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China can cut economic growth target to 7pc in 2015: World Bank BEIJING: China can afford to cut its 2015 economic growth target to 7 percent and still keep its labour market healthy, the World Bank said on Wednesday, even as it urged Beijing to stop setting rigid growth objectives. "Our policy message is the focus should be on reforms rather than meeting specific growth targets," Karlis Smits, a senior economist at the World Bank office in Beijing, told reporters at a media briefing. "In our view, an indicative target of around 7 percent for 2015 would meet the kind of indicative growth that is needed to maintain stability in the labour market," he said. After 30 years of breakneck, double-digit economic expansion that lifted millions of Chinese from abject poverty but also polluted the nation's air, land and waterways, China wants to retool its economy to generate slower but better-quality growth. It aims to grow its economy by around 7.5 percent ...


Brazil set to hold interest rates ahead of policy changes BRASILIA: Brazil's central bank will likely keep interest rates steady for a fourth straight time on Wednesday, holding its ground until President Dilma Rousseff announces changes to economic policy following her narrow re-election victory. All 43 economists surveyed in a Reuters poll expect the central bank to keep its benchmark Selic rate unchanged at 11 percent. After narrowly defeating centrist Senator Aecio Neves on Sunday, Rousseff has pledged to change her economic team and alter ...

Philippine central bank says could keep current policy stance if inflation remains favourable MANILA: The head of the Philippine central bank said on Wedneday it could leave current policy settings on hold if inflation remains favourable and the US Federal Reserve takes its time in raising interest rates, its head said on Wednesday. Bangko Sentral ng Pilipinas Governor Amando Tetangco was speaking at a forum organised by the Foreign Correspondents Association of the Philippines, a day after he said inflation will probably ease further on lower food and ...

Monte Paschi eyes delay to aid repayments to plug funding gap ROME/MILAN: Banca Monte dei Paschi di Siena may seek to delay repaying hundreds of millions of euros in state aid to help shore up its balance sheet as it explores strategic options which could include a merger, chairman Alessandro Profumo said on Tuesday. Profumo and Monte dei Paschi Chief Executive Fabrizio Viola met Economy Ministry officials on Monday to consider the bank's next move after European Central Bank stress tests exposed a 2.1 billion euro ...

Facebook shares dive as social network eyes future SAN FRANCISCO: Facebook Tuesday reported its quarterly profit nearly doubled but saw its stock pounded after outlining a plan to invest heavily in the future instead of revelling in short-term riches.Facebook shares, which had been near record levels in recent days, dropped more than eight percent to $74.15 in after-market trades.The drop followed an earnings call in which executives said they will pour money into talent and technologies with the potential to pay off handsomely ...

Facebook warns of increased spending, shares fall SAN FRANCISCO: Facebook Inc warned on Tuesday of a dramatic increase in spending in 2015 and projected a slowdown in revenue growth this quarter, slicing a tenth off its market value.The hefty spending plans exposed the first signs of stress in the rock-solid support that investors have accorded the social networking company over the past year.With Facebook's mobile advertising business delivering repeated quarters of breakneck revenue growth, the company has faced little pushback from investors ...

Deutsche Bank reshuffles board to sharpen legal focus FRANKFURT: Deutsche Bank reshuffled and expanded its management board by naming a Goldman Sachs banker as chief financial officer and creating a new board role to sharpen the bank's focus on resolving a long list of lawsuits and investigations.The reshuffle will add two members to the seven-member board, with auditing head Christian Sewing moving to the board as the new chief of Legal and Incident Management on Jan. 1.Marcus Schenck, the London-based Goldman Sachs investment ...


 



 
Index Closing Chg%
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln