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Banks to get some preliminary ECB results FRANKFURT: Banks will get preliminary information on how they have fared in the European Central Bank's landmark assessment of the sector a month early, so they can prepare a "market response", according to an ECB presentation obtained by Reuters. Investors are keenly awaiting the results of the ECB's unprecedented review, which will force lenders to come to terms with any lingering weaknesses, adjust capital buffers and write off soured loans to regain the trust of investors.The health checks started about six months ago and banks have so far been given little information about the outcome to prevent the chance of market sensitive information leaking out.According to the ECB presentation given to senior bank executives in Frankfurt last week, banks will be get partial, preliminary results to "allow them to prepare market response". This means banks will have about a month to get plans in place for any measures they will ...


JD Group to sell consumer finance unit JOHANNESBURG: South African furniture retailer JD Group on Monday said it has agreed to sell its financing unit to an international consumer finance group, becoming the latest firm to cut its exposure to troubled consumer debt. JD Group also said it fell to a loss for the year to end-June, saying it expected to post a headline loss of up to 570 cents a share from earnings of 395.2 cents a share a year earlier.Copyright ...

Luxottica CEO Guerra steps down MILAN: Luxottica Chief Executive Andrea Guerra stepped down as expected on Monday after falling out with the Italian eyewear group's founder and chairman, Leonardo del Vecchio, and will be replaced by a trio of top managers. In a statement Luxottica said the company would be headed by two CEOs, one of them being Enrico Cavatorta, the current general manager and chief financial officer. He will be flanked by a second chief executive in charge of ...

Egypt's central bank keeps interest rates on hold, noting price risks CAIRO: Egypt's central bank kept its overnight deposit and lending rates at 9.25 percent and 10.25 percent respectively on Monday, as widely expected given competing pressures from high inflation and economic stagnation.The bank said in a statement the rates "are currently appropriate" to limit a general price increase.Economists in a Reuters poll had predicted Egypt would keep rates steady in an attempt to balance the need to hold down inflation while supporting an economy that ...

China's CCB says not considering hybrid ownership now HONG KONG: China Construction Bank Corp (CCB) has no plans now to implement a hybrid ownership scheme, Chairman Wang Hongzhang said on Monday. Wang was referring to a new scheme to be piloted by Bank of Communications which will see the Shanghai-based lender bring in more private investment. CCB would also implement any government request to reduce supervisors' pay at state-owned companies, Wang told reporters in Beijing. On Friday, CCB reported slowing profit growth and ...

Sony founder nephew starts as head of PlayStation unit TOKYO: The nephew of a Sony founder on Monday started as head of a regional gaming unit, after the Japanese electronics giant sailed past the 10 million mark in sales of its PlayStation 4.Atsushi Morita, 54, will run Sony Computer Entertainment Japan Asia (SCEJA), a unit of Sony Computer Entertainment which develops the popular gaming console.Morita, a nephew of Sony co-founder Akio Morita, said he was aiming to help continue the latest PlayStation's blazing success.The ...

Peripheral bond yields dip as ECB expected to reinforce support LONDON: Low-rated euro zone bond yields dipped on Monday as investors positioned for the European Central Bank to reinforce support for the bloc's faltering economy on Thursday against a backdrop of rising tensions over Ukraine.Policymakers and national leaders joined calls over the weekend for ECB president Mario Draghi to announce further monetary easing -- even though August's inflation print came in line with expectations on Friday, which was seen as reducing the chances of new ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln