Given a variety of sanctions, the Bank Century Never stop
Bank July 6th, 2009
Bank Indonesia (BI) have repeatedly claimed to provide sanctions and penalties to the 3 banks Banks Century forerunner of CIC Bank, Bank Pikko, and Bank Danpac. But all three until the merger is still not cured.
Former Director of Banking Supervision BI Patience I Tarihoran Anton said, the sanctions had been given BI. From start to fire the bank manager to the bank’s capital increase.
“The bank had already given sanction, one of the CIC in a special supervision. Then we give out more sanctions, added capital to Rp 750 billion. That’s the problem in the letters are fictitious value of many,” he said in a meeting with the Special Committee in the House of Representatives Century, Senayan, Jakarta, Tuesday (5/1/2010).
On the occasion, Anton said all officials at the time of BI must be responsible for bank mergers that 3 gave birth Century Bank. “We’ve done a lot of things, the management of Bank Pikko we spend, there are 4 administrators. In the CIC bank managers who were fired there,” he said.
Anton according to the results of the audit Audit Agency (BPK) into the party accused of manipulation in expediting the process of bank mergers over the 3 to Century Bank. But according to all parties in the BI must be responsible.
“I’m not defending anyone. We’ve been working on the maximum supervision, and after the merger is proven to increase the bank’s assets of Rp 7 trillion to Rp 15 trillion, and there are investors who are interested. But not so because of the crisis. But the point is that I do not support to anyone, “he concluded.
Tata Steel
-December sales up 73% at 6.63 lakh tonne (YoY)
-Q3 sales increase by 49% YoY
Ratan Tata Says:
-Reports of Tata Buying Fiat’s Sicily units untrue
-Cannot comment on Nano’s future price trend
Polaris update
-Orbitech sells further 0.71% stake in Polaris
-ALERT- Orbitech is arm of Citigroup; Citigroup stake down to 30.4%
Other stocks that are in news today:
-DB Corp to list today; issue price at Rs 212, for retail at Rs 210
-ABG Shipyard gets around 8 million shares in Great Offshore open offer, may end up with 21.5% stake – DNA
-Indian ADRs: MTNL up 10.6%, Tata Comm up 6%, Satyam up 4.8%
-GMR Infra board approves vesting of hotel division of GMR Hyderabad International Airport into its wholly owned subsidiary GMR hotels and Resorts
-Axis Bank launches new scheme; offers home loans at 8.25% fixed rate for first 2 years and floating rate post that
-Idea Cellular MD: Indus Towers’ IPO at least a year away
-FII limit in Maruti reaches trigger limit; FIIs need prior RBI approval for primary/secondary purchases
-RBI approves FII participation in Network18 up to 40% subject to composite limit of 49%
-RIL led Maha SEZ plan put on hold for indefinite period
US vs. Japanese discount fund rate
Forex July 1st, 2009
The spread amongst U.S. and Japanese interest rate anticipations remain to be on the side of US dollar at +68, as markets forecast no chance of tightening from the Asian side. Though, yield anticipation has usually had small significance in price decision. Even though, one can conjecture that an increase in U.S. interest rate anticipation would affect the exchange rate as the US dollar would weaken its position as the favored funding currency, going back to the throne to the yen. Following flows can substantiate a bullish USD/JPY circumstances.
Japanese officials lately allowed a 10 trillion yen deflation-fighting stimulus program intended to stabilize interest rates which could be an important part for the currency in the long run. In the meantime, risk trends keep on holding the position of a key driver for the pair and a bout of risk aversion could supply support as it would produce safe haven flows back into the Asian currency.
