Top Stories - Banking & finance

By Alan Starc
23rd May 2013 08:32Payday loans today have emerged as one of the most availed options by borrowers for meeting urgent needs relating to health care, house rent, electric bills, educational needs etc.  Actually they are left as one of the most convenient options today when borrowers need to attend to their needs fast.   Applying for a normal bank loan would mean that you wi ... read more

By Yao Lu, Dezan Shira & Associates
20th May 2013 08:49Lanzhou, once known as the “Golden City,” has been an important regional commercial center and transportation hub since as early as the Han Dynasty. The city used to be a major link on the ancient Silk Road and has played a vital role in the cultural and economic exchange between China and countries to its west throughout Central Asia, the Middle East and Europe. Today, Lanzhou ... read more

By Matt Garfield
29th April 2013 08:52Banking in a manner that is acceptable in keeping with Islamic principles has led to a healthy and growing alternative system to the conventional financial models widely in use throughout the Western world.  Best known amongst those outside Islamic banking circles for using methods of lending that do not charge interest (Riba), Islamic finance is essentially a more ethical way of conducti ... read more

By Dezan Shira & Associates
22nd April 2013 08:59A free trade agreement (FTA) between China and Iceland was signed in Beijing on April 15, witnessed by the Premier of China Li Keqiang and the Prime Minister of Iceland Johanna Sigurdardottir. Iceland is the first European country to enter into an FTA with China.   The China-Iceland FTA covers trade in goods and services, investments, and various other areas. Spe ... read more

By Dezan Shira & Associates
17th April 2013 08:39The People’s Bank of China (PBC) and the Singapore Branch of the Industrial and Commercial Bank of China (ICBC) signed the RMB Clearing Agreement on April 2, which allows financial institutions in Singapore and China to conduct cross-border RMB settlements through clearing banks, in addition to the agent banks.   In February this year, the PBC appointed ... read more

By Martin Fowler
12th April 2013 10:13The Australian economy grew by 0.6% in the December quarter and by 3.1% over the year. Mining was the largest contributor to growth over the year (0.9 percentage points (pp)), followed by Financial Services (0.4pp) and Health Care and Social Services (0.4pp). Household consumption rose by 2.8% over the year, below the longer run average of 3.4%. The strongest gains in th ... read more

By Martin Fowler
10th April 2013 09:09Cyprus and the Eurozone   The fragility of the Eurozone crisis has once again captured the attention of the world as the citizens of Cyprus come to terms with recent events.  Until recently Cyprus had a thriving economy with a prosperous tourism and shipping industry as well as a reputation for a tax haven that attracted Russ ... read more

By Eunice Ku and Rosario Di Maggio, Dezan Shira & Associates
5th April 2013 09:37When an international company has reached a certain level of success in selling to or trading with China, or simply wants an on-the-ground presence in the country, it is common that a trading company is established in the form of a foreign-invested commercial enterprise (FICE).   The FICE structure has become the most common type of legal entity that foreign inve ... read more

By Dezan Shira & Associates
15th March 2013 10:12With the introduction of China’s “Go West” policy in 1999, the country’s western region entered into period of consistently elevated economic development.   The ‘Go West’ policy covers 12 provinces and cities in the western part of China, namely:   ... read more

By Dezan Shira & Associates
18th January 2013 09:42Located in the heart of central China, Hubei Province’s capital city of Wuhan has traditionally been one of the country’s most important economic and transportation centers. However, with the introduction of the reform and opening-up policies starting from the late 1970s, Wuhan, like much of Central and West China, fell behind in the wave of economic growth that brought prosper ... read more

By Elliot Shear & Lucy Nash
16th January 2013 10:13The Financial Services Act which received royal assent at the end of last year looks to deliver a fundamental shake-up of financial regulation in the UK.  The new system will give the Bank of England macro-prudential responsibility for oversight of the financial system and, through a new, operationally independent subsidiary, for day-to-day prudential supervision of financial services fir ... read more

By Dezan Shira & Associates
15th January 2013 09:44Recent media commentary has been suggesting that the business environment in China has worsened for foreign investors over the past year. Although China is still evolving as an emerging market, I disagree with the basic premise that it is becoming tougher, and even unwelcoming, to foreign investors.   A sense of foreign investors being singled out for specific ab ... read more

By Bee Lean Chew
10th January 2013 10:20Polly Peck, WorldCom, Parmalat, Enron, Olympus, Lehman Brothers and most recently, Autonomy – all are cases of accounting fraud which have shocked the world.    This article looks to explore some of the accounting methods by which companies can manipulate the presentation of their financial results to achieve desired outcomes, sometimes for fra ... read more

By Charles Russam
27th November 2012 09:48The UK may be coming out of recession, but many businesses still remain cautious when taking on new projects or looking at expansion.  As a result, many are reluctant to hire full time permanent staff at a senior level and more companies are turning to Interim Managers to bring in new skills and expertise, on a temporary basis.  Charles Russam, Chairman of Russam GMS, a ... read more

By Dezan Shira & Associates
14th November 2012 09:29China is set to commence negotiations to create a 16-nation trade bloc, known as the Regional Comprehensive Economic Partnership (RCEP), with its launch expected to be formally announced at the ASEAN summit in Phnom Penh later this month. The RCEP will include the 10 members of the Association of Southeast Asian Nations (ASEAN) plus China, India, Japan, South Korea, Australia and ... read more

By Graham Sheward
7th November 2012 09:02What factors are attracting companies and wealthy individuals to the Mauritius?    Mauritius is internationally recognised for its continuity of government and rule of law.  The island has enjoyed enduring political stability ever since gaining independence in 1968 with a democratically-elected government every five ... read more

By Dezan Shira & Associates
22nd October 2012 08:43Long known for its openness and dynamism, Hong Kong boasts one of the most advanced economies in Asia, and in the world. The city has been ranked the world’s most competitive economy for the second consecutive year by the International Institute for Management Development and the world’s freest economy for 18 consecutive years by Heritage Foundation. However, this open and free ... read more

By Dezan Shira & Associates
17th October 2012 08:49The Government of India on October 4, 2012 approved moving the FDI cap in insurance to 49 percent while also approving the introduction of certain official amendments to the Pension Fund Regulatory and Development Authority Bill (2011). The decision has been taken by the Cabinet headed by the Prime Minister of India. Now, with the Cabinet approving the scheme, the Insura ... read more

By Haider Ali
11th October 2012 09:55Since the recession has hit worldwide, states such as Russia have not featured so prominently in the media. With the United States bearing the brunt of a fiscal deficit that seems to be ever-widening and Europe in a perilous position facmg austerity measures, Russia has managed to navigate itself through a quagmire to safer economic shores.   They have provided t ... read more

By Dezan Shira & Associates
10th October 2012 10:29On August 21, 2012, Vietnam’s Ministry of Finance promulgated Circular 140/2012/TT-BTC (hereinafter referred to as “Circular 140”), clarifying the country’s 2012 fiscal stimulus measures which aim to resolve some of the present tax difficulties facing organizations and individuals. The preferential tax policies listed in Circular 140 include a 3 ... read more

By Martin Fowler
4th October 2012 09:29In late July, the European Central Bank (ECB) president, Mario Draghi, said that the ECB would do “whatever it takes to preserve the Euro (zone)”.  These comments were widely unexpected and were intended to allay fears of a possible breakup of the Euro Zone (EZ).  Despite the lack of detail, rhetoric won the da ... read more

By Andrew Vaughan & Gavin Markham
26th September 2012 12:21Whether buying, selling or restructuring a business, pension schemes are likely to play a significant role within a corporate transaction.  Failure to fully understand the complex pension issues could end up being very costly, result in time delays or even become a potential deal-breaker.  Recent economic experience means that the vast majority of pension schemes are in a deficit ... read more

By Ihor Olekhov & Oleksandr Svyryd
25th September 2012 08:37The Rationale Behind   The global financial crisis and its repercussions in Ukraine have revived an interest to transfer of loan portfolios from commercial banks to various structures.   For the last several years, we have noted an immense interest of Ukrainian commercial banks (including, in pa ... read more

20th September 2012 08:49The Bank of England yesterday announced that it would refrain from pumping more liquidity into the financial system despite it receiving some good news for the first time in months. They will be maintaining the interest rates at the record low it already stands at which is 0.5%   The Monetary Policy Committee, which is comprised of members from the bank itself ha ... read more

By Yao Lu
17th September 2012 09:46 The Dispute Settlement Mechanism of the World Trade Organization (WTO) has adopted the panel report on the United States vs. China UnionPay (CUP) Dispute, according to the WTO press release issued on August 31, 2012. China’s decision not to challenge the WTO ruling effectively brings the two year tug-of-war between the two nations to an end. In th ... read more

By Haider Ali
13th September 2012 09:40The United Kingdom like much of the economically advanced countries in the west has suffered from a shifting focus of economic power towards eastern powerhouses like India and China. But based on the recent tables released by the World Economic Forum, which focuses primarily on the competitiveness of a state, the United Kingdom is slowly but surely making a dignified comeback. &nb ... read more

By Daniel Häfele
10th September 2012 10:05 Possibly it is the much-lauded political stability, or maybe it’s the fine view over Lake Zurich or the excellent chocolate that attract investors in droves to Switzerland.  In any case, the Swiss financial centre is attractive to both international and domestic investors alike.  At year-end 2010 assets under management in Switzerland totaled around Sfr 5,50 ... read more

By Dezan Shira & Associates
3rd September 2012 09:04 India and China have initiated talks aimed at increasing mutual trade to US$100 billion by 2015 in a positive sign not only for India and China businesses, but also for the whole Asian community. This will open the doors to new investment opportunities in both countries as the two Asian economic giants have decided to set up a joint working group to address trade issues and also work o ... read more

By James Drakeford
31st August 2012 09:37 August has picked up the baton to follow the same direction as months gone by with Barclays and the Eurozone continuing to dominate column inches around the world.  Throw in the mega-money court case between Apple and Samsung along with tension in the public sector in Brazil and you have got yourself an intriguing month of news.  Here is a brief round up of all the bi ... read more

By Nhung Le and Huyen My
28th August 2012 09:01On July 20, Deputy Prime Minister Hoang Trung Hai issued a document (Official Dispatch No. 5336/VPCP – KTTH) directing the Ministry of Planning and Investment (MPI) to research and create a national framework for investment incentive categories and investment incentive areas. This followed a July 6 submission to the Prime Minister of reports compiled by MPI detailing the Ministry&rsq ... read more

By Dezan Shira & Associates
24th August 2012 09:30 In India, the Companies Act of 1956 made rules and regulations for the establishment of both public and private organizations. The most widely used business form is the limited company, unlimited companies being comparatively rare. An organization is formed by registering the Memorandum and Articles of Association with the State Registrar of Companies of the state in which the head offic ... read more

By Chris Devonshire-Ellis
21st August 2012 08:55 As Emerging Asia releases its Q1 figures, there are a whole bunch of stats that spring out, not least the continuing GDP growth throughout the region. However, digging deeper, some surprising trends seem to e developing concerning China and the neighboring countries that are increasingly competing with it. I’m the first to admit I’m not an economist, so readers may ... read more

By Haider Ali
31st July 2012 08:49 July has been a hotbed for financial scandal, but an exciting month nonetheless that seen top executives forced out, banks hit with hefty fines for rate-rigging and links between top brass banks and criminal organisations being exposed.  We will be the first to admit we are intrigued to see where this will go in the months ahead, but for now here is a round up of all the big s ... read more

By Haider Ali
24th July 2012 09:15 When the Conservative and Liberal Democrat coalition formed, one could forgive the pair for wanting to take a different approach to the economy.  The argument has been made by political pundits that they inherited an economy in tatters from the Labour government and this certainly has some credence.  New Labour under Tony Blair borrowed from the International Monetary ... read more

By Yao Lu
19th July 2012 08:43To enhance cooperation between Hong Kong and Mainland China in the services sector, and to facilitate mutual economic development, the Chinese central government and the government of the Hong Kong Special Administrative Region signed the “Ninth Supplement to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) (hereinafter referred as ‘the Ninth Supplement ... read more

By Haider Ali
17th July 2012 08:58 Contrary to popular belief, Iran has demonstrated remarkable resilience to sanctions that were imposed on them by the United States. Many have stated the belief that the sanctions are crippling Iran’s ability in financial markets, especially after countries were left with facing hefty fines for dealing with Tehran’s central bank. Oil shipments were expected to dry u ... read more

By Martin Fowler
12th July 2012 09:49 In June the world watched as the Greeks went to the polls to elect a new government.  The choice was clear, a win by the left wing Syriza party would effectively lead to Greece exiting the Eurozone (EZ) and going back to the Drachma, while a win for the conservative New Democracy party would be a vote to maintain the status quo.  A narrow victory by the coalition gove ... read more

By Haider Ali
4th July 2012 09:55 It hardly comes as a surprise that the fleet-footed banker managed to offer his two pennies worth on the latest scandal to hit Britain’s banks.  Not only did he manage to present an opinion on the debacle but he managed to rub noses the wrong way with his complete and utter drivel.  Of course one should get used to him delivering the coup de grace to people& ... read more

By Joshua Gill
3rd July 2012 09:23 Last month, at the Fifth Trilateral Summit between China, Japan, and South Korea the three countries jointly announced their intent to begin negotiations on a trilateral free trade agreement (FTA) by the end of 2012. The announcement raises questions not only about the impact of the successful negotiation of such an agreement, but also about its feasibility. ... read more

By Haider Ali
27th June 2012 09:51 The Chief Executive was supposed to face an interrogation of sorts from senators comprised of both sides of the political spectrum looking for an explanation behind the two billion dollar trading loss by JP Morgan.  Instead we were left with a man at the peak of his powers in the financial world walking away with his reputation unblemished and feckless politicians illustrating ... read more

By Mark Qualter
28th March 2012 09:48The Invoice Finance industry continues to enjoy considerable growth, with recent figures from the Asset Based Finance Association showing that firms which use invoice finance are enjoying continued strong growth in their sales, up 13% to year end 2011.  Total client turnover in 2011 for companies using invoice finance reached £238bn.  Although it is now much mo ... read more

By Dezan Shira & Associates
27th March 2012 10:55 China will resort to “market-oriented” measures to tackle its local debt issues, Chinese Premier Wen Jiabao said at a press conference last Wednesday after the closing of the Fifth Session of the Eleventh National People’s Congress. Wen’s remarks have signaled that China may allow more private investors ... read more

By Dezan Shira & Associates
22nd February 2012 10:32Greater market access to China’s banking industry on the road ahead? U.S.-based financial services corporation Citigroup announced on Monday that it has obtained government approval to issue its own credit cards in China. It is hoped that Beijing’s recent decision indicates that the country will be more willing to ... read more

By Steven T. Kolyer
13th February 2012 09:52 The scope and volume of credit and credit intermediation services being provided by banks and banking institutions has been going through a period of stress and contraction while the need for such services continues to exist and, in many markets, grow.  Opportunities exist, and will continue to expand, for non-banks – particularly private, unregulated funds a ... read more

By Dezan Shira & Associates
3rd February 2012 11:26 The two-day financial planning meeting held over the past weekend in Beijing has provided direction for China’s financial sector during the next five years. As part of the plan, financial industries will be used to serve the real economy, offering more credits to productive businesses that actually create most of the country&rsqu ... read more

By Carlos Abou Jaoude
4th January 2012 09:33“When the going gets tough, the tough get going” best describes the exemplary immunity of Lebanon’s banking system to the recent global financial crisis.  Acute activity slowdown in regional and global markets was met with increasing FDI (foreign direct investment) inflows to Lebanon equivalent to 12.6% of ... read more

By Piyasena C. Perera
27th December 2011 13:24Financial news from Japan has been predominately grim for the past two decades, and the interest of global investors has shifted to China and other emerging markets. Yet, things may not be as dire as they seem.  Despite recent travails, Japan is still a leading industrial country with a considerable number of profitable and i ... read more

By Bart P.M. Joosen
21st December 2011 11:13Current status of implementation CRD II/CRD III It is expected that effective 1 January 2012 a number of further amendments to the Dutch Act on Financial Supervision (“AFS”) and to lower Governmental Decrees will enter into force in order to meet the implementation requirements pursuant to th ... read more

By Dezan Shira & Associates
19th December 2011 10:59As the Global Financial Crisis rumbles on, with certain reduced growth rates on the horizon for Europe and the United States, multinationals are looking elsewhere to achieve their business goals. Asia, a region riddled with wars and ineffective economic policies for much of the past century, has finally stepped into the front line of global trade and com ... read more

By Dezan Shira & Associates
13th December 2011 09:19According to the report East Asia and Pacific Economic Update released by the World Bank on November 21, Vietnam’s gross domestic product (GDP) will increase 6.1 percent next year. The recent forecast confirms Prime Minister Nguyen Tan Dung’s expectations of 6 percent to 6.5 percent growth for 2012, which he announced at the opening session of a biannual meeting of the ... read more

By Cindy Tse
8th December 2011 10:05Concerns over China’s overextended debt are being amplified by persistent warnings of a looming fiscal crisis from China’s massive “shadow” financing market. This aptly named financing market is generally understood to be “gray” credit extended through informal or non-banking ... read more

By Dezan Shira & Associates
5th December 2011 10:17After depreciating to a record low of 52.73 against the U.S. dollar on November 22, the Indian rupee (INR) rose in value to 51.206 per dollar on Friday to complete the currency’s first weekly advance since October. The Indian rupee is under great stress as overseas investors ar ... read more

By Ihor Olekhov
27th October 2011 11:43Recent amendments to laws governing financial services in Ukraine will have serious implications for the shareholders of Ukrainian banks and Ukrainian non-banking financial institutions and their related parties. On 19 December 2011 the three Ukrainian financial regulators (the NBU, the NSEC and the FSMC) will become endowed with new ... read more

By Patrick Ziechmann and Stefan Schwertel
12th October 2011 09:47In 2009, the German economy was hit hard by the worldwide economic and financial crisis.  Like most other industrial economies it suffered the biggest economic downturn for decades. However, the German economy was able to recover relatively quickly.  Short-time work, the ‘cash-for-clunkers-program’, a strong export market and increased private consump ... read more

By Simon Sheung and Lena Xia of Asia Briefing
16th September 2011 10:10With China’s economic rise, a new type of consumer is being born. Incomes are rising, consumers are feeling increasingly optimistic about their financial futures and new consumer demographics are emerging. The Global Financial Crisis in 2008 had caused economic downturn in most of the world, yet it did virtually nothing to c ... read more

By Eric Belli-Bivar with Megan Filmer & Andrew Lloyd
28th July 2011 11:08The Canadian Banking Industry While the Canadian economy has not escaped the recent global financial crisis completely unscathed, comparatively speaking, it has emerged in an enviable position.  A significant factor contributing to this achievement is the relative strength of Canada’s ba ... read more

By Cagri Goktas, LL.M
18th May 2011 19:56Overview of the Turkish Financial Sector Turkey has a heavily regulated financial market and the applicable rules and regulations are compatible with the rules of the Financial Services Authority in the United Kingdom.  Since 2001, the date the Turkish economy suffered a banking system driven economic crisis, the regulations and rules surrounding the financial ... read more

By E.L. Kateb
29th March 2011 23:46With the government stating the small to medium sized enterprise sector (known as SME’s) being a driving force of economic recovery, it will prove to be important times for these businesses.  The following article aims to highlight the alternative forms of finance available to such companies. With no single accepted definition of an SME, generally it ... read more

By E.L.Kateb
29th March 2011 23:34 At times businesses may need a bit of a helping hand usually in the form of raising finance whether they are expanding or going through tough times.  Finance raised can be used for: ... read more