The comments made by the Bank of Japan has provided world with positive hopes of recovering from the global financial crunch. Today, the Bank said that the economy of the overseas countries would shortly witness recovery as they will stand firm against the prevalent trend of global meltdown.
While briefing market figures, the Global Head of macro and investments strategy at HSBC Global Asset Management, Philip Poole, has emphasized on the need for establishing equilibrium in order to stabilize the fluctuating market figures.
The most trusted valuable lender and also the world’s largest bank, the Industrial and Commercial Bank of China (ICBC) has shown confidence in one of the powerful markets of world, India.
The standard interest rate of the Bank of Korea (BOK) has remained 3.25% since June as the US and Europe still remains under the burden of uncertain debt and growth problems.
Monetary Policy Board Members and Governor Kim Choong-Soo had announced the rate to remain unbothered. Earlier the rate had witnessed a 25 basis points (bps) change in June following the same change in March and January.
China felt betrayed when the UBS and Royal Bank of Scotland sold its stakes in Bank of China in 2009. But now the situation of China has changed significantly as its banking sectors are seen doing much better.
The Asian Development Bank (ADB) has suggested the developing Asian economies to create more high quality employment opportunities in order to maintain the economic expansion it has witnessed in the past 20 years.
It seems that after British banks Barclays and HSBC, the second-biggest Swiss financial services firm, Credit Suisse has come out to boot out employees to sustain annual loss. It has been confirmed that out of about 20 people in Credit Suisse's India wealth management unit, 12 would be shown the door.
Almost near to the analysts forecast, Australia and New Zealand Banking Group have recently reported about their underlying quarterly profit amid shaky global markets. Along with highlighting their profits, the banking groups have also raised issues regarding its future growth which basically depends upon its exposure to Asia and the resources sector.
Bank Indonesia has fixed its standard interest rate at 6.75% as the bank has been quite alert of the inflation.
The Central Bank stated that the rate will remain stable so that the economy does not face the problems of the uncertainty that has bothered the global economy.
Citigroup Inc has announced Bassam Salem to be the chief executive of its private banking operations across Asia Pacific. This appointment has been made to provide assistance to the growing wealthy class of the region.