Russian reserves slump, S&P points to debt rating risk
Russia's currency reserves dropped $32.2 billion in the last two weeks, data on Thursday showed, and a ratings agency warned more falls could be bad news for the country's credit standing as it battles market turmoil.
Foreign Banks In China Forecast Buoyant Revenue Growth In 2008
The majority of the foreign banks in China anticipate strong revenue growth over the next few years, with clusters of banks foreseeing 40% and 50% annual revenue growth rates, according to a report published on Monday by PriceWaterHouseCoopers (PWC). Nine of 42 foreign banks expect to double revenue growth in 2008, according to the annual PwC survey, entitled “Foreign Banks in China”.
HK Mortgage Corporation Launches Retail Bond Issue
The Hong Kong Mortgage Corporation Limited (HKMC) on Tuesday announced the launch of a new retail bond issue with four series of notes under the HKD20bn Retail Bond Issuance Programme. The HKMC also announced that it has signed an agreement with the Underwriting Bank, HSBC for an underwriting amount of HKD300mn in respect of the 2-year Hong Kong dollar notes of the Issue.
UK Treasury To Delay Foreign Profit Tax Plans
The UK Treasury has reportedly decided to postpone making a decision on the structure of the new foreign profits tax regime, amid protests from multinationals that the UK's corporate tax regime is becoming unbearably complex. Citing a source close to the Treasury, the Times reported on 2nd June that Chancellor Alistair Darling is now very unlikely to announce the foreign profit tax reform proposals at the end of July as originally planned, in order to allow the government to consult further on the plans.
Eurozone inflation reaches 16-year high
Eurozone inflation surged to the highest rate for 16 years on the back of sharply higher oil prices as consumer spending in the 15-country region showed further signs of weakness
Bear Stearns Hedge Funds Lose Fight To Shield Assets From Creditors
Two bankrupt Bear Stearns hedge funds have lost their legal bid to have assets shielded from investors in the US whilst the businesses are being wound down in the Cayman Islands.
Hong Kong Tax Revenues Surpass HKD200bn
About HKD200.7 billion in revenue was collected by the government in the 2007-08 fiscal year, up 29% on the previous year, according to the territory's Inland Revenue Department. Announcing the figures on 5th May, Commissioner of Inland Revenue Alice Lau said total earnings grew 16% to HKD133.7 billion, with profits tax up 27% to HKD91.4 billion, salaries tax down 3% to HKD37.5 billion and property tax up HKD15 million to HKD4.8 billion. While stamp duty surged 106% to HKD51.6 billion and betting duty grew 8% to HKD13.1 billion, estate duty fell 55% to HKD353 million.
Hong Kong Treasury Markets Body Eyes Islamic Market
The Hong Kong Treasury Markets Association (TMA) will help treasury market practitioners tap the growing Islamic financial market and other regional business opportunities, according to Hong Kong Monetary Authority Deputy Chief Executive Eddie Yue.
