at about $514 million at the stock's current price. News of the possible deal first broke last week. A potential sale would also trigger a takeover offer ...
Indonesia deputy central bank gov sees Aug annual inflation around 3.7pc JAKARTA: Indonesia's annual inflation is expected to slow to 3.7 percent in August, down from 4.53 percent, the central bank's Deputy Governor Perry Warjiyo said on Wednesday. Bank Indonesia's inflation target for all of 2014 is between 3.5 to 5.5 percent. Month-on-month, the consumer price index is expected to show a rise of less than 0.3 percent, slowing from the 0.93 percent rise seen between July and June, Warjiyo added. Copyright Reuters, 2014 ...
RBS to be fined by regulator over mortgage advice: sources LONDON: Royal Bank of Scotland will be fined by Britain's financial regulator on Wednesday over mortgage advice given to customers, sources familiar with the matter told Reuters on Tuesday.The Financial Conduct Authority (FCA) is expected to provide further details, including the level of the fine, at 0900 GMT on Wednesday, the sources said. It would be the latest setback to hit Chief Executive Ross McEwan, whose efforts to turn around the bank which made an ...
BOJ to stay bullish on prices even as it cuts Japan GDP estimate: sources TOKYO: The Bank of Japan is likely to keep its bullish inflation outlook even as it cuts its economic growth forecast for this fiscal year in an October report, sources said, suggesting that the bank will not ease policy further at least until the end of 2014.But central bankers are hardly complacent as they remain concerned about the outlook for exports, a soft spot in the economy that has failed to pick up despite the ...
Standard Chartered looking to sell part of UAE business: sources DUBAI: Standard Chartered is aiming to sell part of its business in the United Arab Emirates (UAE) after it agreed to close some accounts there in an anti-money laundering settlement with U.S. authorities, two sources familiar with the plan said.Under the settlement announced last week, the bank agreed to pay a $300 million fine, end high-risk relationships with small- and medium-sized enterprises (SMEs) in the UAE, and suspend processing of dollar-denominated payments for some clients ...
ADB raises $50mn via offshore rupee-linked bonds NEW DELHI: The Asian Development Bank has raised $50 million through offshore, Indian rupee-linked, the lender said in a statement on Tuesday.The rupee-denominated bonds would be settled in US dollars and would mature in August 2016, the statement said.The bonds were sold as part of the Manila-based lender's $500 million offshore rupee-linked bond programme, which aims to deepen India's capital markets, it added.Copyright Reuters, 2014 ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln