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Lending to euro zone private sector shrinks again Oct: ECB FRANKFURT: Lending to euro zone households and firms contracted further in October, keeping up pressure on the European Central Bank to deliver further stimulus measures to buoy the lacklustre 18-country economy.Euro zone banks, especially in crisis-stricken countries, have tightened their purse strings in response to tougher capital requirements and a health check of the sector, while companies have held off investments, unsure of the future.ECB figures released on Thursday showed that in October, loans to the private sector contracted by 1.1 percent from the same month a year earlier, after a contraction of 1.2 percent in September."The latest money supply and bank lending data are of little comfort to the ECB and hardly eases pressure for further action," said Howard Archer, economist at IHS Global Insight.The ECB has started offering banks cheap, four-year loans and has begun buying covered bonds and asset-backed securities to ease the burden on banks' balance ...

China may soon announce plan to insure deposits BEIJING: China's central bank has drawn up plans for the introduction of an insurance system for bank deposits, and the draft rules could be announced soon, three sources with knowledge of the matter said on Thursday.China has considered insuring savers' deposits for around two decades, but the plans took on new urgency in the past year as the country sought to deepen economic reforms.Some Chinese media said on Thursday that the deposit insurance system could ...

Coca-Cola partnership to create biggest bottler in Africa JOHANNESBURG: The Coca-Cola Company Thursday announced a partnership to form its largest soft drinks bottling company in Africa, serving "high growth" countries on the continent.The Coca-Cola company together with British drinks giant SABMiller and Gutsche Family Investment, a South Africa private firm, will join forces to form Coca-Cola Beverages Africa. "The new bottler, Coca-Cola Beverages Africa, will serve 12 high-growth countries accounting for approximately 40 percent of all Coca-Cola beverage volumes in Africa," said a ...

Toyota, Daihatsu announce new Takata airbag recall TOKYO: Toyota said Thursday that it is expanding a recall of cars with airbags made by auto parts maker Takata which have been linked to driver deaths, in another blow to the embattled firm.Toyota, the world's biggest automaker, said it would recall some 57,000 vehicles globally -- about 40,000 units in Japan and some 17,000 overseas -- while subsidiary Daihatsu would recall about 27,500 vehicles in Japan.Some 16 million vehicles from nearly a dozen automakers ...

Eurozone loans to private sector still contracting: ECB FRANKFURT: Loans to the private sector in the euro area, a gauge of economic health, fell year-on-year in October, but by slightly less than in September, the European Central Bank said on Thursday. The volume of loans to private businesses and households declined by 1.1 percent in October compared with the same month in 2013, a slightly lower rate than the drop of 1.2 percent recorded in September, the ECB said in a statement. The ...

German chip-maker Infineon sees growth after solid Q4 FRANKFURT: German semiconductors giant Infineon said Thursday it will pay an increased dividend for the year to September and forecasts further sales growth after a solid fourth quarter. Infineon, which runs its business year from October to September, said in a statement that its net profit rose by 27 percent to 181 million euros ($226 million) in the fourth quarter. Fourth-quarter sales were up 12 percent at 1.175 billion euros. Chief executive Reinhard Ploss said ...

Ebola vaccine from Glaxo passes early safety test NEW YORK: An experimental Ebola vaccine made by GlaxoSmithKline caused no serious side effects and produced an immune response in all 20 healthy volunteers who received it in an early-stage clinical trial, scientists reported on Wednesday in the New England Journal of Medicine.The trial, which began on Sept. 2 and will monitor the volunteers for 48 weeks, is primarily aimed at assessing how safe the vaccine is. But the immune response offered hope that it ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln