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Kenya's East African Portland Cement full-year earnings drop NAIROBI: Kenya's East African Portland Cement posted a net loss of 386 million shillings ($4.32 million) for the year ended June 30, saying it had been hurt by price competition, high staff costs and the weakening shilling.A year ago, Kenya's No. 3 cement producer posted a net profit of 1.7 billion shillings The company will not pay a dividend this year, it said in its results, posted late on Friday.Earnings per share tumbled to -4.30 shillings, compared to 19.73 shillings a years ago.The company said its administrative costs had gone up by 700 million shillings following a restructuring of its management, staff compensation and an increase in staff gratuity.Construction has been one of Kenya's fastest growing sectors over the last decade, fuelled by a burgeoning middle class with higher disposable incomes, as well as government-fuelled infrastructure expansion across the country.In its report, the company said it hopes to capitalize on ...

Deutsche Bank lawyer found dead in apparent NY suicide: WSJ BERLIN: Calogero Gambino, a senior Deutsche Bank regulatory lawyer, has been found dead in New York in what appears to have been a suicide, the Wall Street Journal reported on Saturday, citing New York City officials and other sources.The 41-year-old man was found early on Oct. 20 hanging by the neck from a stairway banister, the newspaper said.Gambino, an associate general counsel and a managing director who worked for the German bank for 11 years, ...

Deutsche Bank braces for 1bn euros in US, UK Libor fines FRANKFURT: Deutsche Bank is bracing to pay almost 1 billion euros ($1.3 bln) for Libor-related fines as it nears a deal with US and UK authorities to settle allegations it attempted to manipulate the benchmark interest rate, two sources familiar with the matter said on Friday. The bank has already paid 6.1 billion euros in the past two and a half years as it attempts to clear a backlog of litigation and investigations, of which ...

Russia's VTB Bank says challenges Western sanctions in European Court MOSCOW: Russia's second-largest bank VTB Bank said on Friday it had launched a legal challenge in a European Union court over Western sanctions imposed on the bank over the Ukraine crisis. VTB Bank said in a statement that it would not elaborate on the terms of its legal challenge, in accordance with usual practice for such cases. "We are appealing the decision of the European Council on punitive measures, imposed on VTB, which harm both ...

Sweden's central bank seen cutting rates to just above zero STOCKHOLM: Sweden's central bank is expected to cut interest rates next week to a record low just above zero to fight stubbornly low inflation, a Reuters poll showed on Friday.Of the 13 analysts contributing to the poll, six saw a cut in the bank's main interest rate, the repo rate, to 0.05 percent from 0.25 percent next Tuesday, four expected a cut to 0.10 percent and two said they expected an easing to 0.15 percent. ...

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") ...

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


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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