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EBRD eyes cooperation with Chinese-led Asian bank AIIB TBILISI: The European Bank for Reconstruction and Development (EBRD) said on Friday it was ready to cooperate on projects with China and its newly launched Asian Infrastructure Investment Bank (AIIB). In March, a number of European governments decided to become founding members of the AIIB despite misgivings in the United States, which fears the bank will expand China's global influence at the expense of Western lenders. "Our approach is to face reality and to try and work with Chinese companies and the Chinese government," EBRD president Suma Chakrabarti told a news conference in the Georgian capital Tbilisi after an annual meeting of the EBRD board of governors.He said many member countries of the EBRD, whose traditional investment focus since its founding in 1991 has been the former Soviet bloc, were keen to attract investment from the AIIB and to see the London-based EBRD as a co-financer."We would be honoured and ...

Japan's Takeda plunges into loss over US drug lawsuit TOKYO: Japan's top drugmaker on Friday reported an annual loss for the first time in its history after agreeing to pay $2.4 billion to settle US lawsuits over cancer claims regarding its Actos diabetes drug.Osaka-based Takeda($1.22 billion) as it took huge charges to settle the claims, reversing a year earlier profit and marking its only loss since becoming a publicly listed company in 1949.But revenue grew 5.1 percent to 1.78 trillion yen, helped by a ...

Yields fall as supply eases; German debt steadies NEW YORK: US Treasuries ended stronger on Thursday, even after the Treasury had to pay more to sell new 30-year bonds, as an overhang of government and corporate debt supply passed.The government's $16 billion sale of 30-year bonds saw lackluster demand, resulting in a yield of 3.044 percent, the highest since November and around two basis points above where traders had expected it to price."It was a sizable tail, but I don't think it was ...

Lloyds eyes return to private hands in next 12 months EDINBURGH: Lloyds Banking Group could be fully returned to private hands within the next year, Chairman Norman Blackwell said at the company's annual meeting. The government has already sold nearly half of the 41 percent stake it took as a result of its 20-billion-pound ($31.6 billion) rescue of the bank during the 2007-9 financial crisis, raising over 10 billion pounds for taxpayers. It is continuing to sell the shares to financial institutions such as pension ...

Sharp announces $1.86bn loss, plans thousands of job cuts TOKYO: Japanese electronics giant Sharp on Thursday said it was cutting thousands of jobs in a fresh turnaround plan to keep it afloat as the struggling firm posted a bigger-than-expected $1.86 billion annual loss.The 222 billion yen net loss -- much bigger than an earlier 30 billion yen forecast -- came as Sharp said it would cut about 10 percent of its 49,000-strong global workforce, including 3,500 jobs in Japan.The firm said it hoped to ...

Telefonica first quarter profit jumps on O2 sale MADRID: Spain's Telefonica, Europe's second-largest phone company, said Thursday its net profit more than doubled in the first quarter thanks to a one-off financial boost from the sale of its British unit O2.The carrier posted a forecast-beating net profit in the period of 1.8 billion euros ($2.0 billion) up from 688 million euros during the same time last year. Analysts contacted by financial information services provider Factsheet had predicted a first quarter result of 669 ...

Hitachi's annual profit down, points to surge this year TOKYO: Hitachi said Thursday that its annual profit fell, owing to a one-off surge a year earlier, but it forecast a rebound this year.The Japanese conglomerate, which sells everything from lifts to nuclear plants, said its net profit was down 8.9 percent at 241.3 billion yen ($2.0 billion) in the 12 months to March, largely due to year-earlier gains it booked from a reorganisation of its thermal power generation unit.Operating profit in the just-ended year ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln