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U.S. judge holds Bank of China in contempt for withholding records A U.S. judge held Bank of China Ltd in contempt on Tuesday for refusing to turn over account information of Chinese entities accused of selling counterfeit luxury goods.U.S. District Judge Richard Sullivan in Manhattan, firing off the latest salvo in the battle between China and the United States over financial transparency and national sovereignty, held that the bank must pay a fine for withholding its customers' records.Sullivan said he would likely decide on the amount of the penalty by Monday.The records sought involve Chinese entities that were sued in 2010 by subsidiaries of luxury goods conglomerate Kering SA , including Gucci Group, Bottega Veneta and Yves Saint Laurent.Bank of China itself is not a defendant in that lawsuit.The companies subpoenaed the Bank of China seeking records of the alleged counterfeit sellers' accounts, but the state-owned bank argued that it could not turn over the records without violating Chinese privacy law. ...

Call to reopen a private bank in Karakh KHUZDAR: Karakh people demanded of the State Bank authorities to take steps to reopen a private United Bank Limited (UBL) which was closed for one week ago in Karakh area of the district.They said that the UBL has been closed from seven days ago by its staff in Karakh due to unknown reason and adding that citizens including employees and traders are suffering difficulties in the area.They urged the State Bank authorities to take measures ...

EU plans to review rules on banks' exposure to sovereign bonds BRUSSELS: The European Commission plans to review rules on banks' holdings of sovereign bonds to break excessive exposures to national debt, seen as a vulnerability of the euro zone banking system, a document released on Tuesday said.Most sovereign bonds are currently exempt from "large exposures" limits which are instead imposed on banks for their holdings of corporate or household debt.This has allowed governments to reduce yields on their bonds and get cheaper funding, but was ...

Nigeria central bank cuts rates for first time in six years ABUJA: Nigeria's central bank cut the benchmark interest rate in Africa's biggest economy to 11 percent from 13 percent on Tuesday, its first reduction in the headline cost of borrowing in more than six years.Governor Godwin Emefiele said members of the bank's monetary policy committee had voted by a margin of eight to two in favour of the reduction."We must stimulate growth," Emefiele said, adding that the bank's monetary tightening cycle was over.The bank's monetary ...

Greek deposits safe as top banks raise enough capital ATHENS: Greek depositors won't be forced into a "bail-in" after top banks raised enough capital to avoid having to seize their clients' assets, officials said Tuesday.The banks raised enough fresh capital to get by on their own, or at least qualify for public funds making up any shortfall, they said."There won't be a bail-in," Bank of Greece Governor Yannis Stournaras told journalists.Burdened by non-performing loans and constrained by capital controls imposed in June, Greek banks ...

Easyjet cancels Sharm el-Sheikh flights until new year LONDON: British budget airline Easyjet on Tuesday said it had cancelled all flights to and from the Egyptian resort of Sharm el-Sheikh until next year over security doubts raised by the downing of a Russian jet."You will be aware that over the last few weeks, there have been significant issues associated with flying to and from Sharm el-Sheikh," the airline said in a statement."We can now confirm we will be cancelling all flights to and ...

Kenya's new car sales jump 15pc in first 10 months NAIROBI: Sales of light commercial trucks helped push new vehicle sales in Kenya to 16,711 units in the first 10 months of 2015, 15 percent higher than in the same period last year, the head of the industry's association said on Tuesday.Rita Kavashe, the chairman of the Kenya Motor Industry Association, told Reuters sales of light trucks used to distribute goods and ferry construction materials had grown by 25-30 percent from a year before."The distribution ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
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WeeklyNovember 23, 2015
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