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Petrobras to receive $256mn from Dutch SBM in settlement RIO DE JANEIRO: Brazil's Petrobras will receive 1 billion reais ($256 million) from SBM Offshore NV as part of a leniency deal that will allow the Dutch oil platform leasing company to resume doing business with the Brazilian state-run oil producer, newspaper O Globo reported on Tuesday. Shares of SBM jumped more than 4 percent on the report. Petrobras' stocks were still not trading in Brazil. Brazilian prosecutors had accused SBM of paying bribes between 1995 and 2003 to secure contracts with Petroleo Brasileiro SA, as the oil producer is formally known. Since the corruption scandal emerged, SBM and other construction companies implicated have been banned from doing business with Petrobras. SBM confirmed in a statement on Tuesday that it is in "constructive discussions" with Brazilian authorities but said that a settlement has not yet been reached. According to O Globo, SBM will pay at least 650 million reais in ...

Shell CEO sees first signs of oil price recovery LONDON: Oil markets are beginning to recover but the scale of global oversupply means prices may only rise slowly, the chief executive of Royal Dutch Shell Plc said on Tuesday."We see the first signs of recovery in oil prices," Ben van Beurden told an oil industry conference in London "American shale so far has been much more resilient financially and technically than many expected," he said. "With shale oil being more resilient than we thought ...

Renault board to meet on Nissan alliance PARIS: French carmaker Renault plans to hold a board meeting to discuss its alliance with Japanese partner Nissan later on Tuesday, a source close to the matter said, confirming a report in Le Figaro newspaper.The meeting comes after the French government increased its stake in Renault to 19.7 percent from 15 percent in April, a move it said was intended to boost its voting rights and protect its position as a key shareholder but which ...

Air France violence 'unacceptable', threatens France's image: Hollande LE HAVRE: French President Francois Hollande denounced a violent protest against Air France managers by striking workers as "unacceptable" on Tuesday, saying it threatened France's image."Social dialogue matters, and when it's interrupted by violence and disputes take on an unacceptable form, it can have consequences for the image and attractiveness" of the country, said Hollande during a visit to a maritime college in northern France. Copyright AFP (Agence France-Presse), 2015

EU court strikes down transatlantic data deal in Facebook case LUXEMBOURG: The European Union's top court on Tuesday ruled that a key transatlantic data sharing deal relied on by companies such as Facebook was invalid in the light of spying revelations in the Edward Snowden scandal.In a major blow to US tech firms, the court said the 2000 "Safe Harbour" agreement between the United States and the EU did not sufficiently guarantee the protection of Europeans' personal data and must be struck out.The stunning decision ...

Australia holds interest rates at record low SYDNEY: Australia's central bank on Tuesday kept interest rates at a record low of 2.0 percent, opting against a further cut that would put more downward pressure on the country's dollar.The Reserve Bank of Australia (RBA) last moved its official cash rate in May when it slashed 25 basis points to a historic low as it tries to spur economic growth.The bank said Tuesday that while domestic growth remained below longer-term averages, jobs growth had ...

General Motors recalls 70,000 autos from Russia MOSCOW: General Motors is recalling 70,200 Chevrolet Aveo cars in Russia due to potential steering problems in extremely cold temperatures, Russian federal regulatory agency Rosstandart said Monday.The agency said the recall concerned vehicles sold between November 2011 and last month.Tests have shown the cars' hydraulic assisted steering system could develop cracks in temperatures below minus 40 Celsius (-40 Fahrenheit). Rosstandart said.GM is still digesting a $900 million fine imposed last month in the United States ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln