Keywords: Jack Lew, AIG, Barclays, Hussain Al Qemzi, Noor Islamic Bank, CBRC, DBS, Bank Danamon, Bank Indonesia, Real Estate Institute Of Australia, Peter Bushby

"I think Detroit is going to have to work with its creditors on this."
US Treasury secretary Jack Lew, ruling out a federal bailout for Detroit following its bankruptcy declaration earlier this month.

The following are notes from our Monday morning meeting.

AIG's US banking unit will return funds to customers and shut down its deposits business by end-September 2013, as the Dodd-Frank Act places limits on insurers with deposit-taking units.

Barclays announced an $8.9b rights issue and will raise $3b worth of contingent capital to help plug a $19.6b hole in its balance sheet, triggered by new UK regulatory demands.

Value of credit card transactions in Kenya increased 74% over the past two years, rising to $11.4b in 2012 alone.

Hussain Al Qemzi, CEO of UAE's Noor Islamic Bank, called for standardisation of regulations governing Islamic finance to ensure its globalisation.

Asian Banker Research found debit card usage in South Korea rose 20% to $74b in 2012, encouraged by the government's year-end tax deduction policy. Click here for more.

China's CBRC revealed outstanding loans via local government financing vehicles stood at $1.57t as of end June 2013, up 6.2% YoY.

Vietnam's bilateral trade increased 22% YoY to over $900m in 2012, and is expected to hit $2b in 2015.

DBS Singapore dropped its $7.2b planned purchase of Indonesia's Bank Danamon after failing to win Bank Indonesia's approval for a majority stake.

Remittances from Sri Lanka migrant workers amounted to $2.1b in the first four months of 2013, a 6.4% growth, supported by an expansion of formal channels for remittance services.

Real Estate Institute of Australia president Peter Bushby said 20.5% of businesses employing up to four people lack access to bank loans due to perception of higher risk.