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HSBC bank launches review on whether to keep HQ in UK LONDON: Global banking giant HSBC on Friday said it had launched a review on whether to remain headquartered in Britain as the country tightens regulation of the sector.In a surprise announcement less than two weeks before Britain's general election, the Asia-focused bank again highlighted its concern about government policy to ring fence British banks' retail operations to protect them from their investment divisions. The board has "asked management to commence work to look at where the best place is for HSBC to be headquartered" amid "regulatory and structural reforms", HSBC chairman Douglas Flint was to tell shareholders at the group's annual general meeting taking place Friday in London, a company statement said."The question is a complex one and it is too soon to say how long this will take or what the conclusion will be; but the work is underway," Flint was to add.HSBC, founded in Hong Kong and Shanghai ...

China opens bank card clearing sector to foreign firms BEIJING: China has announced plans that will allow giants such as Visa and MasterCard to set up credit card clearing services in the country, breaking the monopoly in a multi-trillion-dollar market foreign firms have been trying to tap for decades.In its latest move to further open up the world's number two economy, the State Council, China's cabinet, said Wednesday it will take applications from June 1 for a licence to run the business.The announcement comes ...
Deutsche Bank expects supervisor queries into media leaks FRANKFURT: Deutsche Bank is preparing for an investigation by regulator Bafin into the source of information in the media about its ongoing strategic discussions, it said on Wednesday. Deutsche, Germany's flagship bank, said it was preparing to begin its own audit in anticipation of queries by Bafin into how details of internal and private discussions appeared in the press. Deutsche launched a strategic review in December that is expected to result in the sale of ...
Turkish central bank leaves rates on hold as election looms ISTANBUL: Turkey's central bank left key interest rates unchanged on Wednesday, holding fire ahead of a June parliamentary election, even as the lira's slide to record lows risks fuelling inflation.The CBRT did, however, use other policy tools -- hiking what it pays on lira reserves and cutting the cost of borrowing dollars -- in an attempt to shore up the battered currency. Economists said that such "tinkering" with monetary policy highlighted the difficult position faced ...
ECB's balance sheet shrinks slightly in week to April 17 FRANKFURT: The combined balance sheet of the European Central Bank and the euro zone's 19 national central banks fell by 4.9 billion euros to 2.344 trillion euros ($2.5 trillion) in the week to April 17, the ECB said on Tuesday. The ECB is rolling out scheme to buy government bonds and other assets known as "quantitative easing" to pump a trillion euros into the economy in order to lift inflation towards its target of just ...
Bank of Cyprus CEO to step down after difficult overhaul NICOSIA: Bank of Cyprus CEO John Patrick Hourican announced Tuesday he will step down in the summer less than two years into a major restructuring of the island's troubled largest lender.The former Royal Bank of Scotland senior executive -- who joined BoC in October 2013 -- is stepping down for personal reasons but is contractually obliged to stay on for another four months, a BoC statement said."Hourican's decision to leave the bank is a personal ...
HSBC sorry for website porn link HONG KONG: Banking giant HSBC apologised for a website blunder on its Hong Kong page which directed unwitting visitors to a pornographic site, reports said Tuesday.In a statement published on Monday, the bank said the link to the external website had been removed from its community projects page and made an apology."HSBC would like to apologise to the public for any inconvenience caused," it said in the statement.Video seen on the Apple Daily newspaper website ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln