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Kenya's central bank says in market to mop up 10bn shillings NAIROBI: Kenya's central bank said on Friday it planned to mop up 10 billion shillings ($109 million) in excess liquidity from the money markets using repurchase agreements and term auction deposits.Mopping up excess liquidity makes it more costly to hold dollars, which partly lends support to the shilling.Copyright Reuters, 2015

Chevron seeks to exit Caltex Australia with $3.6bn stake sale HONG KONG/SYDNEY: US energy firm Chevron is seeking to sell its entire stake in Caltex Australia Ltd for about A$4.6 billion ($3.6 billion), exiting Australia's biggest refiner after nearly 40 years as falling oil prices and high costs hurt margins.A successful sale of Chevron's 50 percent stake, which the company is offering at a discount to market prices, would make the deal Asia's largest block transaction after the government of India raised $3.6 billion by ...

Co-op Bank sees more branch, job cuts after 2014 loss LONDON: Britain's Co-operative Bank will close 57 more branches this year and more in the future under a turnaround plan that saw it cut 15 percent of its staff last year and make a loss of 264 million pounds ($392 million).Co-op Bank is trying to recover from a near collapse in 2013, when it was hit by a yawning hole in its finances, a drugs scandal, an exodus of top executives, and posted a 633 ...

India's SpiceJet running short of planes for scheduled flights NEW DELHI: Indian low-cost carrier SpiceJet Ltd will have to cancel more than a fifth of its planned daily flights if it cannot reach an agreement with its lessors to bring in more aircraft by the end of this month, a company spokesman said.SpiceJet, which came close to collapsing in December after running out of cash to pay its creditors, is scheduled to make 280 daily flights from next week.But with its current fleet at ...

Dutch govt delays ABN Amro listing over executive pay row AMSTERDAM: The Dutch government said on Friday it had delayed a decision on when to privatise ABN Amro bank over a dispute about executive pay. Finance Minister Jeroen Dijsselbloem's move comes after the bank's supervisory board decided this week to increase the base salaries of most managers.ABN Amro was nationalised during the financial crisis of 2008, ultimately costing taxpayers 24 billion euros ($26 billion).The move to boost salaries of ABN Amro executive board members by ...

Turkey applies to join China-proposed Asian Investment Bank ISLAMABAD: Turkey has applied to join the Asian Infrastructure Investment Bank (AIIB) as a prospective founding member, the Chinese Ministry of Finance said.The AIIB is an international financial institution providing support to infrastructure projects in Asia. It is expected to be established by the end of this year,a statement, Xinhua reported on Friday.The application deadline for prospective founding members is March 31. Twenty-one countries signed a Memorandum of Understanding (MoU) last October in Beijing on ...

Swiss private bank UBP says to buy RBS's Coutts International ZURICH: Swiss private bank Union Bancaire Privee (UBP) said on Friday it had agreed to buy Royal Bank of Scotland's international private banking arm Coutts International."This acquisition confirms our commitment in further developing our wealth management business and represents a significant milestone in our growth strategy," UBP Chief Executive said in a statement. A spokeswoman for Coutts International said both parties had agreed not to disclose the price of the deal. Britain's Financial Times reported ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln