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Fed officials see June rate hike as unlikely WASHINGTON: Federal Reserve officials believed it would be premature to hike interest rates in June even though most felt the US economy was set to rebound from a dismal start to the year, according to minutes from their April policy meeting released on Wednesday. The central bank debated whether a slew of disappointing data, including weak consumer spending, signaled a temporary slump or evidence of a longer-lasting slowdown, with most participants agreeing economic growth would climb to a healthier pace and the labor market would strengthen. The US economy grew an anemic 0.1 percent in the first quarter, according to the most recent government data. The minutes from the April 28-29 policy-setting committee meeting also highlighted the quandary the Fed faces in trying to avoid the market volatility tied to a rate hike while sticking to its meeting-by-meeting guidance on when that move will come. With an increased amount of ...

Deutsche Bank probes Russia section over money-laundering claim FRANKFURT: Deutsche Bank has launched an internal probe into its investments division in Russia, it said Wednesday, as the German media reported suspected money-laundering."We have placed on leave a small number of individuals from our Moscow operation pending the final results of an internal review," Germany's biggest lender said in a statement sent to AFP."We are committed to participating in international efforts to detect and combat suspicious activities and we take strong action where we ...
Turkey bank keeps rates steady ahead of polls ANKARA: Turkey's central bank on Wednesday kept its main interest rates unchanged, in a widely anticipated move just over two weeks ahead of June 7 elections.The central bank is keeping a careful eye on inflation while also trying not to provoke President Recep Tayyip Erdogan who has called for aggressive rate cuts to boost growth.The bank said in a statement after its latest monetary policy committee meeting that the one-week repurchase rate would be kept ...
UBS says not fined in currency rigging probe but must pay US $342mn ZURICH: Swiss banking giant UBS said Wednesday that the US Department of Justice had dropped charges against it after a probe into currency rigging.The bank must nevertheless pay a $342-million penalty (307 million) to the Federal Reserve, the bank said in a statement. A previous agreement with US authorities struck in 2012 over the Libor scandal into manipulation of benchmark interest rates, however, has been overturned.Copyright AFP (Agence France-Presse), 2015 ...
Julius Baer says assets under management fall at start of 2015 ZURICH: Swiss private bank Julius Baer said on Tuesday its assets under management fell 1 percent to 289 billion Swiss francs ($311.93 billion) in the first four months of the year.In an interim management statement, the Zurich-based wealth manager said net new money was at the low end its medium-term target of between 4 percent and 6 percent on an annualised basis.Julius Baer's cost to income ratio, a key efficiency measure for banks, improved to ...
Credit Suisse announces terms of share issue for scrip dividend ZURICH: Credit Suisse said on Tuesday it is issuing new shares representing 1.9 percent of its currently issued share capital as a result of the Swiss bank's 2014 scrip dividend.Zurich-based Credit Suisse said in a statement that the issue price of the new shares is 23.00 Swiss francs.Copyright Reuters, 2015 ...
Societe Generale 'knew about rogue trader's actions': report PARIS: Bosses at French banking giant Societe Generale were aware of the activities of "rogue trader" Jerome Kerviel, a top detective working on the case told an investigating judge, according to Mediapart.The French investigative news website quoted Nathalie Le Roy as telling judge Roger Le Loire she was "certain" that Kerviel's superiors "could not have been unaware" he was taking wildly risky bets on derivatives.Kerviel nearly brought Societe Generale to its knees in 2008 with ...


Index Closing Chg%
Arrow DJIA 18,232.02 0.29
Arrow Nasdaq 5,089.36 0.03
Arrow S&P 2,126.06 0.22
Arrow FTSE 7,031.72 0.05
Arrow DAX 11,815.01 0.42
Arrow CAC-40 5,142.89 0.07
Arrow Nikkei 20,264.41 0.30
Arrow H.Seng 27,992.83 1.70
Arrow Sensex 27,957.50 0.53

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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
WeeklyMay 21, 2015
Reserves $17.75 bln