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Russia raises main interest rate over Ukraine tensions MOSCOW: Russia's central bank unexpectedly raised its main interest rate by a half point to 8.0 percent on Friday, warning that geopolitical tensions were increasing inflationary risks."At the same time, inflation risks have increased due to a combination of factors, including, inter alia, the aggravation of geopolitical tension and its potential impact on the ruble exchange rate dynamics," the Bank of Russia said.Its statement was an apparent reference to the crisis in Ukraine and Western sanctions against Russia.The hike was the third since March as the central bank began to tighten monetary policy when the Russian economy was buffeted by the uncertainty generated by the Ukraine crisis and Western sanctions."If high inflation risks persist, the Bank of Russia will continue raising the key rate," it added.Analysts polled by Interfax news agency had expected the Bank of Russia to hold its main rate steady as last week data showed that annual ...

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 June, but by less than in May, the European Central Bank said Friday.The volume of loans to private businesses and households declined by 1.7 percent from the same month in 2013, a smaller rate than the minus 2.0 percent in May, the ECB said in a statement. The long and deep financial crisis in the 18 countries ...

China approves three private banks: regulator SHANGHAI: China has approved the setting up of three private banks, including one by Internet giant Tencent, the industry regulator said Friday, in a long-awaited economic reform aimed at bringing competition to state banking giants.Previously, China had just two privately-owned banks, Minsheng Bank and Ping An Bank, according to state media.The China Banking Regulatory Commission (CBRC) said it had approved private banks in the southern boomtown of Shenzhen, the northern port city of Tianjin and ...

Royal Bank of Scotland reports recovery, shares leap LONDON: Britain's state-rescued Royal Bank of Scotland posted a surge in profits on Friday, boosting its share price, but warned over future earnings. Net profit almost tripled to £1.425 billion ($2.42 billion, 1.8 billion euros) in the six months to the end of June, compared with the outcome equivalent period in 2013, the bank said.Pre-tax profits jumped 93 percent to £2.65 billion, it added.In reaction, RBS shares rocketed 14.34 percent to 376 pence, topping London's ...

McDonald's Japan halts sales, imports of chicken from China after scandal TOKYO: McDonald's Japan said Friday it would stop importing chicken from China while its restaurants would stop selling the meat, following a food safety scandal that saw expired meat sold to fast food giants.The hamburger chain said it would now source all of its chicken from Thailand in order to "address the concerns of our customers"."We made this decision in view of the growing concern over McDonald's chicken products made in China," the Japanese unit's ...

Air France surprises with speed of recovery, shares jump PARIS: Air France-KLM is climbing well away from financial crisis, the airline group said Friday, releasing results that show a cut in losses and sharp rise in operating profits.The speed of the turnaround surprised analysts, and shares in the airline, the second-biggest in Europe after German Lufthansa, surged. The group, which was in severe financial crisis at the end of 2011, said that restructuring was paying off.It said its recovery programme, called "Transform 2015", would ...

Young CEO of Burger King turned a small burger chain into a cash machine KARACHI: Young CEO of Burger King Daniel Schwartz who started selling whoppers through small drive-through window has now made this small window into one of the biggest burger chain across the world. According to foreign media, “It’s uncommon to find a CEO of a large public company as young as Schwartz. After Facebook’s Mark Zuckerberg, he would be the youngest CEO of the Fortune 1000, if Burger King made that list”.Having no experience in the ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln