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Banking / Investment in Asia

  • Permata, Danamon predict flat returns in Q4

    INDONESIA, 2015/11/15 Private lenders PermataBank and Bank Danamon predict that their profit increase by the end of this year will remain stagnant compared to the results of the initial nine-month period. Both lenders, the country’s seventh and sixth major banks by consolidated assets, have seen respective falls of 24 and 10 % year-on-time(yoy) in net profits to Rp 938 billion (US$69.2 million) and Rp 1.89 trillion as of September. PermataBank president director Roy A. Arfandy said the lender actually saw its operational profit before provisions in the nine-month period grow up to 34 %, but again drop by 24 % next it hiked its loan-loss provision due to rising bad credit.

  • Uzbekistan attracts foreign investors to its major enterprises

    UZBEKISTAN, 2015/11/06 Uzbekistan plans to attract foreign investors to its leading enterprises included in the national program on privatization, and to modernize the production in order to ensure the competitiveness of its production on the domestic and foreign markets. For these purposes, it is planned to carry out the International Investment Forum, which will be held in Tashkent on November 5-6, 2015. The forum will allow foreign investors to establish mutually beneficial business contacts, to open up new increase opportunities on the promising and fast-growing market of Uzbekistan.

  • Neav Chanthana, deputy governor of the National Bank of Cambodia (NBC), or Central Bank,

    CAMBODIA, 2015/09/29 Cambodia has designed strategies to give riel (local currency) a boost so as to reduce dollarization, which represents about 80 % of the currencies circulated in the country, the Central Bank's senior officials said Tuesday. Dollarization in Cambodia measured by the ratio of foreign currency deposit to broad money augmented from 36 % in 1993 to 70 % in 2003 and continued to increase to around 80 % in 2013, Neav Chanthana, deputy governor of the National Bank of Cambodia (NBC), or Central Bank, said at the Second Annual NBC Macroeconomic Conference.

  • Indonesia launches second stimulus package to attract investment

    INDONESIA, 2015/09/29 The Indonesian government on Tuesday unveiled a second batch of stimulus packages to lure investors, prop up weakening rupiah and accelerate GDP increase in the country, an official said here. The policy focuses on the acceleration and simplification of procedure in business licensing in an industrial economic zone, Economic Chief Minister Darmin Nasution said at the National Palace. Nasution revealed that the period needed for having a license for business in the zone is cut to three hours from eight days.

  • Chinese Premier Li Keqiang (R) meets with European Commission Vice President Jyrki Katainen

    CHINA, 2015/09/28 Premier Li Keqiang met with European Commission Vice President Jyrki Katainen here on Monday, calling for negotiations on a China-EU joint investment fund to be sped up. "This would help promote bilateral investment , financial cooperation and joint exploration of the third-party market, and as well reveals China's firm support for the euro's stability and EU solidarity," Li said. Hailing the evolution of China-EU ties, Li said despite a complicated international situation and tepid economic recovery, improved China-EU cooperation would not only benefit the two sides, but sends positive signs to the world.

  • The largest bank in the Kyrgyz Republic, Optima Bank,

    KYRGYZSTAN, 2015/09/15 Financing package will enable Optima to expand financing to MSME, inclunding in local currency. The major bank in the Kyrgyz Republic, Optima Bank, and the European Bank for Reconstruction and Improvment(EBRD) have teamed up to expand access to financing to Kyrgyz small businesses and to facilitate foreign trade for local corporates. Today, the two institutions have signed two loan agreements, for a US$ 11 million credit line for micro, small and medium-sized businesses, and for a US$ 2 million trade finance line under the EBRD Trade Facilitation Programme which will help Optima Bank to support additional companies engaged in cross-border trade. Agreements for US$ 20 million in risk-sharing facilities for the financing of local businesses are expected to be signed later.

  • EU to allocate 9.3 million euros to Uzbekistan

    EUROPEAN UNION, 2015/08/27 The agriculture of Uzbekistan will any minute at this time be fully equipped with the European know-how and technologies in the field of animal husbandry, horticulture and vegetable growing. This equipment will significantly facilitate the process of organization of production before its further sale. The country will get all necessary equipment under the European Union (EU) grant assistance in the all of 9.3 million euros, according to the EU. As a lot of as six Uzbekistan's regions will get help in the field of agriculture, inclunding the Namangan, Andijan, Ferghana, Jizzakh, Syrdarya and Kashkadarya regions. The 36-month project will be implemented by consortium headed by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH (Germany).

  • The Central Bank of Uzbekistan has approved the amendments to

    UZBEKISTAN, 2015/08/19 The Central Bank of Uzbekistan has approved the amendments to the regulations on corporate management in commercial banks. The norm providing a requirement for each bank on the development and introduction of the internal document on effective corporate management has been included in the regulations, according to documents released by local media. The document as well provides for the possibility of creating a committee of minority shareholders in the bank to protect their rights and interests, protect the interests of the bank from the improper or illegal actions of shareholders, bank officials and other persons, the establishment of remuneration, rewards and incentives to employees (inclunding the Board and the Management Board) taking into account the results of the bank's activity, compliance with safety and security requirements in lending to employees and officers of the bank, inclunding the giving employees an opportunity to statement illegal, unethical or questionable actions of management, ensuring their protection from the negative reaction from the above mentioned persons.

  • Preparing for the hike and more global QE

    WORLD, 2015/08/06 The September Fed hike is on and only seven weeks away – the market is NOT ready for the initial rate hike in close to a decade. There are the five major themes that stand out to me: 1. The Fed WILL hike 2. The quantitative-easing dam will break into the rest of the world with new participants being swept up 3. Commodities will accelerate into a multi-year bear market 4. Emerging markets are getting crushed from all sides 5. Volatility!

  • A Nigerian woman has been appointed Vice President at the World Bank

    NIGERIA, 2015/07/28 The Bank announced the appointment of Arunma Oteh as Vice President and Treasurer of the World Bank in a press statement issued Thursday July 203, 2015. Ms. Oteh had served as the Director-General of Nigeria’s Securities and Exchange Commission, she resigned from the position in January 2015. According to the Bank, as Vice President and Treasurer, Arunma will manage and lead a large and diverse team responsible for managing additional than $150 billion in assets.
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