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Austrian central bank sees weak GDP growth for rest of 2014 VIENNA: Austria's economy will likely have grown just 0.1 percent in the third quarter and grow 0.2 percent in the fourth as exports slacken and political tensions cap business and consumer sentiment, a leading indicator suggested on Tuesday.The latest readings from the central bank's quarterly business cycle indicator added to evidence that the euro zone is stuck in a quagmire of weak growth and inflation, with even Germany, its biggest member, close to a recession.The latest Austrian figures were more pessimistic that the 0.4 percent growth for July-October the indicator suggested in July.If true, the latest readings would signal 2014 gross domestic product (GDP) growth of 0.8 percent, below the 0.9 percent the central bank had forecast in August when it cut its outlook from 1.6 percent.The export-dependent economy grew a real 0.1 percent in the first quarter and 0.2 percent in the second.The Austrian National Bank said the outlook ...


Romania central bank expects no surprises from ECB stress tests BUCHAREST: European Central Bank financial stress tests should not reveal any surprises for the Romanian banking system, the Bucharest central bank's governor Mugur Isarescu said on Tuesday, despite funding from the West having fallen.Isarescu told reporters funding from foreign banks for their Romanian affiliates had fallen by 9 billion euros over the past five years.The ECB publishes the results of its comprehensive review of the health of Europe's 130 biggest banks on Sunday, Oct. 26.Copyright ...

India's HDFC Bank Q2 profit up 20pc, lags estimates MUMBAI: HDFC Bank Ltd, India's second-biggest private sector lender by assets, on Tuesday reported a 20 percent rise in quarterly net profit, lagging estimates, due to higher tax expenses and provisioning for loan losses.Net profit rose to 23.81 billion rupees ($388.51 million) in its fiscal second quarter to Sept. 30, from 19.82 billion rupees a year earlier, the Mumbai-headquartered bank said in a statement.Analysts had on average expected a net profit of 24.25 billion rupees.Copyright ...

As China gets tougher on fuel economy, some carmakers may be left behind SHANGHAI/BEIJING: Chinese automakers from state-owned FAW Co to Zhejiang Geely are racing to sell more eco-friendly cars as they try to meet tough fuel economy rules due next year as part of Beijing's battle against pollution.But many of China's smaller indigenous automakers will struggle to make the costly upgrades needed to meet the new rules, which aim to push more efficient energy use and which are expected to be toughened every year through 2020.A technology ...

Swedbank warns on growth as quarterly profit tops forecast STOCKHOLM: Banking group Swedbank said on Tuesday growth in its home markets could be dragged down by a weak global economy and political uncertainty in Sweden as it posted forecast-beating profits boosted by lending to corporate and mortgage clients.The bank, which pulled out of Russia and Ukraine last year to focus on Sweden and the Baltics, warned credit demand in the Baltics could be hit by turmoil in Ukraine but said it had not yet ...

CIMB Thai Bank says to miss 2014 loan target due to weak economy BANGKOK: The Thai unit of Malaysian bank CIMB Group Holdings Bhd said on Tuesday it would miss its 15 percent loan growth target for this year due to weak economic growth, and forecast even slower loan growth in 2015. Loans grew 6.9 percent in the first nine months of 2014, when the bank set aside 5.7 billion baht in loan loss provision, Narongchai Wongthanavimok, senior executive vice president at CIMB Thai Bank told reporters. "The ...

Poland's Alior Bank buys Meritum Bank for $107 million WARSAW: Poland's Alior Bank said on Tuesday it had agreed to buy a 98 percent stake in smaller rival Meritum Bank from two private equity funds and the European Bank of Reconstruction and Development (EBRD) for 353 million zlotys ($107 million).About half of the purchase price, or 173 million zlotys, will be paid to Innova Capital and WCP Cooperatief, a unit of Wolfensohn Capital Partners, in the form of new shares issued by Alior Bank, ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln