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China Construction Bank's profit misses estimates as bad loans rise SHANGHAI/HONG KONG: China Construction Bank Corp (CCB) posted a lower-than-expected increase in second-quarter profit, with rising levels of bad loans, joining peers who have suffered from the country's slowing economic growth. Net profit at the country's second-biggest lender rose 7.9 percent to 64.9 billion yuan ($10.56 billion) in the quarter, according to a Reuters calculation from company figures. Profit for the first half was 130.7 billion yuan, below the average forecast in Reuters poll of analysts of 131.3 billion yuan for the January-June period. CCB is the last of China's top five banks to file earnings for the first half, with all of them reporting slowing profit growth and rising bad loans. Its non-performing loan ratio had increased to 1.04 percent by the end of June, from 1.02 percent at the end of March.China's bad loan levels were at 1.08 percent at the end of June, according to official data, ...

RBS's Coutts sets 110mn stg aside for unsuitable investment advice LONDON: Royal Bank of Scotland's private bank Coutts has set aside 110 million pounds ($182 million) to compensate customers for unsuitable investment advice, a person familiar with the matter told Reuters on Friday. RBS said earlier in August that Coutts had decided to examine the suitability of investment advice to its clients following a review into Britain's wealth management industry by the country's financial regulator. Coutts is in the process of contacting clients and will ...

SoftBank's first Sony smartphone deal takes aim at US market TOKYO: Japan's SoftBank Corp and its US mobile carrier Sprint Corp will offer a Sony smartphone for the first time, sources with knowledge of the matter said, as the two technology titans confront daunting challenges in the US market. The deal could give a much-needed boost to Sony's struggling mobile division, which last month said it no longer expected to make a profit in the year to next March. It will also bolster Sprint's handset ...

Colombia central bank expected to raise rate to 4.5pc BOGOTA: Colombia's central bank is expected to raise its benchmark interest rate by a quarter percentage point for the fifth straight month on Friday to head off inflationary pressures in an economy it says is nearing its full productive capacity. A Reuters poll this week showed 23 of 26 analysts expect the monetary policy board to raise the lending rate to 4.5 percent which would be the highest since October 2012 as the bank eases ...

Yields edge higher, pausing rally, as ECB meeting in focus NEW YORK: Treasuries yields rose slightly on Friday, pausing a week-long rally, as investors rethought expectations for next week's highly anticipated European Central Bank meeting.Comments by ECB President Mario Draghi last Friday were interpreted by some market participants as indicating that the central bank had changed its forecast on inflation lower, and that it may be more likely to embark on new quantitative easing to stave off a decline.But others say that such a move ...

Lufthansa resumes flights to Arbil FRANKFURT: German airline Lufthansa said Friday it is resuming flights to the Iraqi Kurdish city of Arbil, which have been suspended since August 8 as militants seized control of swathes of the country. "Based on the most recent assessments of the security situation in Iraq, the Lufthansa group is resuming flight operations to Arbil in northern Iraq," the carrier said in a statement.Arbil lay outside of the conflict zone controlled by the jihadist Islamic State ...

Audi recalls 70,000 cars over braking system problem FRANKFURT: Audi, the top-of-the-range car maker belonging to auto giant Volkswagen, said on Friday it is recalling 70,000 cars worldwide owing to potential problems with braking systems. An Audi spokesman told AFP that the recall affected the company's A4, the A5, the A5 Cabrio, the A6, the A7 and also the Q5 crossovers models built between March and December 2012.The models were fitted with the 3.0 liter TDI turbo diesel engine. The problem had been ...


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Foreign Debt $61.805bn
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WeeklyAugust 28, 2014
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