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Doutzen Lewis

Kobenhavn, Kobenhavn, Denmark


Member since November 13, 2012


    WASHINGTON - The International Monetary Fund (IMF) says Spain's reforms under its financial sector support program are close to being complete and the clean-up of its weakest banks is well advanced.

    BERLINP - Spanish Prime Minister Mariano Rajoy, under fire at home over corruption allegations, has won praise from German Chancellor Angela Merkel over his handling of Spain's recession-mired economy.

    ATHENS - Greece narrowed its public deficit to 6.6 per cent of output in 2012, meeting targets pledged to EU-IMF creditors, the finance ministry says.

    WASHINGTON - Tunisia is nearing agreement with the International Monetary Fund (IMF) for a $US1.78 billion ($A1.72 billion) standby loan to protect the economy from external shocks, the IMF says. CAPE TOWN - South Africa has raised farm workers' basic salary by more than 50 per cent after violent strikes in the fruit-growing Cape region in the south, the labour minister has announced.

    LONDON - Britain's banks will be broken up if they fail to ring-fence retail operations from their investment divisions to avoid any future state bailouts of lenders, finance minister George Osborne has warned.

    LONDON - Bonuses at part-nationalised Lloyds will be the lowest of any British bank this year, its chairman has told MPs.

    JOHANNESBURG - Strike-scarred AngloAmerican Platinum has reported huge losses, revealing deep damage from a tough 2012, and warned it has to absolu...

  • Hong Kong To Enhance Competitiveness In RMB Business

    Communication, Communication Design

    In response to a question in the Legislative Council on the increasing competition from other financial centers, the Secretary for Financial Services and the Treasury, Professor K C Chan, has confirmed that the government will continue to promote the services that Hong Kong as a global offshore RMB business center provides for corporates and financial institutions.

    Chan pointed out that, with the wider use of RMB in cross-border trade, the demand for RMB financial services from overseas individuals and corporates will increase gradually, and that it is a natural development that overseas financial centers are making efforts to promote RMB business.

    However, he said that, along with that competition come business opportunities for banks and financial institutions in Hong Kong. For example, Hong Kong's banks will be allowed more room for developing RMB business with overseas banks, such as the provision of RMB correspondent banking and inter-bank lending services.

    With regard to the increasing RMB business in Taiwan, the monetary authorities of the Mainland and Taiwan signed the Memorandum of Understanding on Cross-strait Currency Clearing Cooperation (MoU) in late August last year. It was agreed that the two sides will establish a cross-strait currency clearing mechanism based on the principles and co-operation framework laid down in that MoU, but details of the clearing arrangements have yet to be announced.

    The government has also been closely monitoring the development ...