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AIG collapse would have been catastrophic: Geithner WASHINGTON: Former US Treasury Secretary Timothy Geithner testified Tuesday that if insurer AIG had been allowed to fail in 2008, the impact would have been an economic catastrophe.On the witness stand on the second day of the $40 billion lawsuit over the government's seizure of American International Group, Geithner said financial regulators were trying to avoid some of the mistakes made in the 1930s collapse.He stressed that much of what they did in the face of a snowballing financial crisis six years ago was beyond any disaster planning by the Federal Reserve, including the scenarios mapped out in a Fed's "Doomsday Book.""The Great Depression was an example of the terrible failures in crisis response," and the Fed was trying to be more effective."So much of what we were doing was not in the book," he said. "We were really outside the boundaries of precedent."Asked by David Boies, who represents former ...

Yields rise on sturdy jobs data NEW YORK: Treasuries yields increased on Friday after US employers added 248,000 jobs to their payrolls in September, more than economists had expected.Employers stepped up hiring in September and the jobless rate fell to a six-year low, which could bolster bets on a Federal Reserve rate hike in mid-2015 or earlier.The improvement was clouded by disappointing hourly earnings, however. Average hourly earnings increased a modest 2.0 percent in September from a year earlier. Before the ...
Yields fall as global growth outlook falters NEW YORK: US Treasuries rallied on Wednesday as Germany sold new bonds at record low yields, after weak factory data in Europe and Asia increased concerns about slowing global growth.Short covering by investors betting on yield increases heading into Friday's highly anticipated US jobs report for September was seen adding to the Treasuries rally. Concerns after the first diagnosis of a patient in the United States with Ebola may have also added a safety bid.Treasuries ...
US Treasuries prices fall; jobs report in focus NEW YORK: US Treasury prices fell on Tuesday although month-end buying was seen as stemming weakness, and the market also stayed within its recent range before Friday's highly anticipated jobs report for September.Treasuries have oscillated from weakness on Friday to gains on Monday amid concerns that asset manager Pimco may need to liquidate positions if investor redemptions increase after the departure of co-founder Bill Gross.There was little evidence that liquidations were affecting the market, however. ...
Nigeria raises 114.4bn naira in T. bills, yields mixed LAGOS: Nigeria sold 114.39 billion naira ($698 million) worth of treasury bills with maturities ranging between three months and one year at an auction this week, with yields mixed, the central bank said on Friday. The bank sold 21.53 billion naira worth of three-month paper at 9.95 percent, higher than 9.58 percent at a previous auction on Sept. 17. It sold 33.78 billion naira in 6-month notes at 10.10 percent, 13 basis points lower than ...
Bond prices dip after Gross departs Pimco for Janus NEW YORK: US Treasuries prices dipped Friday, erasing earlier gains on news that Pimco Chief Investment Officer Bill Gross would be joining rival Janus Capital Group, which spurred concerns of investor redemptions at the world's largest bond fund manager. Gross, a Pimco co-founder whose $222 billion Pimco Total Return Fund is the world's biggest bond fund, will manage the recently launched Janus Global Unconstrained Bond Fund and related strategies. Analysts said traders sold Treasuries on ...
China 7-year local govt bonds auctioned at 4.12pc SHANGHAI: China's finance ministry auctioned 20.7 billion yuan ($3.37 billion) of seven-year bonds on behalf of twelve local governments at a yield of 4.12 percent, traders said on Wednesday.For a breakdown of which local governments issued which amount of debt, click here:In May, the ministry announced an increase in its annual quota to issue bonds on behalf of local governments to 400 billion yuan for 2014, from 350 billion yuan in 2013.It granted 10 local ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln