April, 2016

• 6 April

  Asia private banks’ assets take a dive

  

  Bloomberg Asia’s top private banks posted their first drop in assets under management and number of relationship managers in at least three years as the region’s economic growth slowed and mounting regulatory pressure forced them to reject some clients. Total assets at the 20 biggest banks in Asia fell 4.2 percent to $1.47 trillion last year, as the number of ...

  Read More »
• 6 April

  Hungary’s state-owned MKB Bank posts $277.3 million loss in 2015

  

  Budapest / Reuters Hungary’s state-owned MKB Bank posted a loss of 76.4 billion forints ($277.3 million) last year, down from 148.1 billion in 2014, as the costs of spinning off a large chunk of distressed debt still pushed it deep into the red, it said on Wednesday. Last year MKB disposed of a gross 213 billion forints worth of bad ...

  Read More »
• 6 April

  Polish Alior Bank plans $587mn share issue to finance BPH deal

  

  Warsaw / Reuters Polish bluechip lender Alior Bank plans to raise up to 2.2 billion zlotys ($587 million) from a rights issue of shares to finance its flagged takeover of local rival BPH and strengthen its capital base, it said on Wednesday. Alior, controlled via a 25.2 percent stake by Polish state-run insurer PZU, wants its shareholders to approve the ...

  Read More »
• 6 April

  Westpac faces court in rate-rigging probe

  

  Sydney / AFP Westpac Bank has vowed to “vigorously defend” itself against allegations it manipulated the interbank lending rate after Australia’s corporate regulator launched legal action against the financial giant, the second case in a lengthy investigation. The Australian Securities and Investments Commission (ASIC) said it began legal action against Westpac in the federal court for manipulating a key market ...

  Read More »
• 6 April

  Oman raises limit for banks’ government bond holdings

  Muscat / Reuters Oman’s central bank has increased the maximum amount of government securities which banks can hold to 45 percent of their net worth from 30 percent, central bank and commercial banking sources said. The move will make it easier for the government to sell debt as it steps up bond issues to finance a big budget deficit caused ...

  Read More »
• 6 April

  Thai retail gets hip riding on $50bn govt stimulus hopes

  

  BANGKOK / Reuters In a downtown Bangkok mall, ripped jeans and mirror sunglasses aimed at fast-fashion teens show how Thai retailers are getting ready for the next big thing — a government stimulus package they’re betting will revive sales after years of stagnation. The goods are on sale in US brand Aeropostale Inc’s first Thai store, recently opened in a ...

  Read More »
• 6 April

  Finland’s Tokmanni plans flotation in second quarter

  

  HELSINKI / Reuters Finland’s largest discount store chain Tokmanni Group, majority owned by buyout house Nordic Capital, said it is planning a possible stock market flotation. Tokmanni, with 156 stores, had sales of 755 million euros ($859 million) and an underlying operating profit margin of 5.8 percent last year. Sources said last year a float could value the company at ...

  Read More »
• 6 April

  Kuwait Airways selects aeroLINE to improve crew management

  

  Emirates Business Kuwait Airways, one of the pioneers of air travel in the Middle East, has selected aeroLINE CREW from Information System Associates FZE (ISA) as their new crew management system. aeroLINE CREW is an unparalleled crew management facility, built with latest cutting edge technologies, and it empowers airlines to significantly lower operating costs, improved operational efficiency and empowers crew ...

  Read More »
• 6 April

  Air Arabia Jordan launches direct flights to Riyadh

  

  Amman / EMIRATES BUSINESS Air Arabia Jordan has announced the launch of a new route from Amman to Riyadh in Saudi Arabia effective April 14, 2016. Flights will be operational three times weekly. This will be Air Arabia Jordan’s first expansion in 2016 and Riyadh will be the third Saudi Arabian city to be serviced by the carrier after Dammam ...

  Read More »
• 6 April

  Stockmann CEO departs amid restructuring

  

  HELSINKI / Reuters Loss-making Finnish retailer Stockmann announced the surprise departure of its chief executive, after 16 months in the job, raising questions over the company’s ongoing restructuring. Per Thelin, who will leave the company immediately, was recruited in 2014 to revive the department store and fashion chain group after its earnings fell due to a recession in Finland and ...

  Read More »