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Ex-Bank of Cyprus executives face trial over meltdown NICOSIA: Two former chairmen and three other one-time top executives of the Bank of Cyprus are being charged in connection with the economic meltdown that forced Nicosia to seek a painful international bailout.Attorney General Costas Clerides told the Cyprus News Agency a case was filed Friday before the Nicosia district court in what could lead to the first prosecution since the March 2013 banking crisis that almost bankrupted the country.Former BoC chairmen Theodoros Aristodemou and Andreas Artemis, ex-CEOs Andreas Eliades and Yiannis Kypri and former executive Yiannis Pehlivanidis are set for a hearing on January 30, when the case is expected to be referred to the criminal court.Clerides said a police investigation had shown that "criminal offences had been committed."The charges relate to manipulation of the share price and to misleading statements on the capital adequacy of the bank, the island's largest lender.If convicted, the five face up to 10 ...

Turkish central bank injects 24 billion lira in repo, bids 46.5bn ISTANBUL: The Turkish central bank injected 24 billion lira ($10.35 billion) into the market on Friday in a one-week repo auction at a fixed simple rate of 8.25 percent, central bank data showed. Total bids for the repo, which matures on Dec. 26, were 46.5 billion lira, it said. Copyright Reuters, 2014

Indonesia's October loan growth slows to 12.6pc y/y JAKARTA: Indonesia's loan growth in October slowed to 12.6 percent from a year earlier, compared with 13.2 percent in September, the financial services authority said on Friday. Loan growth has slowed since the central bank tightened monetary policy from June to November last year, raising the benchmark interest rate 175 basis points to 7.5 percent. Bank Indonesia in November raised interest rates for the first time in a year, increasing it by 25 basis points ...

ECB considers making weaker euro zone states bear more QE risk FRANKFURT: European Central Bank officials are considering ways to ensure weak countries that stand to gain most from a fresh round of money printing bear more of the risk and cost. Officials, who spoke on condition of anonymity, have told Reuters that the ECB could require central banks in countries such as Greece or Portugal to set aside extra money or provisions to cover potential losses from any bond-buying, reflecting the riskiness of their bonds. ...

China agrees on deal to build 867 km of railways in Thailand BANGKOK: Thailand and China agreed on Friday to build 867 km (542 miles) of dual track railways in the Southeast Asian nation, in cooperation seen as consolidating China's influence in the region. A memorandum of understanding (MoU) was signed on the sidelines of a two-day regional summit that began in Bangkok on Friday. The project could be a boon for Thai trade and tourism and strengthen China's strategic foothold in a country that has seen ...

Nissan CEO says suspending some Russia car orders in ‘bloodbath’ for automakers TOKYO: Japan's Nissan Motor Co and French partner Renault SA have stopped taking orders for some cars in Russia and could raise prices on others if the rouble's plunge continues, alliance Chief Executive Carlos Ghosn said on Friday. "We have suspended taking orders," Ghosn told reporters at Nissan's headquarters in Yokohama, saying the freeze is limited to specific models while orders already placed are being honoured. "We didn't do it (suspend orders) overall, just on ...

Iceland to pay back tranche of IMF loan early COPENHAGEN: Iceland is to repay ahead of time a further tranche of a $2.1 billion loan received from the IMF after its financial crisis in 2008, leaving about 17 percent to pay off, the Central Bank of Iceland said in a statement on Friday. The tranche amounts to about 50 billion Icelandic crowns, corresponding to 275 million IMF special drawing rights (SDR), and had been due for repayment next year. The IMF provided Iceland with ...


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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 $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln