BI lowers key overnight rate

BI lowers key overnight rate

JAKARTA: Indonesia's central bank Friday cut its key overnight
money market rate by 250 basis points to 8.25 percent.

Bank Indonesia said the cut to the intervention rate - or the
rate it pays commercial banks for money deposited with the
central bank - was effective immediately.

The lower rate reflects the central bank's desire to keep
guiding rates lower to help boost the economy, which is expected
to grow 4 percent this year.

At Wednesday's auction, the rates on the central bank's one-
month Sertifikat Bank Indonesia, or SBI, notes rose to 8.53
percent from 8.51 percent the previous week. Despite the slight
rise, analysts say moderating inflation and a stable rupiah mean
that rates are likely to either fall slowly or remain at current
levels for the remainder of this year. -- Dow Jones

;DPA;
ANPAf..r..
Money-Singapore-Bankers
Asia's bankers in hot demand
JP/16/Money

Asia's bankers in hot demand

SINGAPORE: Asia's private bankers are in hot demand despite
the current tough job market in other sectors,
PricewaterhouseCoopers (PwC) said in a report on Friday.

Singapore-based customer relationship officers who service the
rich earn about US$100,000 a year on average while their
counterparts in Hong Kong take home $234,250 annually, PwC said.

Keeping staff costs down poses a big challenge for the
industry. Staff costs make up 52 per cent and 50 per cent of
private banks' total expenses in Singapore and Hong Kong,
respectively.

"This business is driven by personal relationships, and with
the shortage of good staff in the region, it's an employees
market," Justin Ong with PwC Singapore told The Straits Times.

Private banking and wealth management are booming businesses
in Asia, the firm said, with industry players expecting assets
under management to grow by 10 per cent a year for the next three
years.--DPA

;DPA;
ANPAf..r..
Money-Singapore-Bahrain
S'pore, Bahrain to sign pact
JP/16/Money

S'pore, Bahrain to sign pact

Singapore: Singapore and Bahrain will sign an investment
guarantee agreement during a visit by Prime Minister Sheikh
Khalifa next week, the Ministry of Foreign Affairs said on
Friday.

The three-day visit starting on Sunday is at the invitation of
Singaporean Prime Minister Goh Chok Tong.

The two leaders will witness the signing of the pact, which
protects investments made by companies from one country in the
other.

Sheikh Khalifa will also call on President S.R. Nathan during
his stay.

The Bahraini delegation will visit the PSA Corporation and the
Urban Redevelopment Authority, the ministry's statement said.

Bahrain is Singapore's 67th largest trading partner. The city-
state is keen on exploring business opportunities in the kingdom.

Facing declining oil reserves, Bahrain has worked to diversify
its economic base, transforming itself into a banking center.

It has a free trade agreement with Thailand and plans to
negotiate one with the United States. --DPA

;AFP;
ANPAf..r..
Money-Vietnam-trade
Vietnam's deficit hits $3.76b
JP/16/Money

Vietnam's deficit hits $3.76b

HANOI: Vietnam's trade deficit hit US$3.76 billion in the
first 10 months of the year as import growth outfaced that of
exports, preliminary figures showed on Friday.

While exports during the period rose 22.7 percent to $16.55
billion, imports increased 29.5 percent to $20.31 billion,
according to the General Statistics Office.

Equipment and machinery, which make up Vietnam's biggest
import bill, saw the sharpest gain, up 48 percent to nearly $4.5
billion from the same period last year.

Imports of computers and electronics goods soared 41.9 percent
to $751 million while imports of steel and iron were up 29.7
percent to $1.44 billion.

Exports of garments and textiles increased by 45 percent to
$3.2 billion, while exports of footwear rose 22.7 percent to $1.8
billion.

Rice exports fell 0.4 percent year-on-year to $682 million
while exports of coffee were up 49.8 percent, rubber 36.2 percent
and cashew nuts 29.8 percent. -- Dow Jones