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Tesco beats forecasts with improved quarterly trading LONDON: Britain's biggest supermarket Tesco showed a tentative recovery in its key home market was starting to move onto a stronger footing, with the sales decline in its first quarter coming in ahead of forecasts.A trading update on Friday, published ahead of a potentially stormy annual shareholders' meeting later in the day, said sales at British stores open over a year fell 1.3 percent over the 13 weeks to May 30, the first quarter of its 2015-16 fiscal year.That compares with analysts' forecasts of a fall of 1.6 to 3 percent and is an improvement on the 1.7 percent decline recorded in the fourth quarter of 2014-15."Whilst the market is still challenging and volatility is likely to remain a feature of short-term performance, these first quarter results represent another step in the right direction," Chief Executive Dave Lewis said. Copyright Reuters, 2015

HSBC ends sponsorship tie-up with Markit for China PMI, emerging markets indexes SHANGHAI: HSBC has ended its marketing tie-up with financial information firm Markit Ltd, both companies told Reuters on Friday, winding down a five-year relationship that some industry insiders said may have become too expensive and a potential political liability for HSBC in China.Markit and HSBC spokespersons said that HSBC had ended its sponsorship of the closely watched China Purchasing Managers Index (PMI) and of other emerging markets indexes compiled by Markit.Both companies described the cooperation ...

Bond prices slip on renewed optimism for Greece debt deal NEW YORK: US Treasuries prices slipped on Thursday on renewed optimism that Greece would avert a debt default after the country's international creditors presented a final cash-for-reform proposal to euro zone finance ministers.Euro zone finance ministers will work on a financing-for-reforms deal with Greece on the basis of a proposal from the creditor institutions as negotiations with Athens have produced no agreement, officials said."The main thing is Greece, and the market is still going to ...

ECB's Smets says QE is showing positive results BRUSSELS: The European Central Bank's bond buying programme is working and has had positive effects on the economy, ECB governing council member Jan Smets said on Thursday. The ECB launched its asset buying programme in March, designed to pump 1 trillion euros plus of new money into a sagging euro zone economy. "The aim is, and you can call it effective already, to create macroeconomic stability which is also good for financial stability," Smets told ...

Toyota, Nissan to recall more than 3mn more cars over airbags TOKYO: Toyota and Nissan, Japan's two top automakers, on Thursday expanded their global car recall by more than three million vehicles to replace potentially deadly airbags that have already been linked to eight deaths.Toyota said it will call back an additional 2.86 million vehicles "equipped with certain front passenger airbag inflators" worldwide, while Nissan said it would recall 198,000 units.Smaller rival Japanese automaker Mitsubishi also said Thursday it would recall 120,000 vehicles.Faulty airbags made by ...

China's Alibaba launches Internet bank BEIJING: Chinese e-commerce behemoth Alibaba on Thursday launched an Internet bank aimed at serving small businesses which often struggle to obtain credit from large banks.MYbank, which is 30-percent owned by Alibaba-linked Ant Financial Services Group, said in a microblog post it will offer loans of up to 5 million yuan ($800,000).The bank, based in the city of Hangzhou where Alibaba is headquartered, added it will serve "small businesses, individual consumers and rural users."Alibaba completed the ...

Toshiba may add more outside directors after accounting irregularities TOKYO: Toshiba Corp may appoint more outside board members to improve oversight of its accounts which it is now investigating after finding irregularities, its CEO said on Thursday. Toshiba has not been able to close its books for the year that ended in March as a third-part committee it hired probes its book-keeping practices. It has said it likely overstated profits by around 54 billion yen ($436 million) in recent years.The company has also skipped ...


Index Closing Chg%
Arrow DJIA 17,730.11 0.16
Arrow Nasdaq 5,009.22 0.08
Arrow S&P 2,076.78 0.03
Arrow FTSE 6,585.78 0.67
Arrow DAX 11,058.39 0.37
Arrow CAC-40 4,808.22 0.57
Arrow Nikkei 20,539.79 0.08
Arrow H.Seng 26,064.11 0.83
Arrow Sensex 28,092.79 0.53

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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln