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China's CNNC to use IPO proceeds to fund Westinghouse AP1000 reactor BEIJING: China National Nuclear Corporation (CNNC) will use part of the proceeds of its initial public offering (IPO) in Shanghai to help fund the world's first Westinghouse AP1000 reactor, which has been subject to rising costs and repeated delays.China's securities regulator gave the go-ahead on Friday to allow the state-owned company, one of China's two biggest nuclear developers, to list its subsidiary, China National Nuclear Power Corp, on the Shanghai Stock Exchange.CNNC said in a prospectus published on Monday the proceeds would be used in part to fund five major projects requiring a total investment of 13.38 billion yuan ($2.16 billion). It did not disclose how much of the total would be paid for by funds raised via the IPO.It said when it applied for permission to list last year that it would sell a stake of about 25 percent in the company with the aim of raising 16.25 billion ...

Taiwan offers South China Sea peace plan to avert 'major conflict' TAIPEI: Taiwan proposed a peace initiative on Tuesday to resolve territorial disputes in the South China Sea that its says will reduce tensions that have put Beijing at odds with its neighbours and the United States.The South China Sea Peace Initiative announced by President Ma Ying-jeou called on claimants to temporarily shelve their disagreements to enable negotiations on sharing resources.Ma's plan is similar to a 2012 proposal for the East China Sea, which allowed Taiwan ...
Thailand passes first inheritance tax to raise revenue in lacklustre economy BANGKOK: Thailand's military government has passed the country's first inheritance tax bill, as part of tax reforms to broaden the tax base and boost revenue in a lacklustre economy.The bill, approved by the National Legislative Assembly late on Friday, will require inheritors of assets worth more than 100 million baht ($3 million) to pay tax above that threshold - at 5 percent for descendants and 10 percent for others.That compares with a previously planned threshold ...
Two 6.8-magnitude quakes strike off Solomon Islands: USGS SYDNEY: Two strong 6.8-magnitude earthquakes struck off the Solomon Islands early Saturday, US geologists said, but there were no initial reports of damage and no tsunami warnings were issued.The first quake hit at a depth of 10 kilometres (six miles), 205 kilometres from Kirakira and 448 kilometres from the capital Honiara and the second shallow quake struck just over two hours later about 159 kilometres from Kirakira. The Solomons have been rocked by several quakes ...
North Korea says it has miniaturised nuclear weapons SEOUL: North Korea said Wednesday it has succeeded in miniaturising its nuclear weapons, a development which could allow them to be delivered by missile."It has been a long time since we began miniaturising and diversifying our means of nuclear strike," the powerful National Defence Commission (NDC) said in a statement carried by the official Korean Central News Agency."We have also reached the stage where the highest accuracy rate is guaranteed not only for short- and ...
Malaysia, Indonesia to 'provide shelter' for boatpeople KUALA LUMPUR: Malaysia and Indonesia on Wednesday offered to provide "temporary shelter" to thousands of migrants stranded at sea, provided that they could be resettled or repatriated within a year."Indonesia and Malaysia agreed to continue to provide humanitarian assistance to those 7,000 irregular migrants still at sea," Malaysian Foreign Minister Anifah Aman and his counterpart Retno Marsudi of Indonesia said in a joint statement after talks on the issue."We also agreed to offer them temporary ...
Indonesian envoy dies after helicopter crash JAKARTA: An Indonesian ambassador who was on a military helicopter that crashed this month killing two other foreign envoys died on Tuesday after battling severe burn injuries, Indonesia's foreign minister said.Ambassador Burhan Muhammad, 58, was aboard the military helicopter, along with his wife and a delegation of ambassadors when it crashed on May 8 and set a school building ablaze in the Gilgit area.His wife, the Norwegian and Filipino ambassadors, and the wife of the ...

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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJune 25, 2015
Reserves $17.457 bln