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finance | banking | taxes

Local banks against red carpet welcome for EU counterparts
An overwhelming majority of Indian banks are against the government granting “full domestic” status to banks from the European Union, as has been given to banks from Singapore, under the proposed India-EU CECA.
Singapore still shy over banking
Since the CECA came into effect, trade has increased, but progress in banking is limited.
UN trade official Supachai says yuan issue requires global readjustment
Imbalances related to China’s foreign exchange policies cannot be addressed by China alone and require an international effort, Supachai Panitchpakdi, head of the United Nations Conference on Trade and Development (UNCTAD) said.
Another FTA issue looms: state-assisted banks
The third round of South Korea-U.S. free trade agreement (FTA) talks will begin September 6 in Seattle, and observers expect Washington to demand that Seoul cease giving aid to certain financial institutions, including government-run banks.
Market opening to hit local fund managers
Local asset management companies are closely monitoring the ongoing free trade agreement (FTA) talks between South Korea and the United States, wary of the latter’s demand for easier access to the domestic fund market.
’Caution required for cross-border services’
A financial research institute urged Korea to take a cautious approach in allowing cross-border insurance brokerage services as it would be harder to protect local consumers from potential damages.
SADC investment protocol welcomed
The association of Southern African Development Community (SADC) Chambers of Commerce and Industry cautiously welcome the signing of the finance and investment protocol by leaders of the 14-member regional trading bloc in Lesotho’s capital Maseru last week Friday.
Seoul reveals a lack of experience in FTA negotiations
"We are learning new things while we’re negotiating with the American representatives," said a Korean official who was part of the labor section negotiation team during the first round of the Korea-U.S. FTA talks, held in Washington last June. "The U.S. is demanding the introduction of a so-called ’public communication system,’ which was a term that we heard for the first time," the negotiator told Hankyoreh.
U.S. FTA will batter banking sector: study
The much-touted benefits of a free trade agreement with the United States will be confined to commercial enterprises, while other sectors of the Korean economy, particularly the banking industry, will take a battering, a think thank warned yesterday.
’Banks need to prepare for FTA’
A free trade agreement with the United States could have a profound impact on the regulatory environment of the Korean banking sector and reshape the industry’s landscape, a think tank said yesterday.
Undaunted, Citigroup has eye on Korea
The CEO of the world’s largest financial services company, Citigroup’s Charles Prince, announced that he is not too concerned with the Korean sentiment against foreign assets in Korea, June 29.
TSX CEO urges PM to discuss adding securities trading to free trade agreement
The head of Canada’s largest stock exchange wants Prime Minister Stephen Harper to discuss the possibility of adding securities trading to the North American Free Trade Agreement when he meets with US President George W Bush next month.
Malaysia not bound to finalise FTA with US by 2007
Malaysia’s International Trade and Industry Minister Datuk Seri Rafidah Aziz cited the financial sector as one area that Malaysia cannot open up at a faster pace. She noted that it was the US — not Malaysia — which made the approach on the FTA.
Nesac urges caution over US FTA talks
Thailand’s National Economic and Social Advisory Council has urged the government to delay free trade negotiations with the US on financial services and take intellectual property rights and agriculture liberalisation off the agenda.
Some European countries call for endorsing Association Agreement with Syria
A source of the Higher Committee Specialized in Following up Issues of Partnership Association between Syria and EU has said that the EU has started to issue positive signals regarding agreement with Syria, particularly that some EU countries consider that there is no excuse for delaying signing the agreement after two years of initialing it.
China’s largest bank plans India foray
After almost two years since Overseas Chinese Banking Corporation exited India, the biggest Chinese bank-Industrial and Commercial Bank of China (ICBC)-has evinced interest in setting up operations in India.
Singapore wants Mauritius-like tax agreement with India
Singapore is likely to ask India to re-visit the provisions of the bilateral Double Taxation Avoidance Agreement to bring it on a par with a similar agreement between India and Mauritius.
US calls for more flexible currency regime in Malaysia
The US would like to see greater exchange rate flexibility in Malaysia, US Treasury Under Secretary Timothy Adams said yesterday.
Thailand-US FTA talks likely to extend beyond April
Although the local political situation has become heated, with rumours on dissolving the parliament prevaling in the country, the Thai-US negotiations will continue, Naris Chaiyasoot, Director General of the Ministry of Finance’s Fiscal Policy Office, said.
US meets resistance on full access to finance
A seminar heard yesterday that although US negotiators had asked Thailand to fully deregulate its financial services and allow US investors unrestricted stakes in the brokering and banking sectors, Bangkok was insisting that the sector was not ready to face direct competition.