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SEOUL/BEIJING (Reuters) – Hyundai Motor said its Chinese joint venture (JV) is accepting voluntary retirements and reviewing various “optimization plans” at its factories following a slump in car sales in the key market. China saw its first auto sales contraction in more than two decades in 2018 as pressure from a crippling trade war with the United States and the phasing out of tax cuts on smaller cars pummeled business in the world’s biggest car market. A bleak outlook as China’s economy slows has prompted many automakers, such as Nissan, to cut production in the country or, as with Suzuki Motor, even exit it traditional cufflinks.

For Hyundai, troubles have been exacerbated as it is also just recovering from a diplomatic row between Seoul and Beijing that had slammed demand for South Korean products in China. Hyundai, which with its affiliate Kia Motors was the No.3 automaker in China until 2016, turned in sales that were only half of its total production capacity last year. “Hyundai Motor is reviewing various optimization plans to enhance facility efficiency around the Chinese New Year holidays,” it said in a statement on Friday traditional cufflinks.

Chinese financial magazine Caixin reported that Hyundai’s local joint venture expects 1,500 spare working roles in the first quarter, and has asked staff to choose to stay or leave, citing an internal document. A spokeswoman for Hyundai said no decision had been made on the number of voluntary retirements traditional cufflinks. Hyundai’s China sales sank 23 percent in the fourth quarter amid a lack of attractive models and strong branding in the face of competition from both Chinese and global car makers..

For the year, Hyundai’s sales stayed nearly flat at 790,000 vehicles in China from a year earlier, compared with its total capacity of 1.65 million vehicles. Hyundai has idled Chinese factories for a number of days since November because of rising inventories, a source familiar with the automaker’s operations in the country said traditional cufflinks. Late last year, its factory utilization rates hovered below 50 percent, except for at its Beijing Hyundai Motor Company Plant 3, he added. “We are agonizing over how to improve our competitiveness in China. It is a very tough situation, but we are trying to turn around China operations next year,” another source with direct knowledge of Hyundai’s China operations told Reuters..

The weaker demand in China, as the economy grows at its slowest pace in about three decades, has also hurt other foreign players. In September, Suzuki Motor said it would exit the Chinese market, while, a source says, Nissan plans to produce fewer vehicles in the country in the months ahead traditional cufflinks. At Hyundai’s China JV, two workers said they were told in a briefing the plant was not being shut down, but being turned into a production line for new energy vehicles (NEVs). The Hyundai spokeswoman declined to comment on NEV plans..

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BERLIN (Reuters) – There is no desire among Deutsche Bank’s supervisory board members for a merger with rival Commerzbank in the near-term, a Deutsche board member said. “At the moment conditions are definitely not ripe,” Frank Bsirske, a member of Deutsche Bank’s supervisory board and chairman of Germany’s Verdi trade union, said what is a cufflink. Merger speculation has heated up under Germany’s finance minister Olaf Scholz, who has spoken out in favor of strong banks in Germany and whose team has met frequently with executives of Deutsche, Commerzbank and major shareholders..

“There is currently no one on Deutsche Bank’s Supervisory Board who would want to merge with Commerzbank in the short term,” Bsirske told journalists in Berlin late on Thursday. Bsirske’s comments are the most vocal yet from a member of the board that would eventually have to sign off on any merger. Verdi fears massive job cuts would result if the two banks were to go ahead with a deal, following intense speculation of a possible tie-up between the two. The banks and the Finance Ministry declined to comment what is a cufflink.

A merger may make sense in a few years’ time but for now both banks have to focus on putting their own houses in order, Bsirske said, pointing to improving the investment bank, reducing complexity and enhancing infrastructure. Asked about the possibility of a cross-border merger of Deutsche Bank with a foreign financial firm, Bsirske said it would be a good thing if they complemented one another. But given Deutsche Bank’s low share price, the German bank would enter into any partnership as a minority partner. “And that’s certainly not the way to go at the moment,” he said what is a cufflink.

“The CEO of Deutsche Bank, whom I think is a very good person for the role, has left no doubt about that. And this position is widely shared,” Bsirske said. Asked if Scholz were pushing for a merger, Bsirske said he was pretty sure that the finance minister was holding talks to get an assessment of the situation. “But I am also pretty sure that he is not trying to exert undue influence over business rationale and priorities that are currently being set in the banks. That would be completely counterproductive,” he said what is a cufflink.

NEW DELHI (Reuters) – A Hindu nationalist group close to Prime Minister Narendra Modi’s party has urged him to resist pressure from the United States and not defer new regulations for the e-commerce sector, according to a letter seen by Reuters what is a cufflink. The economic wing of the group, Rashtriya Swayamsevak Sangh (RSS), which is the fountainhead of the ruling party, has written to Modi saying that changing the policy implementation date, under pressure from Washington, will hurt 130 million small Indian entrepreneurs..

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“I have heard from bankers across the country who wish they had more nimble and agile core processing platforms that allowed them to keep pace with customer demands,” ABA President and CEO Rob Nichols said via email. “We understand that a bank’s ability to innovate is highly dependent on its core processing platform.”. This is the second significant technology investment since Nichols’ took over as the ABA’s chief executive in 2015. Florida-based Finxact says its more modern cloud-based platform is built to enable banks to offer better digital services to their customers and is less expensive to run than older systems 14k gold black onyx cufflinks.

(Reuters) – U.S 14k gold black onyx cufflinks. life insurers are expected to report messy fourth-quarter results starting next week, with their massive investment portfolios getting hit by tumultuous markets. The market mayhem has already prompted analysts to knock down earnings estimates for major life insurers including Ameriprise Financial Inc, Lincoln National Corp and Prudential Financial Inc, since late October. Analysts have lowered Prudential’s mean earnings-per-share estimate from $2.98 to $2.81, Lincoln National Corp from $2.24 to $2.12, and Ameriprise from $3.85 to $3.66, according to I/B/E/S Refinitiv..

“Even though these are annuity or retirement businesses, they are businesses that are driven by the assets they manage,” said Sandler O’Neill analyst John Barnidge 14k gold black onyx cufflinks. Life insurers make money by investing premiums they receive for coverage, hoping to earn more than what they pay in claims, and also investing lump sums consumers hand over when buying annuities. But during the fourth quarter, stock and bond markets went into a spiral. The S&P 500 index fell 13.7 percent during the final three months of 2018, marking the worst performance for stocks in more than seven years. Global indices also felt the pain. For example, the MSCI All-World Index fell 13 percent, its worst quarterly performance since the 2011 third quarter..

Life insurers have amped up risk taking in recent years, moving away from safer investments like Treasury bonds, as interest rates remained near rock-bottom levels 14k gold black onyx cufflinks. But during the fourth quarter investors sharply retreated from such investments, globally. Investment-grade and high-yield corporate bonds lost the most value in single quarter relative to Treasury notes in more than seven years, according to ICE Bank of America/Merrill Lynch fixed income index data. “It’s kind of the double whammy – you saw interest rates going down and the S&P going down. Both will have an impact here,” said Elyse Greenspan, a Wells Fargo Securities LLC analyst..

Other big financial companies whose earnings are highly exposed markets — including banks, hedge fund firms and big asset managers — also found the fourth quarter challenging. On Jan. 16, BlackRock Inc, the world’s largest fund manager, reported a smaller-than-expected quarterly profit on Wednesday due to financial market turmoil 14k gold black onyx cufflinks. BlackRock’s stock is down nearly a third from an all-time high near $600 per share last year, declining more than 21 percent in 2018. “It should be a messier quarter for the group .. but we believe most of the focus will be the 2019 outlooks,” Greenspan said in a Jan. 18 note..

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Shortly afterwards, the central bank and the government said Tsesnabank would sell agricultural loans worth 450 billion tenge ($1.2 billion) to the NPLF cufflinks deals. The loans, a quarter of Tsesnabank’s overall loan book, were sold at face value so it did not book a loss, the bank said. While the bank reported either growing or stable total interest income in its income statements for 2016, 2017 and 2018, interest income in its cash flow report was declining, according to the publicly available accounts..

The discrepancy means that Tsesnabank either extended long-term loans that were not expected to generate cash flow for some time or booked interest income from loans even though that interest had not been paid by the borrower, bankers say cufflinks deals. The gap between Tsesnabank’s accrued and received interest income grew from 12 percent in 2015 to 36 percent in the first half of 2018, the accounts show. The central bank told Reuters in an email in November that “generally, a declining ratio of received interest to accrued interest is being observed at certain banks, which is linked to the worsening financial situation of borrowers whose loans are denominated in foreign currency”..

LONDON (Reuters) – Global stocks rose on Friday, as strong earnings helped to underpin investor sentiment in the face of growing signs that the global economy is slowing and a still unresolved trade dispute between the United States and China. The euro rebounded against the dollar after falling to its lowest in six weeks following Thursday’s European Central Bank meeting cufflinks deals. European markets opened firmer, with the automakers and tech sector indices rising 1.5 percent and 1 percent respectively. The pan-European STOXX index hit its highest since Dec. 4, last up 0.7 percent on the day. [.EU]..

The gains came as stocks rose overnight in Asia and the United States on the back of strong earnings from U.S. tech firms cufflinks deals. MSCI’s All-Country World Index .MIWD00000PUS, which tracks shares in 47 countries, was up 0.3 percent on the day. But the gauge was set to break a four-week streak of gains as weak economic data and cautious soundings from central banks pulled the index half a percent down on the week. Data at the start of the week showed China’s economy grew at its slowest in 28 years in 2018, while purchasing manager indexes in Germany and the euro zone indicated stagnation in the bloc. On Thursday, the European Central Bank alluded to downside risks to growth for the first time in its statement since April 2017, while Germany cut its economic growth forecast for 2019..

Somber news continued to trickle in on Friday, with German business morale falling for the fifth month in a row in January according to the Ifo business climate index cufflinks deals. For an interactive version of the below chart, click here tmsnrt.rs/2B4fP26. According to the latest Reuters polls of hundreds of economists from around the world, a synchronized global economic slowdown is underway and any escalation in the U.S.-China trade war would trigger a sharper downturn. Sunil Krishnan, head of multi-asset funds at Aviva Investors said investors were taking some relief from the responses of policymakers..

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In 2016, a 46-year-old white-collar worker jumped to his death from the roof of a Subaru factory in what authorities ruled as ‘karoshi’, or death from overwork sterling cufflinks. At the time, Subaru was enjoying bumper sales and profit due to the popularity of its cars in the United States, its main market. In its probe, Subaru found the majority of workers it surveyed said they under-reported overtime hours “so as not to exceed the limit for the budget for overtime work”. It said it has since taken steps to make sure workers are unable to falsely report their actual work hours..

DAVOS, Switzerland (Reuters) – Nestle SA (NESN.S) chairman Paul Bulcke said on Friday he would not pursue short-term efforts at the expense of long-term success, in the face of scrutiny from shareholder activists who know how to “pressure-point you and tease.” sterling cufflinks. Hedge fund Third Point LLC, run by shareholder activist Daniel Loeb, took a $3 billion stake in Nestle in 2017, and has said that the maker of KitKat bars and Perrier water could double its earnings per share by 2022 if it splits up its businesses..

“If the capacity of delivering is there, we should sterling cufflinks. If it jeopardizes my future thinking, and if it compromises my future success, we should not do this,” Bulcke said at the World Economic Forum in Davos. “It’s my job to explain that, to go around, talk to investors and listen to all of them, also him.”. Bulcke did not mention Loeb by name on the panel on corporate agility on the final day of the week-long conference in a Swiss ski resort town. A Swiss journalist had asked Bulcke how he deals with answering to a New York hedge fund demanding earnings growth..

NEW YORK (Reuters) – Accenture Plc, SunTrust Banks Inc and the American Bankers Association, a trade group for U.S. banks, said on Friday that they had joined a $30 million investment round in Finxact, a startup that develops the back-end technology used by banks to process some transactions. Existing investors, including Live Oak Ventures, First Data Corp, Woodforest National Bank and T.N. Incorporation Ltd of Thailand also participated in the round, the companies said sterling cufflinks. Finxact plans to use the funding to develop its technology and grow its operations, Frank Sanchez, the company’s chief executive and founder, said in an interview..

The investment comes as banks of all sizes grapple with old technology infrastructure as they seek to offer more digital services to their customers. Many of these systems were built decades ago and are ill-equipped to handle services customers have come to expect in the internet age such instant peer-to-peer payments or real-time account balance updates. Smaller banks often cite this issue as one of the biggest hurdles they face in competing with younger financial services providers or larger banks that can fund costly back-end replacements sterling cufflinks.

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“What they (investors) were not seeing last year was that activity was slowing but there was no reaction from central banks. They are seeing that now – we saw that from the ECB and the Fed has said it’s not on a pre-set path.” engraved cufflink. That along with a rebound from poor liquidity in December explains why the risk tone in markets has been a bit better, he said. In a note to clients, UBS Global Wealth Management’s chief investment officer Mark Haefele said that rhetoric on U.S.-China trade has become more positive, and that Beijing has taken steps to stimulate its economy..

“While economic and earnings growth is slowing, we believe it is unlikely that growth will drop far below trend,” he said. “At the same time, there are reasons to be cautious about policymakers’ ability to follow through on their rhetoric.”. Chinese Vice Premier Liu He will visit the United States on Jan. 30 and 31 for the next round of trade negotiations with Washington engraved cufflink. The two sides are “miles and miles” from resolving trade issues but there is a fair chance they will get a deal, U.S. Commerce Secretary Wilbur Ross said on Thursday..

In currencies, the dollar fell 0.3 percent against a basket of peers to 96.422. .DXY. The euro EUR= was up 0.4 percent at $1.13490, bouncing back from a six-week low hit in the wake of ECB President Mario Draghi’s downbeat comments on Thursday engraved cufflink. The ECB’s post-meeting statement for the first time since April 2017 alluded to downside risks to growth. The British pound was up 0.3 percent at $1.3076 GBP=D3 after brushing a two-month high of $1.3140, lifted after The Sun newspaper reported on Thursday that Northern Ireland’s Democratic Unionist Party has privately decided to back May’s Brexit deal next week if it includes a clear time limit to the Irish backstop. [GBP/]..

The benchmark 10-year U.S engraved cufflink. Treasury note yield US10YT=RR was slightly higher at 2.729 percent after dropping to a one-week low as pessimism over global growth supported safe-haven government debt. [US/]. Fresh data on surging U.S. fuel stocks and worries about U.S.-China trade talks weighed on oil prices, after they rallied on the threat of U.S. sanctions against Venezuela. [O/R]. U.S. crude oil futures CLc1 were down 0.3 percent at $60.90 per barrel after gaining 1 percent on Thursday. Graphic: World FX rates in 2019 – tmsnrt.rs/2egbfVh..

TOKYO (Reuters) – Subaru Corp on Friday said it did not pay overtime wages over a two-year period to some 3,400 employees who under-reported their hours, a revelation that surfaced in an internal probe following the 2016 suicide of an overworked employee. The Japanese automaker, known for its Legacy and Forester cars, said the outstanding wages – from mid-2015 to mid-2017 and totaling 776 million yen ($7.08 million) – were paid retroactively to 3,421 workers last March engraved cufflink. The news was first reported in Japanese media on Friday after representatives of the deceased worker’s family disclosed some of the findings this week..

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He said investor frustration with the oil industry was manifested by the fact that the share of energy companies in the S&P index had shrunk to 5.5 percent, from 16 percent 10 years ago. “We will have to compete against other industries in the S&P to create the value proposition that makes us more attractive. A new paradigm is coming up which is to generate free cash and share some of this cash with investors,” he said rose gold tie clip and cufflinks. The U.S. oil industry has been booming in recent years but investors have been frustrated by heavy debts and a lack of free cash flow and dividends..

However, even European oil majors such as Shell and BP, which pay billions of dollars in dividends, have struggled to remain popular with investors rose gold tie clip and cufflinks. “We need to engage with policymakers and the public to understand the huge task we have ahead,” Hess said. BP chief Bob Dudley said the industry needed to explain the challenge of producing and making energy affordable for an increasing global population, which will see energy use rising 30 percent by 2040. “You cannot just tax energy-intensive industries and not the users of energy and think you’re going to solve the problem. People need to use less energy. Philosophically, trying to look at emissions across the entire value chain is critical,” Dudley told Reuters..

The head of state-run Saudi oil giant Aramco, Amin Nasser, said investors would ultimately differentiate between cleaner and more polluting companies. Aramco wants to list its stock sometime after 2021 in what could become the world’s largest initial public offering. Nasser said the latest research by Stanford University found Aramco was the cleanest major oil company in the world thanks to zero gas flaring and modern field technology. He said oil companies could help cut emissions by end users but should not ultimately be responsible for them rose gold tie clip and cufflinks.

“We have to look at what we control rose gold tie clip and cufflinks. I have control of what I send to the grid in Saudi Arabia. But we do not have control over factories in Europe,” Nasser said. “However, it doesn’t mean we don’t care about end users. As a company we are looking at what we can do to increase the efficiency of end users,” he said. Aramco invests in research to make cars more efficient, increase mileage per gallon and the use of hydrogen in cars. It recently acquired high-end rubber producer Arlanxeo to help reduce tire friction..

NEW DELHI/ABU DHABI (Reuters) – Etihad Airways has appointed turnaround specialist Alvarez & Marsal to conduct due diligence on Jet Airways Ltd as it weighs bailing out the cash-strapped Indian carrier, three sources familiar with the matter told Reuters. Executives from Alvarez & Marsal are camped in Jet Airways’ offices in Mumbai and are taking stock of the airline’s operations and looking into its financial health and records, one of the sources said. The Abu Dhabi-based carrier plans to raise its stake in Jet Airways from the current 24 percent but it wants the airline’s founder and chairman Naresh Goyal to give up control, sources have told Reuters rose gold tie clip and cufflinks.

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“Alvarez & Marsal are restructuring consultants. If they are there it means they are looking for stuff to cut,” said a second person who is familiar with the matter. An Etihad spokeswoman declined to comment. Alvarez & Marsal did not immediately respond to an email seeking comment can you wear cufflinks with any shirt. Jet Airways did not respond to an email seeking comment but said last week it is in talks with lenders to resolve its debt problems. It is seeking a cash injection by stakeholders and will make board changes..

Jet Airways, which controls a sixth of India’s booming aviation market, desperately needs a bailout. High fuel taxes, a weak rupee and price competition have squeezed profitability, leaving the airline with net debt of $1.13 billion can you wear cufflinks with any shirt. Earlier in January it defaulted on a debt payment to a consortium of banks, led by State Bank of India (SBI), prompting ratings agency ICRA to downgrade the carrier. The airline also owes money to employees, vendors and lessors – some of whom are considering taking back aircraft, sources have told Reuters..

Jet Airways brought on board two global consultants last year who also have people working out of the airline’s office in Mumbai, the first source said can you wear cufflinks with any shirt. McKinsey is helping with cost-cutting efforts and Boston Consulting Group (BCG) is looking at ways to increase revenue, he added. McKinsey did not respond to an email seeking comment. BCG said it would not comment on any company specific matters. Representatives of both airlines met with creditors, led by Jet’s biggest lender SBI, in Mumbai last week to discuss a proposal that involves Etihad increasing its 24 percent stake, a source told Reuters..

BEIJING (Reuters) – Toyota Motor Corp aims to raise vehicle sales in China by 8 percent to 1.6 million this year, the Japanese automaker said on Friday can you wear cufflinks with any shirt. Toyota sold 1.47 million vehicles in China last year, up 14.3 percent from 2017. Toyota’s forecast comes at a time when automakers in China in general are bracing for a tough year after weakness in sales emerged last year. China’s Association of Automobile Manufacturers (CAAM) this month said it expects sales to show no growth, forecasting flat sales of 28.1 million vehicles for 2019. Other government and industry bodies see a 0-2 percent growth in overall demand..

China’s automotive market last year contracted for the first time since the 1990s. Despite the slowdown in the overall market, sales by Japanese companies especially Toyota remain strong can you wear cufflinks with any shirt. Last year China and Japan pledged to forge closer ties during a three-day visit in October to Beijing by Japanese Prime Minister Shinzo Abe, signing a broad range of agreements including a $30 billion currency swap pact, amid rising trade tensions with Washington. During Abe’s visit Chinese President Xi Jinping said bilateral ties had returned to the right track and China would ensure that the positive momentum continues, state media reported..

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PARIS (Reuters) – France’s L’Oreal (OREP.PA), whose beauty brands range from Lancome creams to Maybelline make-up, is stocking up cosmetics in Britain as part its preparations for Britain leaving the European Union, its chief executive said. The company is processing the paperwork needed to smooth truck deliveries of its products between France and Britain in the event the United Kingdom leaves the European Union without a negotiated deal, boss Jean-Paul Agon added cufflink placement. “We’re preparing for all scenarios,” Agon told Reuters on the sidelines of a media event late on Thursday..

He said that a no-deal Brexit would not have a major impact on the group, however, with Britain accounting for roughly 3 percent of sales, though it was also bulking up stocks in the United Kingdom, where it no longer has a manufacturing base cufflink placement. Companies in Britain and elsewhere are ratcheting up preparations in the event of a chaotic Brexit in March, after a transition deal agreed by Prime Minister Theresa May with Brussels was rejected by UK MPs. Firms from British fashion brand Burberry (BRBY.L) to U.S. automaker Ford (F.N) have this week flagged they could face hefty bills in such a scenario if trade tariffs rose as a result, while supply chains would also be disrupted..

The French government is also preparing for the worst and a possible “no-deal”, Finance Minister Bruno Le Maire said on Friday. A contingency plan involving 50 million euros (43 million pounds) of extra French investment in ports and airports to help them cope with an abrupt UK exit from the EU is already in motion cufflink placement. L’Oreal makes the bulk of its sales in emerging markets, and particularly Asia, with Chinese demand for its high-end skincare treatments in particular driving growth in recent years..

ALMATY (Reuters) – The Kazakh authorities are urgently looking for a bank to take over no cufflink placement. 2 lender Tsesnabank as they believe it needs new financing to prevent a collapse, three sources familiar with the discussions told Reuters. Officials from the government and central bank have approached at least three other Kazakh banks and hope to tie up a deal in February, the sources said. They are offering financial incentives for any bank prepared to take it over. The authorities want to avoid liquidating the bank, which has over $1 billion in retail deposits and received a $1.8 billion state bailout in September, because of the impact on the wider economy, the sources said..

They want to move quickly to prevent a run on deposits. Also, some analysts say a presidential election could be called in the spring. A spokesman for the election commission could not be reached for comment cufflink placement. President Nursultan Nazarbayez would almost certainly be reelected but the authorities would be keen to tie up a takeover before any poll. The state-owned “bad bank” said on Friday it planned to buy some of Tsesnabank’s assets. One of the sources said this was part of the plan to make the troubled bank more attractive to another bank..

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“The scheme is simple – an investor puts his own money into the bank and the state helps them clean up its loan book,” one of the sources said. Spokesmen for the central bank, the government, Tsesnabank, and its main shareholder, former Nazarbayev chief of staff Adilbek Zhaksybekov, did not reply to requests for comment. The “bad bank”, the Non-Performing Loan Fund (NPLF), said in a bourse announcement on Friday it planned to sell 604 billion tenge ($1.59 billion) in domestic bonds next week in order to finance asset purchases from Tsesnabank copper cufflinks.

The approach raises more questions about the health of the oil exporter’s banking system after Nazarbayev declared in April that bailouts worth nearly $10 billion for several banks in 2017 would be the last. Tsesnabank’s September bailout came in spite of that promise. The authorities said it was a move to support indebted farmers, who are clients of the bank, and would help an otherwise healthy bank bridge a short-term liquidity gap copper cufflinks. But some bankers told Reuters that Tsesnabank’s financial reports indicate that it is in distress due to bad loans..

The authorities have also now decided that the balance sheet is so unhealthy that it would be easier for another bank to take it over than to liquidate or bail it out, the sources say. Chief executive Ulf Wokurka said the balance sheet problems were to do with “worsening asset quality”. His deputy, Dmitry Li, said in a written reply to Reuters queries that it reflected “seasonal cash flows of borrowers in the agricultural sector” copper cufflinks. The banking sector was hit hard by a fall in oil prices and subsequent tenge devaluation in 2015 because many banks lent in dollars. Customers then found it hard to repay the debts..

More than half of Tsesnabank’s loan book was denominated in foreign currency, mostly dollars, at the end of 2017 copper cufflinks. Although oil prices have recovered, economic growth has slowed and some non-oil sectors are in crisis, such as farming where several large companies have defaulted on their debt. The central bank also says some banks have been poorly managed and large bailouts have already drained billions of dollars from state coffers. The IMF said in December “the recent additional financial support for Tsesnabank raises concerns”..

It said state support was justified only for “systemic, viable banks.” The only bank considered by economists to be of systemic importance to the financial system in Kazakhstan is Halyk which is five times larger than Tsesnabank and accounts for a third of total banking sector assets copper cufflinks. Nevertheless, economists said a collapse of Tsesnabank could be a headache for the authorities if they were forced to compensate the large number of depositors from the deposit insurance fund. Tsesnabank showed first signs of distress when it reported a sharp liquidity drop in the second quarter last year. In September, the central bank provided a 150 billion tenge ($407 million) liquidity support loan, later increased to 200 billion tenge..