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UAE's RAKBANK to offer 3.64 dirhams per share for major stake in RAK insurance DUBAI: Shareholders of National Bank of Ras Al Khaimah (RAKBANK) have approved a 3.64-dirham ($0.99) per share offer to buy a majority stake in Ras Al Khaimah National Insurance Co, the bank said on Monday.RAKBANK's proposed price is slightly below RAK insurance's closing price on Aug. 17 of 3.7 dirhams. The stock has not traded on Monday.RAKBANK did not specify the size of the stake it wants to acquire.The government of Ras Al Khaimah, which is one of seven emirates of the United Arab Emirates, owns about 50 percent of each company.RAKBANK, which also offers insurance services, may look to consolidate the operations upon acquiring one of the UAE's oldest insurance companies.Copyright Reuters, 2014

Spain's bad loans ratio slips to 13.1pc in June MADRID: Spanish banks' bad debts as a percentage of total loans was 13.1 percent in June, down slightly from 13.4 percent a month earlier, as bad loans dropped while overall lending rose. Total credit in the financial system was 1.42 trillion euros (1.90 trillion US dollar) in June, up from 1.41 trillion euros a month earlier, data from the Bank of Spain released on Monday showed. Bad loans dropped to 185.9 billion euros in June ...

Greece's Eurobank says agrees to sell Ukrainian unit ATHENS: Greece's third-largest lender Eurobank said on Monday it had agreed to sell its Ukrainian unit to Ukraine's Delta Bank Group for 95 million euros ($127.2 million). The deal to sell PJSC Universal Bank and to transfer Eurobank's Ukrainian assets is expected to be completed in 2014, the bank said in a statement. Copyright Reuters, 2014

Swiss sight deposits rise in week ending August 15 ZURICH: The amount of cash commercial banks hold with the Swiss National Bank rose slightly last week to 313.328 billion Swiss francs, from 309.522 billion francs in the previous week, data showed on Monday.The level is partly a measure of how inclined banks are to find an ultra-safe home for their money and may also reflect efforts by the SNB to defend the 1.20 per euro cap it imposed on Sept. 6, 2011 on the ...

Samsung plans to set up phone factory in Indonesia JAKARTA/SEOUL: South Korea's Samsung Electronics Co Ltd said on Monday it plans to set up a factory to produce mobile phones mainly for Indonesia, one of the world's fastest growing markets for the devices. The company, which already has factories in China and Vietnam, declined to disclose the potential size of its investment. Earlier this year, Taiwan's Foxconn Technology Group, a major supplier to Apple Inc, said it was considering setting up a $1 billion ...

Turkish central bank says opens 6bn lira repo auction ISTANBUL: Turkey's central bank opened a one-week, fixed-rate repo auction on Monday with a volume of 6 billion lira ($2.77 billion), bank data showed. The repo will mature on Aug 25. Copyright Reuters, 2014

Mercedes-Benz accused of 'price-fixing': China media SHANGHAI: China has accused Mercedes-Benz, a unit of German car giant Daimler, of price-fixing, state media reported, amid an anti-monopoly investigation into foreign carmakers.Pricing authorities in the eastern province of Jiangsu have collected evidence that Mercedes-Benz controlled prices of its spare parts and maintenance services, the official Xinhua news agency reported Saturday.The total cost of all spare parts for a Mercedes-Benz C-class could be 12 times more than a finished model, the report said, citing ...


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Foreign Debt $61.805bn
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WeeklyAugust 15, 2014
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