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HSBC chairman says new banker accountability rules are reasonable LONDON: New rules being rolled out to make bankers more accountable were "entirely reasonable" given the pain Britain suffered in the financial crisis, HSBC Chairman Douglas Flint said on Tuesday. The new "senior managers' regime" will make top bankers directly accountable for rule breaches on their patch from 2016, but it has been criticised by some bankers and financial lawyers for going too far and hard to apply in practice. The rules reverse the "burden of proof", meaning that bankers will have to demonstrate they took reasonable steps to stop rule-breaking otherwise they would be presumed to be responsible for the breaches. Bankers could also be jailed if their reckless behaviour resulted in the bank going under, though this specific charge would have to meet the usual threshold of proof in a court.It was included after lawmakers were frustrated that no bankers were jailed after UK taxpayers had to shore ...

India's central bank rejects Tata offer for DoCoMo's Teleservices stake MUMBAI: Indian conglomerate Tata Sons Ltd on Tuesday said the country's central bank has rejected its request to buy Japanese group NTT DoCoMo Inc's stake in their Indian telecom joint venture at a premium to its current fair value.In January the Reserve Bank of India had said it was "inclined to accept" Tata's proposal to pay $1.1 billion for DoCoMo's near 26 percent stake in Tata Teleservices, the seventh-biggest mobile phone network operator, but had ...
China's short-term rates finally fall, eases financial system strains SHANGHAI: The cost of short-term loans for Chinese banks has moved sharply down over the past week, as direct guidance from the central bank finally showed signs of gaining traction in money markets, although the cost of longer term debt has risen slightly since early March.Despite two interest rate cuts to the benchmark one-year loan rate since November 2014, short-term borrowing costs for financial institutions have been rising steadily since the fourth quarter, while the ...
Fed's Bullard says zero US rates no longer appropriate LONDON: Federal Reserve policymaker James Bullard said on Tuesday that zero percent interest rates were no longing appropriate in the United States, and that a rate hike in the summer would still leave policy extremely accommodative."Zero is no longer the appropriate interest rate for the U.S. economy," Bullard said during a panel session at London City Week.Monetary policy would still be "extremely accommodative" even if the central bank began with a small increase in rates ...
Turkey's central bank says food prices, forex rates key inflation risks ISTANBUL: Turkish central bank said on Thursday the current course of food prices and exchange rate developments were the key risk factors regarding the inflation outlook.The bank also said it expected the current account balance to improve further throughout 2015 on the back of improving trade balance and the moderate course of consumer loans.Copyright Reuters, 2015 ...
Singapore's key short-term interest rate hits 6-year high SINGAPORE: Singapore's benchmark three-month interest rate rose above 1 percent for the first time in more than six years on Tuesday, reflecting tighter conditions in the domestic money market and recent weakness in the Singapore dollar.The three-month Singapore interbank offered rate (Sibor), which is used to set floating-rate mortgages, rose to 1.00129 percent, its highest level since December 2008.A softer Singapore dollar can put upward pressure on local interest rates as investors seek higher yields ...
Philippine central bank seen keeping rates steady on Thursday MANILA: The Philippine central bank will likely keep its benchmark interest rate steady for a fourth straight meeting on Thursday, according to 11 economists polled by Reuters, with inflation expected to stay within its target this year.The Bangko Sentral ng Pilipinas has kept its overnight borrowing rate steady at 4.0 percent since last October as inflation cooled, helped by easing food and fuel prices.Seven of the 11 economists replied to a question about the timing ...


Index Closing Chg%
Arrow DJIA 17,776.12 1.11
Arrow Nasdaq 4,900.89 0.94
Arrow S&P 2,067.89 0.88
Arrow FTSE 6,773.04 1.72
Arrow DAX 11,966.17 0.99
Arrow CAC-40 5,033.64 0.98
Arrow Nikkei 19,206.99 1.05
Arrow H.Seng 24,900.89 0.81
Arrow Sensex 27,957.49 0.07

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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 20, 2015
Reserves $16.132 bln