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ECB says sets minimum reserves for Lithuania FRANKFURT: The European Central Bank has set minimum reserves for banks in Lithuania, the ECB said on Friday.Following is its statement: On 21 October 2014 the Executive Board of the European Central Bank (ECB) adopted a Decision on the application of minimum reserves by the ECB following the introduction of the euro in Lithuania on 1 January 2015 (ECB/2014/42). As of that date, credit institutions and branches of credit institutions (hereafter referred to as "institutions") located in Lithuania will be subject to the Eurosystem's minimum reserve requirements. Given that the regular reserve maintenance period runs from 10 December 2014 to 27 January 2015, transitional provisions will be necessary to ensure that the relevant institutions are integrated smoothly into the Eurosystem's minimum reserve system, without placing a disproportionate burden on them. The Decision, in line with decisions taken when other countries joined the euro area, provides for a transitional maintenance period ...

Kenya's central bank seeks to mop up 4bn shillings NAIROBI: Kenya's central bank said on Friday it was in the money market to mop up 4 billion shillings ($44.77 million) in excess liquidity, using repurchase agreements (repo) and term auction deposits. By mopping up liquidity, the bank makes it relatively costlier to hold onto long dollar positions, which in turn helps strengthen the shilling. Copyright Reuters, 2014

Cost cuts pay off for Volvo with surprise profit rise STOCKHOLM: Global truck maker Volvo posted a surprise rise in core quarterly profit on Friday as deep cost cuts more than made up for lacklustre demand in some major markets, sending its shares up 10 percent. The group, which vies for market leadership with Germany's Daimler and Volkswagen's Scania and MAN brands, said it would take out more costs to boost profitability that has often lagged its rivals."I see this quarter as a small but ...

Spain's Caixabank, Bankia see core business upturn, lending lags MADRID: Spain's Caixabank and Bankia posted a rise in nine-month profits, as their core banking performance was boosted by lower costs and higher charges to clients. But, in a sign of Spain's slow-moving recovery, the banks also reported a drop in lending on Friday, as the country's banks cut back on new mortgages given tepid demand from indebted families, even as they seek to increase loans to businesses. Caixabank boss Gonzalo Gortazar said weaker lending ...

Banks to return 5.66bn euros in crisis loans to ECB next week FRANKFURT: Banks will return 5.661 billion euros in crisis loans to the European Central Bank next week after the central bank started offering lenders new four-year loans at cheap rates.The Oct. 29 repayment is slightly lower than the 5.8 billion euros banks repaid this week but more than the 4.5 billion euros money market traders polled by Reuters had expected.Banks are returning funds they took from the ECB in late 2011 and early 2012 to ...

European bank stocks outpace market before stress tests LONDON: European shares pared early losses on Friday as investors bet the fallout for the banking sector from stress test results due on Sunday should be contained, and took a more measured view of New York's first case of Ebola. The banking index rose 0.3 percent, boosted by hopes that the weekend update on the sector's financial health from the European Central Bank should not reveal too many problems. Banca Monte dei Paschi di Siena ...

Tesco sales fell 5.2pc in 12 weeks to Oct 11 LONDON: Sales at troubled British grocer Tesco fell 5.2 percent year-on-year in the 12 weeks to Oct. 11, according to monthly industry data published on Friday. The data from market researcher Nielsen said Tesco's market share was 27.8 percent in the period, down from 29.2 percent in the same period last year. The Nielsen data showed a greater slowdown for Tesco than the 3.6 percent decline reported by Kantar Worldpanel on Tuesday. On Thursday Tesco ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln