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Canada central bank keeps 1pc interest rate OTTAWA: The Bank of Canada announced Wednesday it was keeping its key lending rate at one percent, the same low rate it has maintained for the past four years.In a statement, the central bank cited the nation's low inflation rate, currently around two percent, as a major reason for maintaining its current key lending rate, also citing global economic headwinds."Underlying inflationary pressures are muted, given the persistent slack in the economy and the continued effects of competition in the retail sector," the statement said.The central bank said prospects were bright for "stronger momentum" in the global economy over the next two years, but said "persistent headwinds continue to buffet most economies, and growth remains reliant on exceptional policy stimulus."The bank also cited other areas of potential weakness, including "ongoing geopolitical uncertainties and lower confidence," its statement said.It said however that the outlook for Canada's export sector is encouraging, particular for ...


Drugmaker GSK announces big cost cuts after profit slump LONDON: GlaxoSmithKline will slash its costs by £1.0 billion after posting slumping quarterly profits because of poor US sales, the British pharmaceutical giant said on Wednesday.Costs will be cut by the equivalent of $1.6 billion or 1.3 billion euros after GSK posted profit after tax of £401 million in the third quarter.That was down 59 percent compared with the outcome for the July-September period in 2013.GSK added in its earnings statement that the group continued ...

Total names new bosses as Russia probes CEO plane crash PARIS: French oil giant Total on Wednesday named new bosses to lead one of the world's biggest energy companies after its chief executive was killed in Moscow when his private jet hit a snowplough on takeoff.Executives decided at an emergency meeting to bring back Thierry Desmarest -- who was both chairman and chief executive at Total from 1995 to 2007 -- as chairman of the group after Christophe de Margerie's death.Desmarest, who had once prepared ...

Airbus chief hits out at German defence policy FRANKFURT: The head of European aerospace giant Airbus, Thomas Enders, lashed out at what he saw as Germany's risk aversion in matters of defence policy in a magazine interview Wednesday. "There's a tendency in this country to duck away and hide behind partners," Enders told Cicero in a pre-release of interview to be published in its latest edition on Thursday. In the wide-ranging interview, Enders hit out at the small size of German defence spending, ...

Boeing profits up on higher commercial deliveries NEW YORK: US aerospace giant Boeing Wednesday reported higher quarterly earnings and raised its full-year profit forecast for the second quarter in a row on increased commercial aircraft deliveries.Earnings for the third quarter came in at $1.36 billion, up 17.6 percent from the year-ago period.Key drivers included a jump to 186 commercial aircraft deliveries, up from 170 in the 2013 period. Boeing booked 501 net orders during the quarter, with Irish carrier Ryanair signing a ...

Bank of England split on need to raise rates: minutes LONDON: Bank of England policymakers were split for a third month in a row over the need to lift its record-low interest rate, minutes of their last meeting showed on Wednesday.The bank's nine-member monetary policy committee (MPC) voted 7-2 in favour of keeping its key lending rate at 0.50 percent at its October meeting, repeating the voting pattern over the previous two months.As in August and September, policymakers Ian McCafferty and Martin Weale voted for ...

J&J aims for 1 million Ebola vaccine doses in 2015 LONDON: Johnson & Johnson is accelerating work on its experimental Ebola vaccine and said on Wednesday that it aims to have 1 million doses ready in 2015, of which 250,000 are expected to be available by May. There is currently no proven vaccine against the deadly disease but several companies are racing to develop products and clinical tests on two - from GlaxoSmithKline and NewLink Genetics - are already under way. The World Health Organization ...


 



 
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Banking Review 2013


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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln