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Hong Kong pledges $37mn for businesses hit HONG KONG: Hong Kong announced measures totalling HK$290 million ($37 million) on Wednesday to help businesses hit by more than two months of pro-democracy protests as the government seeks to rebuild confidence in the Asia financial centre.Financial Secretary John Tsang, speaking in his budget address, said the measures included waiving licence fees for 26,000 restaurants and other food outlet operators, and running events to promote Hong Kong to investors and tourists.The government has warned that the Chinese-controlled city must make economic stability a top priority after the Occupy Central demonstrations to demand free elections paralysed parts of Hong Kong and unnerved authorities in Beijing.Copyright Reuters, 2015 ...

Foreign ownership of Indonesia bonds hits record high JAKARTA: Foreign ownership of Indonesia's rupiah-denominated bonds rose to a record high in nominal terms this week, despite the rupiah falling to a 10-week low against the dollar, the finance ministry said.Foreign ownership rose to 504.93 trillion rupiah ($39.19 billion), the highest nominal level according to finance ministry data dating back to January 2010.On a percentage basis, foreign ownership represented 39.9 percent of the total outstanding 1,265 trillion rupiah ($98.20 billion) in government bonds. That ...
Japan FSA finds regional banks unprepared for interest-rate spike TOKYO: Stress tests by Japanese financial regulators have found that many of the country's regional banks are unprepared for a possible spike in bond yields, sources familiar with the findings said on Wednesday.The Financial Services Agency (FSA) is set to urge individual banks to prepare for a possible rise in Japanese government bond (JGB) yields after finding 90 percent of the 40 regional banks which were tested lacked specific plans to deal with a surge ...
JPMorgan to cut nearly $5bn in expenses through 2017 NEW YORK: JPMorgan Chase Tuesday unveiled plans to eliminate hundreds of retail branches and some $100 billion in deposits as it announced nearly $5 billion in cost cuts in the next three years.The biggest US bank by assets, JPMorgan projected $2.8 billion in expense reductions in its corporate and investment bank division through 2017 and another $2.0 billion in expense cuts in its consumer and community banking segment. The move comes as large banks continue ...
Turkey central bank prunes rates after Erdogan pressure     ANKARA: Turkey's central bank on Tuesday cut its headline interest rate by 25 basis points, ceding a little ground to months of pressure from President Recep Tayyip Erdogan for aggressive easing to stimulate growth.But economists warned that the bank would be hard pressed to agree many further cuts in the future, with the Turkish lira still under pressure and inflation high.The bank said in a statement after its latest monetary policy meeting that the one-week ...
France doubles fund to help local authorities with Swiss franc surge PARIS: France has decided to double to 3 billion euros ($3.39 billion) a fund that is helping local authorities deal with toxic loans and a surge in the Swiss Franc, the Budget Ministry said on Tuesday.Half of the additional 1.5 billion euros will be provided by banks, an official at the ministry said.French municipal borrowers have seen the cost of billions of euros in Swiss franc-linked debt spiral dangerously higher, forcing the state to lend ...
Kuwait's Burgan Bank Q4 net profit jumps DUBAI: Burgan Bank, Kuwait's third-largest lender by assets, reported a 424 percent rise in fourth-quarter net profit on Tuesday.Burgan, a unit of Kuwait Projects Co (KIPCO), made a net profit of 13.1 million dinars ($44.3 million) in the three months to Dec. 31, up from 2.5 million dinars in the same period a year earlier, Reuters calculated based on the bank's financial statements.Global Investment House and EFG Hermes forecast Burgan Bank would make a quarterly ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyDecember
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln