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German Bunds rise as investors eye Cyprus vote LONDON: German Bund futures edged higher on Tuesday as investors sought safety before a vote by Cyprus's parliament on controversial legislation that could secure its financial rescue or threaten default.The parliament is unlikely to pass legislation taxing deposits, government spokesman Christos Stylianides said earlier on Tuesday.The idea of the levy unsettled financial markets on Monday and sets a dangerous precedent in the euro zone by penalising savers, which analysts fear could spark contagion across the region.Euro zone ministers urged Cyprus to let smaller savers escape a levy on bank deposits."We are just waiting for another headline out of Cyrpus," a trader said, adding that buying Bunds "is the only trade to have on.""It's quite serious, it's got bigger implications. I think there is (a risk) of some cross border contamination."German Bunds were up 7 ticks on the day at 144.01. Copyright Reuters, 2013


European auto sales fall 10.5pc in February PARIS: European auto sales plunged 10.5 percent in February from a year earlier to below the 800,000 unit mark, the European Automobile Manufacturers' Association said on Tuesday.The only country to experience sales growth in February was Britain, where new car registrations rose 7.9 percent. Sales in major markets Germany, France, Italy and Spain all slumped.In February almost all auto companies operating on the continent suffered lower sales except Asian builders Hyundai, Mazda and Honda, though ...

Outgoing BoJ chief Shirakawa says failed on deflation TOKYO: The Bank of Japan's outgoing governor on Tuesday acknowledged he failed to end the country's long-running deflation, but pointed to better times ahead as he steps down from the post.Masaaki Shirakawa, 63, leaves the job about three weeks before the official end of his term after sparring with Prime Minister Shinzo Abe over policies aimed at stoking the world's third-largest economy.Abe pressured BoJ policymakers for aggressive easing and other measures to stoke growth, while ...

US bonds slip but Cyprus bailout jitters linger SINGAPORE: US 10-year Treasuries slipped in Asia on Tuesday, but losses were limited as investors remained concerned about a plan to tax bank deposits in Cyprus to help pay for the country's bailout.Breaking with previous European Union practice that depositors' savings are sacrosanct, Cyprus and international lenders agreed at the weekend that savers in the island's outsized banking system would take a hit in return for an offer of 10 billion euros ($13 billion) in ...

India MUMBAI: India's central bank cut its main interest rate by 25 basis points on Tuesday -- its second such reduction this year -- in an effort to jumpstart the slowing economy.After meeting in the financial capital Mumbai, the Reserve Bank of India (RBI) said that the benchmark repo rate, at which it lends to commercial banks, would fall to 7.50 percent, as predicted by most economists.The cash reserve ratio -- the percentage of deposits banks ...

Chrysler production boom irks workers as Fiat idles plants DETROIT: With auto sales in Europe stalled, Fiat is pushing Chrysler to boost production at key US plants over the opposition of blue-collar workers who don't like the new work schedules.Less than four years after Chrysler was saved from certain death by a government-backed bankruptcy and steered back to profitability by Fiat, a growing number of workers are complaining that they are being asked to sacrifice once again.But they're not getting a lot of support ...

Williams plans C$900mn plastics plant in Alberta CALGARY: Williams Companies Inc will spend C$900 million ($881 million)to build a plant in Alberta that will produce raw plastics from the byproducts of oil sands processing, the US pipeline and gas-processing company said on Monday.Williams said it will build a propane dehydration facility at its Redwater complex near Edmonton that will allow it to vastly increase production of polymer-grade propylene, an ingredient of plastics.The plant will have a capacity of 1.1 billion pounds (500 ...


 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln