Arab Today, arab today ICBC profits up 0.7% in the first half
Beijing - XINHUA
State-owned Industrial and Commercial Bank of China (ICBC), the country's largest bank, on Thursday reported a 0.7 percent year-on-year increase in net profits in the first half of 2015. Net profits stood at around 149.4 billion yuan (23.26 billion U.S. dollars) in the first six months, the lender said Thursday. Its non-performing loan ratio edged up to 1.4 percent at…Read more
Arab Today, arab today Kazakhstan signs deal to host nuclear fuel bank
Astana - AFP
Kazakhstan and the UN nuclear watchdog signed a deal Thursday to create the first internationally-controlled uranium bank aimed at guaranteeing supplies for power plants and curbing nuclear proliferation. The bank, which will be administered by the International Atomic Energy Agency and is expected to open in 2017, will contain low-enriched uranium (LEU). Foreign Minister Erlan Idrissov said the bank, to…Read more
Arab Today, arab today China banking giant ICBC reports flat the first half profit
Shanghai - AFP
The Industrial and Commercial Bank of China (ICBC), the country's biggest bank, on Thursday reported a less than one percent year-on-year rise in net profit for the first half, affected by the slowing economy. Net profit was 149.02 billion yuan ($23.28 billion) for the six months ended June 30, up from 148.10 billion yuan from the same period a year…Read more
Arab Today, arab today Ex-Chinese finance ministry official named to lead AIIB
Beijing - AFP
Former Chinese vice finance minister Jin Liqun has been elected to head the new Asian Infrastructure Investment Bank (AIIB), the Chinese government said Tuesday. Jin was elected as the bank's "incoming president" at a two-day meeting of chief negotiators in the Georgian capital of Tbilisi, according to a statement by China's finance ministry. Beijing last month had named Jin as…Read more
Arab Today, arab today Dutch economic growth lifts Rabobank first half profit
The Hague - AFP
Dutch lender Rabobank reported a 41-percent rise in first half profits, fuelled by the country's resumed economic growth and lower provisions for bad loans. "The recovery in the Dutch economy contributed to a sharp fall in loan impairment charges at the local Rabobanks and at real estate subsidiary FGH Bank," the bank said in a statement. It announced that net…Read more
Arab Today, arab today Greece repays €3.4bn to European Central Bank
Athens - AFP
Greece has repaid 3.4 billion euros ($3.79 billion) due to the European Central Bank Thursday, a source close to the Greek government said after the launch of a massive new reforms-for-bailout deal. Greece was able to repay the loan as eurozone finance ministers announced that they had disbursed 13 billion euros to Athens and set aside another 10 billion euros…Read more
Arab Today, arab today Bearish Fed minutes send dollar tumbling
New York - AFP
The unexpectedly bearish minutes of the Federal Reserve's July policy meeting sent the dollar sinking Wednesday. Markets took the tone of the record of the July 28-29 meeting as a sign that the central bank was less likely to begin hiking interest rates in its September meeting, though some analysts said that could still be in the cards. The dollar…Read more
Arab Today, arab today Deutsche Bank mulls selling activities in China, India
Frankfurt - AFP
Deutsche Bank, Germany's biggest lender, is considering selling its stake in Chinese group Hua Xia Bank and divesting its retail banking activities in India, the business daily Handelsblatt reported on Wednesday. Deutsche Bank spent a total 1.3 billion euros ($1.4 billion) in amassing a stake of nearly 20 percent in Hua Xia Bank between 2006 and 2010, the newspaper said.…Read more
Arab Today, arab today Iceland raises key rate by half-point to 5.5%
Reykjavik - AFP
Iceland's central bank on Wednesday raised its key interest rate by a half point to 5.5 percent, citing the risk of inflation following collective wage hikes. "The inflation outlook has deteriorated markedly," the bank's monetary policy committee wrote in a statement. The bank forecast the inflation rate will rise to four percent in early 2016, and predicted economic growth of…Read more
Arab Today, arab today Vietnam widens VND / USD trading band to 3%
Hanoi - XINHUA
Vietnamese central bank decided to widen the trading band for interbank Vietnamese dong/U.S. dollar ( VND/USD) transactions from 2 percent to 3 percent from Wednesday. Meanwhile, the State Bank of Vietnam (SBV), the country's central bank, also announced it would lift the inter-bank average exchange rate up by 1 percent, from 21,673 VND/USD to 21,890 VND/ USD which is applicable…Read more
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