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Mexico central bank moves to defend peso, eyes weak economy MEXICO CITY: Mexico bolstered its intervention program to defend the peso on Thursday as the central bank warned that the currency could slump further after suffering a string of record lows.The Banco de Mexico left its key rate at 3.00 percent, as expected by all 24 analysts surveyed by Reuters last week. Despite the peso's losses, the central bank said that the inflation outlook had improved in the short term. But it also noted that the economic outlook had worsened. Mexico's peso wiped out losses after the country's currency commission, made up of the finance ministry and the central bank, announced they would raise daily dollar auctions to $200 million from $52 million to support the peso. The commission issued its statement as the central bank said it would hold rates steady. Central bankers said that worries about the US Federal Reserve could hammer the peso. The currency hit a ...

Mazda profit beats estimates as strong China, US sales cushion FX loss, costs TOKYO: Japan's Mazda Motor Corp said quarterly profit fell 5.4 percent, but still beat estimates as higher auto sales in China and the United States cushioned the blow of foreign exchange losses and costs booked for new plants in Mexico and Thailand.Shares in Japan's fifth-biggest automaker rose more than 5 percent after it said on Thursday April-June operating profit was 53.32 billion yen ($430 million). That was down from 56.38 billion yen a year ago, ...

Lufthansa sees challenging second half, prices still under pressure BERLIN: German airline Lufthansa said it saw no let-up in pressure on ticket prices due to competition from low-cost rivals and the second half year would be more challenging than the first, even as lower fuel costs boosted quarterly profit.Europe's largest aviation group by revenue is in the midst of a restructuring as it tries to remain competitive against fast-growing budget rivals in Europe as well as carriers such as Emirates and Turkish on long-haul ...

VW's Audi lowers 2015 car sales outlook BERLIN: Germany's Audi lowered its expectations for luxury auto sales this year as volume in China, its biggest market, shrinks.Volkswagen's flagship luxury division said on Thursday it was targeting a "moderate" rise in deliveries from last year's record 1.74 million cars, after previously guiding for a "significant" increase in sales. Ingolstadt-based Audi posted its first sales drop in China in more than two years in May.Copyright Reuters, 2015

Rolls-Royce first-half profit slumps, guidance unchanged LONDON: British engineering firm Rolls-Royce, under pressure after slashing forecasts three times in nine months, reported a 32 percent drop in first-half profit, which was slightly better than expected.It said the performance put it on track to meet downgraded 2015 guidance.Rolls-Royce shocked investors earlier this month when it warned profits at its aero-engine business would falter next year, adding to declines seen in its marine division, where a lower oil price has caused a slowdown ...

GM South Korean workers approve wage deal, avoid major strike SEOUL: General Motors' South Korean workers voted in favour of a wage deal on Thursday, averting a major strike for a second consecutive year. GM Korea agreed to pay 10.5 million won ($8,990) in bonuses and incentives to each worker and raise the basic monthly wage by 83,000 won. Fifty-five percent of GM Korean workers approved the tentative deal reached on Monday, a union spokesman told Reuters.The latest wage agreement includes plans to make next-generation ...

Deutsche Bank's profit increase overshadowed FRANKFURT: Deutsche Bank warned that its new performance targets were at risk from heavy legal charges as it set aside 1.2 billion euros ($1.31 billion) for fines and settlements and reported quarterly earnings largely in line with expectations.Germany's largest bank by market value said it might not reach its 2020 performance targets, which include a return on tangible equity of over 10 percent compared to 5.7 percent now, should fines and settlements continue to batter ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln