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E&Y Japan arm launches internal probe of Toshiba audit TOKYO: The Japanese affiliate of Ernst & Young LLC has launched an in-house investigation into its audit of Toshiba Corp in the wake of the electronics maker's $1.2 billion accounting scandal, a person with knowledge of the matter said.Ernst & Young ShinNihon LLC has established a team of about 20 executives to investigate whether there were any problems with how it conducted its audits of Toshiba, the person said.The person spoke on condition of anonymity. No one could be reached at the company's offices in Tokyo on Saturday.The news was first reported by the Nikkei newspaper.Last month an extrnal panel of lawyers and accountants hired to probe Toshiba's accounts found the company had inflated profits by 152 billion yen ($1.23 billion) over seven years by postoponing the realization of losses and other schemes.The scandal ranks as one of corporate Japan's biggest alongside the 2011 accounting fraud at medical equipment and ...

Peru inflation up 0.45pc in July, annual rate rises to 3.56pc LIMA: Consumer prices in Peru rose 0.45 percent in July as the annual inflation rate edged up to 3.56 percent, above the central bank's target ceiling for the fourth month in a row, official data showed Saturday.The price index for metropolitan Lima, which Peru's central bank uses to guide monetary policy, rose 3.01 percent in the first seven months of 2015, said state statistics agency Inei.Rising electricity, water and transportation drove inflation in July, Inei ...

China manufacturing index slows in July BEIJING: Chinese manufacturing activity slowed further in July, official data showed Saturday, an early sign of weakness for the world's second-largest economy in the second half of this year.The official Purchasing Managers' Index (PMI) came in at 50.0 last month, the National Bureau of Statistics (NBS) said in a statement.The reading, which tracks activity in China's vast factory and workshop sector, decelerated slightly from 50.2 in June.The index is seen as a key barometer of ...

Greek bailout talks with auditors begin as market to reopen on Monday ATHENS: Senior EU-IMF auditors on Friday held their first meetings with Greek ministers to finalise a new three-year bailout as the Athens stock market prepares to reopen after being shut down for over a month by the debt crisis.Greece's main stock exchange in Athens will resume operations, which were halted on June 26 as the crisis-hit government imposed capital controls, on Monday, a finance ministry source told AFP.Meanwhile as the bailout talks got under way, ...

Kerry sets off on Mideast trip to Egypt, Doha WASHINGTON: US Secretary of State John Kerry departed late Friday to Egypt for cooperation talks and to Qatar, where he hopes to ease Gulf countries' concerns about the Iran nuclear deal.The trip, which ends August 8, will not include a stop in Israel, one of Washington's closest allies and a fierce critic of the newly-hatched Iran nuclear agreement.During his stop in Egypt Sunday, Kerry will meet with his counterpart Sameh Shoukri for a "strategic dialogue" ...

South Korea exports down for seventh straight month in July SEOUL: South Korea's exports shrank in July for a seventh straight month due to sluggish global demand and low oil prices, government data showed Saturday.Exports fell 3.3 percent from a year earlier to $46.61 billion in July, while imports plunged 15.3 percent to $38.85 billion, the Ministry of Trade, Industries and Energy said. Car exports fell 6.2 percent on-year to $3.99 billion, while shipments of mobile communication devices including cellphones plunged 16 percent to $2.15 ...


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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln