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Bank of America forgoes $6 billion with slimmer consumer strategy NEW YORK: Bank of America Corp gave up about $6 billion in annual revenue by phasing out risky consumer banking products and eliminating certain fees, but the long-term impact on profits should be minimal, a top executive said on Tuesday.The company had previously earned about $3 billion a year in punitive fees such as overdraft charges on debit-card purchases and about $3 billion a year through the sale of identity theft, payment protection and other "add-on" products, Thong Nguyen, head of Bank of America's mass-market retail bank, told an investor conference in Boston.The bank ended the practice of charging consumers debit card overdraft fees in 2010 and had stopped marketing add-on products by 2012.Because the products and fees can lead to higher loan losses and legal expenses, the consumer bank's income has become more stable since shedding them, Nguyen said. In the first half of this year, Bank of America's ...


SNB to keep 1.20 franc cap for at least six months ZURICH: The Swiss National Bank will keep the 1.20 cap on the franc for at least six months, intervening in foreign exchange markets again or even effectively charging for franc deposits if needed, a Reuters poll found on Tuesday.An interest rate cut by the European Central Bank two weeks ago, as well a new scheme to push money into the flagging euro zone economy, has put renewed pressure on the Swiss central bank's (SNB) efforts ...

Shell says unplanned outage cuts St Fergus gas terminal flows LONDON: An unplanned outage has cut gas flows at Shell's St Fergus gas processing terminal, Shell said on Tuesday."Some minor unplanned maintenance work has temporarily impacted gas flows to St Fergus. We expect levels to return to normal shortly," a spokeswoman for the company said.National Grid data showed volumes fell to zero early on Tuesday morning from more than 20 mcm/day on Monday evening. By 1330 GMT volumes were still zero, the data showed.Shell said ...

Treasuries prices gain ahead of Fed, Scottish vote NEW YORK: US Treasury debt prices rose on Tuesday as buyers fretted over possible shifts in America's ultra loose monetary policy and about the independence referendum in Scotland on Thursday, which could shake global markets.As stock markets hit a one-month low before a U.S. Federal Reserve policymakers' meeting scheduled to begin Tuesday, prices of Treasuries moved up for a second straight session after a sustained selloff that ended on Friday."It's more of a tilt toward ...

US Treasuries shorts at highest since late July: JPM survey NEW YORK: The share of investors who are bearish on U.S. longer-dated Treasuries and reckon their yields will rise climbed to its highest level since late July, according to a J.P. Morgan Securities survey released on Tuesday.The share of investors who said on Monday they are "short" longer-dated U.S. government debt rose to 42 percent from 36 percent the previous week.This was the largest share of investors who were "short" Treasuries since July 28, the ...

ECB to change bank secrecy agreement amid legal doubts FRANKFURT: The European Central Bank (ECB) will change a non-disclosure agreement with banks undergoing its stress tests after complaints from German banks that they risked getting into conflict with laws requiring them to disclose price-sensitive information.German banks have refused to sign a confidentiality agreement which requires them to remain silent about meetings planned for September, at which the regulator will offer general guidance about the results of the tests which will be published in late ...

ECB rate cut could boost growth, inflation: ZEW economist MANNHEIM: The European Central Bank's surprise rate cut and announcement of asset-backed security and covered bond purchase programmes earlier this month could have a positive effect on growth and inflation, a ZEW economist said on Tuesday."Responses (for the ZEW survey on economic sentiment) improved slightly after the ECB announcement ... relative to the responses before," said economist Frieder Mokinski."We could say that we see some potential for a slight positive effect on growth and inflation ...


 



 
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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 $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln