assistance with collection accounts

LONDON, Sept 9 (Reuters) - Britain's financial watchdogslapped a 17.5 million pounds ($27 million) fine on GoldmanSachs on Thursday for inadequate disclosure of a U.S. probe intothe Wall Street powerhouse.

The fine -- one of the biggest ever imposed in Britain --was related to Goldman's troubled Abacus mortgage-securityproduct, which resulted in the investment bank beinginvestigated by the U.S. Securities & Exchange Commission (SEC).

In July, Goldman agreed to pay $550 million to settle civilfraud charges over how it marketed the Abacus subprime mortgageproduct, ending months of negotiations that rattled the bank'sclients and investors.

The Abacus product was marketed by French banker FabriceTourre. Tourre, who had dubbed himself as "Fabulous Fab", deniedallegations that he or the bank had misled investors over thehigh-risk Abacus product.

Britain's Financial Services Authority said on Thursday thatGoldman had not adequately informed it of the Americaninvestigation into the Abacus affair.

"Goldman Sachs International did not set out to hideanything, but its defective systems and controls meant that thelevel and quality of its communications with the FSA fell farbelow what we expect of an authorised firm," FSA directorMargaret Cole said in a statement.

In a seven-word response to the FSA fine, a Goldman Sachsspokeswoman said: "We're pleased the matter is resolved."

Tourre had marketed the Abacus product back in 2007 --towards the height of a bull market run and just before theonset of the credit crisis which rattled markets and caused ahuge slump in the value of many mortgage-related debt products.

The FSA said Goldman Sachs had failed to notify it of thefact that the SEC had issued so-called "Wells Notices" to thebank and to Tourre himself containing allegations of violationsof U.S. securities laws relating to the Abacus product.

A Wells Notice is an indication from the SEC staff that theyintend to recommend that the SEC should file an enforcementaction against the person or entity to whom the notice isaddressed.

Goldman Sachs shares closed at $147.54 on Wednesday, givingthe bank a market capitalisation of roughly $80 billion. (Reporting by Sudip Kar-Gupta; Editing by Mike Nesbit) ($1=.6463 pounds)

ZURICH -(Dow Jones)- UBS AG (UBS) is bolstering its team of advisors in Asia who deal with the wealthiest of private banking clients by hiring Citigroup Inc. (C) banker Jeremy Tan and his team, according to a memorandum seen Thursday by Dow Jones Newswires.

"UBS is committed to further developing the ultra-high net worth segment for South East Asia, which represents enormous potential with the rise of wealth creation in the region," the memo says.

Also joining UBS is Rennie Lim, a Citi private banker focused on ultra-high net worth clients.

The appointments are effective immediately.

Copyright © 2010 Dow Jones Newswires

TAIPEI -(Dow Jones)- HSBC Holdings PLC's (HBC) strategy of expanding its China business won't change following the departure of Chairman Stephen Green, the U.K. lender's Asia-Pacific chief executive, Peter Wong, said Thursday.

Green, 61, was appointed the new U.K. Trade Minister on Wednesday. He will start his new job early next year, the U.K. government said.

The U.K. lender said it has been working finding a replacement for the chairman for some months, but didn't say if it had found a successor.

Wong also reiterated HSBC is well prepared for a Shanghai listing, adding it is up to China's regulators to decide when it will allow foreign companies to tap the domestic equity market.

He added HSBC plans to add 10 branches and hire more staff in Taiwan next year due to growing demand for wealth-management products on the island.

According to HSBC's Web site, it has 37 branches across Taiwan, mostly in Taipei.

Copyright © 2010 Dow Jones Newswires

NEW DELHI -(Dow Jones)- The president of Pakistan has named Shahid Kardar the governor of the central bank for three years, State Bank of Pakistan spokesman Syed Wasimuddin said Thursday.

Kardar is likely to join the central bank Tuesday.

Oxford-educated Kardar, currently a director at the Pakistan unit of Royal Bank of Scotland, will steer monetary policy at a time when severe floods have crimped economic growth and pushed up inflation in the South Asian country.

Pakistan's consumer price index-based inflation rate in August rose 13.23% from a year earlier, accelerating from a 12.34% in July.

Copyright © 2010 Dow Jones Newswires

By Padraic Halpin

DUBLIN, Sept 9 (Reuters) - The Irish government will producedefinite figures on the cost of gradually winding downnationalised Anglo Irish Bank [ANGIB.UL] before the start ofOctober, Finance Minister Brian Lenihan said on Thursday.

Dublin rushed into outlining a compromise solution for thetroubled lender on Wednesday as tension on its debt marketscontinued to rise, but it failed to put either a price or anexact timeframe on burying the fiscal and economic deadweight.[ID:nLDE68723X]

The state's troubles with Anglo have re-ignited fears of afull-blown Irish debt crisis and weighed on the euro <EUR=> andother European sovereign borrowers in recent weeks.

"We are all working together to ensure that definite figureswill be produced before the beginning of October," Lenihan toldnational broadcaster RTE.

Irish debt spreads, which narrowed a touch after theannouncement, fell slightly again early on Thursday ahead of aregular auction of treasury bills worth between 400 million and600 million euros at 0930 GMT.

The premium investors demand to hold Irish 10-year paperover German bunds dropped by two basis points to around 378basis points <IE10YT=TWEB><DE10YT=TWEB>, 11 bps off a eurolifetime high hit on Tuesday.

Lenihan acknowledged that Wednesday's decision did not givecomplete clarity to investors but he believed bond markets wouldwait for the final bailout bill to be worked out.

"Of course yesterday was not a silver bullet but it's animportant step in building up confidence," he said.

"We will deal with this matter in a matter of weeks and Ibelieve taken together with the announcement on the guarantee offunding that the bond markets will wait weeks as well."

Yielding to political pressure, Lenihan has ditched AngloIrish's ambitions to carve a functioning niche lender out ofwhat is left of the bank when it transfers 36 billion euros inproperty loans to Ireland's state-run bad bank.

Instead, Anglo's remaining loans of around 38 billion euroswill be housed in an asset recovery bank, where they will beworked out over a period of time or sold off while its depositswill be put into a state-backed bank which will not lend money.

Analysts debated how the government's proposal differed froma full wind down that had looked increasingly likely in recentdays.

"I prefer to use the word workout but you can call it a winddown if you like," Lenihan said.

Prime Minister Brian Cowen said on Wednesday that theworkout of its loans should take no more than 15 years,declining to give a more precise estimate.

ALLIED ASSET SALES

Irish bank stocks were largely unchanged after Wednesday'sannouncement but shares in Allied Irish Banks' <ALBK.I> rose atouch on Thursday after Lenihan said sales of its assets in theUnited States and Poland were at an advanced stage.

Ireland's second biggest bank needs to raise 7.4 billioneuros in capital before the end of the year and Lenihan saidbidding for its 70 percent stake in Polish lender Bank ZachodniWBK <BZWB.WA> had closed with a number of substantial bidsreceived.

"Clearly within the next few weeks finality has to bebrought to the capital position of Allied Irish Banks and willbe," he said.

(Editing by Patrick Graham and Andras Gergely)

(Updates to close)

By Vikram S Subhedar and Farah Master

HONG KONG/SHANGHAI, Sept 9 (Reuters) - China stocks fell onThursday after a sudden drop in the commodities futuresprompted skittish investors to take money off the table.

Hong Kong's Hang Seng index, where the materials sector hasjust a 0.5 percent weighting, was unaffected, and gained 0.4percent.

Chinese commodities futures slid sharply in a widespreadselloff that several market participants said was linked to aninvestigation into the rubber market.

The Shanghai Composite Index fell 1.4 percent to 2,656.4,staying firmly below the 2,700 level that the index has failedto breach multiple times in the past month.

"Commodity futures prices suddenly weakened, which sent theA-shares lower," said Chen Shaodan, analyst at ChinaDevelopment Bank Securities in Beijing.

Metal stocks were broadly lower with Zinc Oxidemanufacturer Sichuan Hongda Co Ltd down 3.1 percent and LiuzhouIron & Steel Co slumping 5.7 percent. Lingyuan Steel plunged6.3 percent.

Bank of China, which obtained regulatory approval for an$8.8 billion share placement, fell 0.9 percent.

Mainland banking shares have underperformed in recentsessions, reflecting lingering concerns over the health of thesector, with Chinese authorities keeping up pressure on banksto rein in bad loans and tighten lending standards.

Property shares slid 2.4 percent after fresh evidence ofChinese cities preparing more tightening steps, as housingtransactions and prices showed signs of a rebound.

The prosperous eastern province of Zhejiang intends toorder developers to park pre-sale proceeds from their realestate projects in escrow bank accounts, according to adocument obtained by Reuters on Wednesday.

HK HOLDS UP

Hong Kong recovered slightly from Wednesday's retreat, withretailer Li & Fung and Cathay Pacific attracting stronginstitutional interest and local property plays also findingfavour.

The benchmark Hang Seng Index rose 0.4 percent to 21,167.3,finding support at the 23.6 percent retracement of its upmovefrom the May low to the August peak.

Cathay shares continued their 2010 rally, up 3.7 percent totheir highest level in about 22 months on good volume. About 10million Cathay shares changed hands, about twice the 5-dayaverage.

"There's a been a sharp revival in Chinese airlines andfunds are increasingly building positions in Cathay," saidAlfred Chan, chief dealer at Cheer Pearl Investments, one ofthe brokers trading Cathay stock on Thursday.

Cathay shares are up more than 45 percent this year, easilythe top performers on the Hang Seng Index.

China Unicom rebounded from Wednesday's slide on reportsthat Telefonica SA would go ahead with plans to raise its 8.4percent stake in the company.

Retailer Li & Fung, Thursday's top gainer on the Hang Seng,rose 5.5 percent, bringing its annual gain to nearly 30 percentand taking shares into technically overbought territory foronly the second time this year, suggesting a pullback could benear.

Analysts at Citigroup, who rate the stock a "buy", said ina note that new revenue from the company's recent string ofacquisitions would help mitigate to some extent uncertaintieson overseas demand.

Local property shares received a boost from news that Wharf(Holdings) Ltd, up 1.9 percent, won a bid to buy land inShanghai for 4.8 billion yuan ($706 million). ($1=6.794 Yuan) (Editing by Muralikumar Anantharaman)

MADRID -- European stock markets shook off earlier losses to make marginal gains in late morning trading with banking and mining sectors pushing higher. The Stoxx Europe 600 index rose 0.2% to 262.85 points. France's CAC-40 index rose 0.3% to 3,692.46, with shares of BNP-Paribas up 1.2%, while Germany's DAX-30 index rose 0.2% to 6,174.05, lifted by a 2.1% gain for MAN . The U.K. FTSE 100 rose 0.5% to 5,457.80, with Lloyds Banking Group up 2.8% and the mining sector higher across the board, led by a 2.4% gain for Vedanta Resources .

Copyright © 2010 MarketWatch, Inc.

LONDON -- The U.K.'s Financial Services Authority said Thursday that it has fined Goldman Sachs Group 17.5 million pounds ($27 million) over the firm's failure to disclose information about a fraud probe by the U.S. Securities and Exchange Commission. The FSA said U.S. authorities began to investigate one of Goldman's collateralized debt obligations in August 2008, but that despite the involvement of Goldman's U.K. arm in marketing the CDO, no one at the firm considered the potential U.K. regulatory implications. In addition, the firm didn't tell the FSA that trader Fabrice Tourre had been issued with a Well Notice in September 2009, meaning Tourre remained approved by the regulator for several months without any investigation by the FSA.

Copyright © 2010 MarketWatch, Inc.

AMSTERDAM -(Dow Jones)- U.K.-based private-equity firm Lion Capital LLP said Thursday it is considering options for exiting the Dutch retail chain Hema, including a trade sale and an initial public offering.

Lion Capital, an investment firm specialized in the consumer sector, said in a statement that Hema has "significant further growth potential" in the next three to five years and that now is an "appropriate time for Lion to explore an exit from the business."

A Hema spokeswoman told Dow Jones Newswires that "we don't know exactly what will happen, but all options are open, including an exit to a private investor, a strategic partner or a possible listing."

The spokeswoman declined to say if talks with any new partners or buyers are currently taking place, but added that she expects a deal in "at least" a few months.

Hema recorded EUR1.1 billion turnover in 2009 and operates 530 stores, of which most are in the Netherlands. It also runs stores in Belgium, Luxembourg, Germany and France. Hema was acquired by Lion Capital in July 2007.

In the past, Dutch food retailer Royal Ahold NV (AH.AE) has been linked to a possible buy of Hema. Ahold declined to comment on the matter.

Copyright © 2010 Dow Jones Newswires

FRANKFURT -(Dow Jones)- Most banks will be able to deal with the new capital rules that will likely be agreed by global bank regulators this weekend, Commerzbank AG (CBK.XE) Chief Executive Martin Blessing said Thursday.

Speaking at a banking conference, Blessing also said he doesn't necessarily expect the new capital requirements to curb bank loans.

Blessing said he expects "significantly tougher" capital requirements but also transition periods to meet them. He added the he welcomes tougher requirements for the quality and amount of capital for banks ahead.

This weekend, global bank regulators are expected to reach a deal on tougher requirements for the world's largest banks, known as Basel III. The talks are being led by the Basel Committee on Banking Supervision.

Copyright © 2010 Dow Jones Newswires

HONG KONG, Sept 9 (Reuters) - Hong Kong shares rose onThursday, with retailer Li & Fung Ltd <0494.HK> and CathayPacific Airways Ltd <0293.HK> attracting institutional interestand local property plays also finding favour.

The benchmark Hang Seng Index <.HSI> rose 0.37 percent to21,167.27, bouncing off a support at the 23.6 percent retracementof its upmove from the May low to the August peak. (Reporting by Vikram Subhedar; Editing by Chris Lewis) (vikram.subhedar@thomsonreuters.com; +852 2843 6975; ReutersMessaging: vikram.subhedar.reuters.com@reuters.net))

PARIS -(Dow Jones)- Insurance company AXA SA (CS.FR) said Thursday it is reviewing its Asian strategy after the Australian competition authority opposed National Australia Bank Ltd.'s (NAB) A$13.3 billion bid for its AXA Asia Pacific Holdings (AXA.AU) unit, potentially throwing its growth plans for the region into disarray.

"AXA remains fully committed to support the Australia and New Zealand businesses and will continue to review its options in the context of its growth strategy in Asia," the company said in a statement.

The Australian Competition and Consumer Commission earlier maintained its April 19 rejection of what would be the biggest deal in Australia's financial services history, arguing it would crimp competition in the market for supply of retail investment platforms--internet portals that link retail investors with the wide range of investment products fund management companies provide.

Under NAB's proposal, 55% owner AXA SA would retain the lucrative Asian assets of AXA APH, while NAB would pay minority shareholders either A$6.43, or 0.1745 NAB shares and A$1.59 for each AXA APH share and take ownership of the Australian and New Zealand businesses. NAB won the necessary support of AXA APH's independent directors in December, trumping a lower cash and shares bid from AMP Ltd. (AMP.AU), which would also see the target split along the same geographic lines.

AXA said in its statement: "AXA's decision to enter into this transaction reflected AXA's desire to increase its presence and allocate additional capital to the fast growing Asian region."

A Paris-based trader said the rejection was disappointing. He pointed out that it was the second time the complex deal had stalled and that AXA and NAB may now struggle to find the sort of concessions needed to push it through. At 0703 GMT, AXA shares were down EUR0.29, or 2.3% at EUR12.72, underperforming the Stoxx Europe 600 insurance index, which was down only slightly.

ACCC Deputy Chairman Peter Kell said in a statement that undertakings proposed by the bank and AXA APH to onsell the target's fledgling investment platform North to a smaller local wealth manager, IOOF Holdings Ltd. (IFL.AU), "do not provide sufficient certainty that the ACCC's competition concerns will be addressed."

AXA shares closed at EUR13.02 in Paris Wednesday.

(William Horobin contributed to this article.)

Copyright © 2010 Dow Jones Newswires

FRANKFURT -(Dow Jones)- Two years after announcing the takeover of Dresdner Bank, Commerzbank AG (CBK.XE) said Thursday integration is nearly complete, and total synergies will exceed original expectations by 10%.

Synergies will already amount to around EUR1.1 billion by the end of this year, and total synergies of EUR2.4 billion will fully take effect from 2013, Commerzbank said in a statement, reiterating comments made Aug. 5.

Both customers and employees have viewed the merger positively, Commerzbank said.

"For our customers, the new joint bank is already a reality," Commerzbank Chief Executive Martin Blessing said at a banking conference, according to the statement.

Commerzbank aims to complete the integration of information technology by the second quarter of 2011, as planned, Blessing added.

Copyright © 2010 Dow Jones Newswires

By Benjamin Kang Lim

BEIJING, Sept 9 (Reuters) - Beijing is consideringrestructuring China Investment Corp (CIC), its $300 billionsovereign wealth fund, in a bid to boost accountability, twosources with knowledge of the plan said.

The proposed reorganisation, which is bound up withmaneuvering among China's political power brokers ahead of theCommunist Party's five-yearly congress in 2012, could result in asharper focus by CIC on its overseas portfolio.

CIC [CIC.UL] has been aggressively investing across the globesince it was established in September 2007, but like other Asiansovereign funds it has been burnt by some of its early foraysinto the U.S. financial industry.

One proposal calls for CIC to be broken up into three parts,two of which would focus on equity and strategic resourcesinvestment, one source with direct knowledge of the matter toldReuters, requesting anonymity because he was not authorised tospeak to reporters.

Another suggests CIC and its wholly owned subsidiary, CentralHuijin Investment Ltd, part ways, a second source said.

Huijin, which holds Beijing's stakes in key domesticstate-owned financial institutions, came under CIC's wing whenthe latter was set up.

"There is no timetable for CIC and Huijin going separateways," said the second source, who also requested anonymity. "TheState Council has yet to make known its position."

China's sovereign wealth fund is accountable to the StateCouncil, China's cabinet, which has the final say on the plannedrestructuring.

CIC and the Finance Ministry had no immediate comment.

STRONGER FOCUS OVERSEAS

Analysts say making Huijin independent could elevate itsstatus within the Chinese bureaucracy, giving it more power asthe largest shareholder in China's biggest banks.

"There are huge differences between international investmentsand domestic financial asset management. So there is good reasonfor the two to separate," said Guo Tianyong, a professor with theCentral University of Finance and Economics.

For its part, CIC could find that without links to Huijin itcan make a stronger case to foreign governments that it should betreated as a commercial entity rather than as a policy arm of theChinese government.

A stronger focus on international investments could also meanthe fund stands a better chance of being handed another chunk ofChina's $2.45 trillion worth of international reserves, which aremanaged conservatively by the central bank.

CIC was set up with the aim of seeking higher returns fromriskier investments for part of the country's stockpile offoreign exchange, by far the largest in the world.

To create CIC, the Finance Ministry issued 1.55 trillion yuanin special bonds to buy about $200 billion of the reserves fromthe People's Bank of China.

That sum had grown to almost $300 billion by the end of 2009,thanks largely to the rising value of Huijin's bank stakes, andCIC has been lobbying for additional funding as it scours theglobe to secure natural resources for China's thrumming economy.

But CIC's start was rocky.

The fund came under fire from critics in the Communist Partyafter big paper losses on early high-profile investments in U.S.private equity firm Blackstone <BX.N> and Wall Street investmentbank Morgan Stanley <MS.N>.

"No one is held accountable when an investment loses money,"the first source said.

"CIC will undergo restructuring because it is too big, whichis not ideal," the source said.

CIC repeatedly stresses that it is a financial investor,seeking high returns not corporate control.

But some Western critics fear state-owned sovereign fundswill build up stakes in leading companies that will give theminfluence in politically sensitive sectors. (Additional reporting by Xie Heng and Shen Yan; Editing by AlanWheatley and Don Durfee)

BEIJING, Sept 9 (Reuters) - Zero interest rates coulddiscourage banks from extending loans, China's central bankgovernor Zhou Xiaochuan said in remarks reported on Thursday.

Zhou, head of People's Bank of China (PBOC), was quoted bylocal financial news portal Caing.com as saying that a centralbank should keep a certain interest rate margin to encouragelending.

He was referring to central banks in general and not to Chinaspecifically.

Zhou was speaking at a forum in Beijing sponsored by OxfordUniversity, according to Caing. (Reporting by Zhou Xin and Alan Wheatley; Editing by Ken Wills)

By Narayanan Somasundaram

SYDNEY, Sept 9 (Reuters) - Even for a man who swims withsharks, the Australian competition regulator's decision toblock National Australia Bank's $12 billion bid for AXA AsiaPacific must really hurt.

NAB Chief Executive Cameron Clyne competed in an ocean racein the waters off Alcatraz prison in San Francisco in July, butfailed to scale the regulatory wall on the AXA bid, stallinghis wealth management growth strategy.

AXA Asia Pacific would have been the final piece in NAB'squest to dominate Australia's $1 trillion wealth managementsector, one of his top priorities since moving into the job inJanuary 2009.

While the deal looked tough from the start, given that thecountry's top four banks completely control financial services,investors thought Clyne had dodged the final barrier when theregulator agreed to consult the market on the deal last month,after blocking it in April.

With the regulator opposing the deal once again, Clyne, 42,needs to explain to investors why he pursued a deal that lookeda hard sell for nine months.

The question now is how much stature has the 6-foot 6-inchformer rugby player lost. Clyne does not seem to mind takingthe heat. He's certainly not easy to miss on the bus he ridesto work so he can field complaints from NAB customers. In theoffice, he sits in an open floor.

"This is not a must-do deal for him," said Paul Biddle, aninvestment analyst at Celeste Funds Management, which does notown NAB shares.

"It is an expensive one. The ACCC is doing him a favour. Hemust get over it. If he keeps fighting about it, the board willgive him a tap."

NAB has yet to formally withdraw from the bid, in anindication that Clyne, who has drawn ideas from Starbucks,Toyota and Boeing, is still looking for a way to salvage thedeal.

Clyne has tried to set NAB apart from its peers, movingfirst to cut fees and start offering the lowest mortgage ratesamong the top four banks to diversify from business lending. Hehas moved aggressively to expand in wealth management.

NAB bought Aviva's Australian wealth unit for $660 millionin June last year and followed that up with the purchase ofGoldman Sachs JB Were's private wealth unit, building on itsMLC business.

"I wouldn't agree he pushed it too far," said Simon Burge,executive director at ATI Asset Management, which owns NABshares. "There certainly was a disconnect between NAB and theregulator. But we broadly support his strategy to grow inwealth management."

While investors say AXA Asia Pacific would have added bulk,it would not have bought efficiencies for NAB, which isstruggling to integrate all its acquisitions.

"We expect that NAB will likely let the deal rest nowrather than challenge via the courts," Citigroup analyst CraigWilliams said. "There is ample opportunity available inintegrating its existing wealth businesses and better executingits banking strategies."

The former accountant will have to do so while navigatingthrough global regulatory changes and economic uncertainties. NAB has more than 300 branches in Britain and was in therunning to buy some of Royal Bank of Scotland's branches,before pulling out at the last minute. NAB has said it wascomfortable with its UK operations and is under no pressure tosell or bulk up, after speculation it would soon choose toeither buy more assets or quit.

Clyne, one of two Australians nominated as a 2008 YoungGlobal Leader in an annual list of 250 people compiled by theWorld Economic Forum, should be thinking bigger and moreglobally, a banking colleague said.

"There is the UK, where he needs to set things right," saidthe banker who has worked with Clyne but declined to beidentified as he is not authorised to speak to the media."There is the Asian opportunity, which he might well miss.

"It is time to move on."

(Editing by Bill Tarrant)

PARIS -(Dow Jones)- French insurer AXA SA (CS.FR) Thursday said it notes the Australian Competition and Consumer Commission's (ACCC) decision to oppose National Australia Bank Limited's (NAB.AU) proposed acquisition of AXA Asia Pacific Holdings (AXA.AU) and subsequent divestment of AXA Asia Pacific Holding's Asian businesses to AXA.

MAIN FACTS:

- AXA will review the Australian Competition and Consumer Commission's reasons for its decision to reject the enforceable undertakings offered by National Australia Bank Limited and AXA Asia Pacific Holdings.

-AXA's decision to enter into this transaction reflected AXA's desire to increase its presence and allocate additional capital to the fast growing Asian region.

-AXA remains fully committed to support the Australia and New Zealand businesses and will continue to review its options in the context of its growth strategy in Asia.

- By Paris Bureau, Dow Jones Newswires; +331-4017-1740; paris@priority.emea.dowjones.com

Copyright © 2010 Dow Jones Newswires

TOKYO -(Dow Jones)- Mizuho Corporate Bank said Thursday it set its long-term prime lending rate for September at 1.45%, up from August's 1.40%.

The new rate will be effective from Friday, the unit of Mizuho Financial Group Inc. (8411.TO) said.

The long-term prime rate is a benchmark for many personal, housing and corporate loans in Japan.

-Tokyo Bureau, Dow Jones Newswires; +81-3-6269-2770

Copyright © 2010 Dow Jones Newswires

HONG KONG -- South Korea's central bank kept its base rate unchanged at 2.25% on Thursday, citing concerns over the global outlook, upending expectations it would tighten to help keep inflation in check. The Bank of Korea said it viewed major advanced economies as continuing their recovery trend, but was concerned about signs of slowdown in the U.S. "Looking ahead, there exists the possibility of the heightened volatility of economic activity in major countries acting as a risk factor for the global Economy," the central bank said in its monthly policy statement. The BOK raised its base rate a quarter-point in July from a record low, marking the first time it has tightened since the crisis. The central said Thursday it expects inflation to pick up later this year as the economy and employment picks up, noting that consumer price inflation is currently within a range of 2% to 3%.

Copyright © 2010 MarketWatch, Inc.

SINGAPORE -(Dow Jones)- Barclays Wealth, the global wealth management division of Barclays PLC (BARC.LN), Thursday announced the appointment of Thelma Kwan as Head of Wealth Advisory for Asia Pacific.

Based in Hong Kong, Kwan will head a team of trust consultants in Hong Kong and Singapore and oversee marketing of wealth advisory services to high-net-worth clients across Asia, the bank said in a statement.

Kwan was previously at LGT Management Services where she was executive director of trust services for the past three years, the statement said.

Copyright © 2010 Dow Jones Newswires