BI lowers key overnight rate<\/p>\n
JAKARTA: Indonesia's central bank Friday cut its key overnight
\nmoney market rate by 250 basis points to 8.25 percent.<\/p>\n
Bank Indonesia said the cut to the intervention rate - or the
\nrate it pays commercial banks for money deposited with the
\ncentral bank - was effective immediately.<\/p>\n
The lower rate reflects the central bank's desire to keep
\nguiding rates lower to help boost the economy, which is expected
\nto grow 4 percent this year.<\/p>\n
At Wednesday's auction, the rates on the central bank's one-
\nmonth Sertifikat Bank Indonesia, or SBI, notes rose to 8.53
\npercent from 8.51 percent the previous week. Despite the slight
\nrise, analysts say moderating inflation and a stable rupiah mean
\nthat rates are likely to either fall slowly or remain at current
\nlevels for the remainder of this year. -- Dow Jones<\/p>\n
;DPA;
\nANPAf..r..
\nMoney-Singapore-Bankers
\nAsia's bankers in hot demand
\nJP\/16\/Money<\/p>\n
Asia's bankers in hot demand<\/p>\n
SINGAPORE: Asia's private bankers are in hot demand despite
\nthe current tough job market in other sectors,
\nPricewaterhouseCoopers (PwC) said in a report on Friday.<\/p>\n
Singapore-based customer relationship officers who service the
\nrich earn about US$100,000 a year on average while their
\ncounterparts in Hong Kong take home $234,250 annually, PwC said.<\/p>\n
Keeping staff costs down poses a big challenge for the
\nindustry. Staff costs make up 52 per cent and 50 per cent of
\nprivate banks' total expenses in Singapore and Hong Kong,
\nrespectively.<\/p>\n
\"This business is driven by personal relationships, and with
\nthe shortage of good staff in the region, it's an employees
\nmarket,\" Justin Ong with PwC Singapore told The Straits Times.<\/p>\n
Private banking and wealth management are booming businesses
\nin Asia, the firm said, with industry players expecting assets
\nunder management to grow by 10 per cent a year for the next three
\nyears.--DPA<\/p>\n
;DPA;
\nANPAf..r..
\nMoney-Singapore-Bahrain
\nS'pore, Bahrain to sign pact
\nJP\/16\/Money<\/p>\n
S'pore, Bahrain to sign pact<\/p>\n
Singapore: Singapore and Bahrain will sign an investment
\nguarantee agreement during a visit by Prime Minister Sheikh
\nKhalifa next week, the Ministry of Foreign Affairs said on
\nFriday.<\/p>\n
The three-day visit starting on Sunday is at the invitation of
\nSingaporean Prime Minister Goh Chok Tong.<\/p>\n
The two leaders will witness the signing of the pact, which
\nprotects investments made by companies from one country in the
\nother.<\/p>\n
Sheikh Khalifa will also call on President S.R. Nathan during
\nhis stay.<\/p>\n
The Bahraini delegation will visit the PSA Corporation and the
\nUrban Redevelopment Authority, the ministry's statement said.<\/p>\n
Bahrain is Singapore's 67th largest trading partner. The city-
\nstate is keen on exploring business opportunities in the kingdom.<\/p>\n
Facing declining oil reserves, Bahrain has worked to diversify
\nits economic base, transforming itself into a banking center.<\/p>\n
It has a free trade agreement with Thailand and plans to
\nnegotiate one with the United States. --DPA<\/p>\n
;AFP;
\nANPAf..r..
\nMoney-Vietnam-trade
\nVietnam's deficit hits $3.76b
\nJP\/16\/Money<\/p>\n
Vietnam's deficit hits $3.76b<\/p>\n
HANOI: Vietnam's trade deficit hit US$3.76 billion in the
\nfirst 10 months of the year as import growth outfaced that of
\nexports, preliminary figures showed on Friday.<\/p>\n
While exports during the period rose 22.7 percent to $16.55
\nbillion, imports increased 29.5 percent to $20.31 billion,
\naccording to the General Statistics Office.<\/p>\n
Equipment and machinery, which make up Vietnam's biggest
\nimport bill, saw the sharpest gain, up 48 percent to nearly $4.5
\nbillion from the same period last year.<\/p>\n
Imports of computers and electronics goods soared 41.9 percent
\nto $751 million while imports of steel and iron were up 29.7
\npercent to $1.44 billion.<\/p>\n
Exports of garments and textiles increased by 45 percent to
\n$3.2 billion, while exports of footwear rose 22.7 percent to $1.8
\nbillion.<\/p>\n
Rice exports fell 0.4 percent year-on-year to $682 million
\nwhile exports of coffee were up 49.8 percent, rubber 36.2 percent
\nand cashew nuts 29.8 percent. -- Dow Jones<\/p>",
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