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HONG KONG: A corruption probe into the activities of one of Asia's richest families widened on Friday after Hong Kong authorities arrested the eldest sibling of the Kwok brothers at the centre of the scandal. The Kwok family's company, Sun Hung Kai Properties, was briefly suspended from trade on the Hong Kong stock exchange ahead of its announcement that anti-graft agents had arrested Walter Kwok over bribery allegations. Kwok informed the board late Thursday that he had been arrested by the Independent Commission Against Corruption (ICAC), it said, adding that the arrest "will not affect the normal business" of the firm. His two younger brothers, Sun Hung Kai co-chairmen Thomas and Raymond, were arrested in March while a fourth executive, Thomas Chan, was arrested earlier in one of the biggest corruption cases the Chinese city has seen. Walter Kwok is a non-executive director of the company. The Kwoks are among Hong Kong's richest men and ...

LONDON: Approvals for home loans in Britain rose unexpectedly in March, suggesting the housing market may be continuing to recover despite the end of a tax exemption for first-time buyers, Bank of England data showed on Wednesday. A separate release showed that the Markit-CIPS Construction Purchasing Managers' Index (PMI) eased to 55.8 from the previous month's 21-month high of 56.7, still well above the 50 level which separates growth from contraction and beating forecasts for a ...
DUBAI: Abu Dhabi's Sorouh Real Estate, which is eyeing a state-backed merger with rival Aldar Properties, posted a 30-percent rise in quarterly net profit riding on revenue from government projects and higher rental income. Sorouh, the second largest property developer by market value in Abu Dhabi, made a first-quarter net profit of 83.6 million dirhams ($22.76 million) compared with 64.3 million dirhams in the same period in 2011, it said in a statement on the Abu ...
ABU DHABI: Aldar Properties, Abu Dhabi's struggling developer currently in merger talks with rival Sorouh Real Estate, more than doubled its first quarter net profit on land and residential unit sales to the government. The builder of the Yas Marina Formula One Circuit said in a statement on Saturday that it made a net profit of 478.2 million dirhams ($130.2 million) compared to 189.1 million dirhams in the same period in 2011. Analyst estimates for the company ...
DUBAI: Dubai's Istithmar World said on Saturday it has became the sole owner of the Atlantis resort in Dubai after buying a 50 percent stake from luxury resort operator Kerzner International Holdings for $250 million. The Bahamas-based Kerzner International has been in talks with creditors to restructure $2.6 billion in mortgage debt. In August, the Wall Street Journal said the proceeds from Dubai's Atlantis resort sale would go toward paying down a portion of the mortgage ...

 



 
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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