The International Finance Corporation (IFC) announced that it has lent 1.3 trillion Indonesian rupiah to Bank Danamon. The funds will be used Danamon's micro-financing business. The IFC's financial assistance is for a seven-year period and is the single largest loan in Indonesia. Danamon is 69% owned by Deutsche Bank AG and Singapore's government owned investment company Temasek.
Argentine exports reached $9.73 billion in the first quarter of the year, an increase of 15.5% compared to the same period in 2005. Growth was driven by a 10% increase in export prices and a 5% increase in volume. Imports for the period totalled $7.38 billion.
Profits at Colombia's banks rose 35.3% to 1.03 trillion pesos ($423 million) in the 12-month period ending in March, compared to the same period in 2005, the local banking regulator said in a new report. Domestic banks saw combined earnings increase by 38.9% to 662 billion pesos, led by the largest bank Bancolombia which reported profits of 253 billion pesos. Foreign-owned banks saw their profits soar 109% to 118 billion pesos. BBVA Colombia posted the highest earnings with 40.1 billion pesos.
Serbia’s commercial banks reported 2.65 billion Serbian dinars combined pre-tax profit between January and March, the National Bank of Serbia said in its first quarter banking report. This represents 36.5% of the profit posted during 2005. Net revenues from interest rates stood at 10.1 billion dinars in the first three months of the year, while the net result from fees and charges was 5 billion dinars.
Hungary’s GDP growth accelerated to 4.5% year-on-year in the first quarter of 2006, compared to 4.3% in the fourth quarter of 2005, Central Statistical Office said. The rate is broadly in line with the predictions of domestic and foreign analysts. In quarterly terms the economic expansion was 1%, based on seasonally adjusted data.
South Korea concluded a free-trade agreement (FTA) with the Association of Southeast Asian Nations (ASEAN). However, Thailand, a founding member of ASEAN, opted to stay out of the FTA, because of reservations over the eclusion of rice, one of its key exports, from the agreement.