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UK's Lloyds says case strengthened for re-starting dividends LONDON: State-backed British bank Lloyds said it had strengthened its case to restart dividend payments for the first time in six years after reporting a one-third rise in profit for the first half.The bank, which is 25 percent-owned by the government after being rescued during the 2008 financial crisis, said it would ask Britain's financial regulator in the second half of the year for permission to begin paying "modest" dividends again.Lloyds was one of Britain's highest dividend paying stocks prior to its 20.5 billion pound ($34.7 billion) state bailout.The bank reported an underlying profit of 3.8 billion pounds, ahead of analyst expectations and up 32 percent on the year before.Including charges for restructuring and penalties related to past misconduct, Lloyds made a statutory profit of 863 million pounds. It said it expected statutory profit in the full year to be significantly higher than in the first half, an indication that ...


VW profit takes hit from emerging market slowdown BERLIN: Volkswagen posted a lower operating profit in the second quarter and stuck to its guidance as emerging market volatility weighed on the German carmaker's results.Operating profit at Europe's largest automotive group dropped 3.1 percent to 3.33 billion euros ($4.5 billion), VW said on Thursday, matching the consensus forecast in a Reuters poll of analysts.Group sales eased 2.2 percent to 51 billion euros amid "significant negative exchange rate effects," VW said, adding: "The weak currencies ...

Philippine central bank raises policy rate, further tightening ahead MANILA: The Philippine central bank raised its main interest rate on Thursday for the first time in three years to tame price pressures and said its inflation target for next year was at risk, fuelling expectations of further tightening ahead.The rate increase was its fourth and most aggressive move against inflation in as many meetings. All 12 analysts in a Reuters poll had expected the central bank to tighten policy but only half had expected ...

Bank of America fined $1.3bn for mortgage fraud NEW YORK: A US judge Wednesday ordered Bank of America to pay a $1.3 billion penalty for selling bad loans to mortgage finance firms Fannie Mae and Freddie Mac amid the housing crisis. The penalty comes after a New York jury in October 2013 found that Bank of America and Countrywide defrauded the two US mortgage giants in a lending program in 2007. Bank of America bought Countrywide in 2008. The program was "from start ...

Passenger rise fuels Korean Air Q2 profit SEOUL: South Korea's biggest airline, Korean Air, posted a second quarter net profit of 347 billion won ($338 million), helped by a rise in passenger and cargo traffic.The airline had suffered a net loss of 359 billion won in the same period last year.It still made a second-quarter operating loss, but the deficit was narrowed to 19.7 billion won from 50.8 billion won a year earlier. Sales rose 2.1 percent year-on-year to 2.89 trillion won.Along ...

Japan's top steelmaker says net profit shrinks TOKYO: Nippon Steel & Sumitomo Metal, the world's number two steelmaker, said Thursday its quarterly net profit dropped by nearly 25 percent owing to falling global prices for the commodity.The Japanese company's April-June net profit came in at 48.34 billion yen (470 million yen), although its profit in the same period the previous year was partly boosted by one-time gains.But strong demand at home and abroad saw sales rise 5.8 percent to 1.36 trillion yen, ...

Japan's ANA drops plan to buy stake in Myanmar airline TOKYO: Japan's All Nippon Airways (ANA) has dropped its plan to buy a 49 percent stake in a Myanmar airline, blaming "intensified" competition in the country as it quickly emerges from years of economic isolation.ANA Holdings -- the airline's parent company -- announced last year that it planned to invest about $25 million in Asian Wings Airways (AWA).But "competition between new and old airlines in Myanmar has intensified... calling into question the assumptions made at ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln