Standard and Poor’s assigned a BB- rating to $150 million of subordinated 10-year Eurobonds issued by Kazkommertsbank, Kazakhstan’s largest private bank. The bonds were placed by the bank’s fully owned subsidiary Kazkommertsbank Finance 2 B.V. The coupon rate was set at 8.625% per year. The bonds have a five-year call option.
Brazil's tax revenue reached a total 34.0 billion reais ($15.53 billion) in June 2006, up 4.7% on last year in real terms. In nominal terms, the tax haul rose 8.9%. Revenue from industrial production tax was up 8.34% to 2.2 billion reais and income tax up 7.8% to 14.2 billion reais, while financial operations tax-take was down 7.3% to 2.6 billion reais. Tax revenue in the first five months of 2006 was 188.8 billion reais, up 3.1% on last year.
The Asian Development Bank's chief economist in China, Tang Min, said he expects the Chinese government to raise domestic interest rates soon. Min said the government has so far been unable to contain investment and economic growth. The Chinese economy expanded by 11.3% year-on-year in the second quarter of 2006, Min said the government would increase rates gradually and ruled out the possibility of a one-time large increase.
Monetary Authority of Singapore's (MAS) Managing Director Heng Swee Keat said the current policy of a modest and gradual appreciation of the Singapore dollar is appropriate. The MASmanages the Singaporean dollar, which is allowed to trade against a basket of currencies of its major trading partners, within an undisclosed policy band. Keat made his announcement at a press conference on the MAS's 2005-06 annual report. Keat expects Singapore's GDP to grow by 5% to 7% this year.