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Tone muted as fiscal cliff talks resume NEW YORK: There are no corporate bond deals expected on Wednesday with the UK and other European markets still on holiday and many US market players still away from their desks.   Overnight, Asian activity was muted. China Development Bank was the main issuer, pricing China's longest dated subordinated bonds a CNY10 billion 50 year non-call 45 tranche at 5.60 percent, the lower end of 5.40 percent -5.90 percent guidance.   US stock index futures were higher at 8.00 am, suggesting the S&P 500 may halt its worst two-day drop since mid-November, ahead of the resumption of 'fiscal cliff' negotiations.   President Barack Obama has cut short his vacation to deal with the crisis, the White House said on Tuesday.   At 8.00 am, S&P 500 futures were up 3.50, Dow futures were up 27 points and Nasdaq 100 futures were up 7 points.   Investors are awaiting housing data for signs of improvement in the economy with the S&P ...

Japan HANOI: VietinBank, Vietnam's second-biggest partly private lender by assets, is set to sign a deal to sell shares to Japan's Bank of Tokyo-Mitsubishi UFJ, making the Japanese lender its strategic investor, a VietinBank official said on Wednesday.   The two banks are scheduled to sign the deal on Thursday in Hanoi, the official said without giving any value or details of the sale.   Bank of Tokyo-Mitsubishi UFJ plans to buy 20 percent of VietinBank from the Vietnamese government ...

Philippines to cap banks MANILA: The Philippine central bank will impose limits on local and foreign banks' forward positions in currencies as a way to manage foreign exchange speculation, its governor said on Wednesday.   Governor Amando Tetangco said the new rules, to take effect after February to give banks time to adjust to the new limits, will cover all kinds of non-deliverable forwards (NDF) and are aimed at improving the regulatory framework for such transactions.   Under the new guidelines, domestic banks' ...

Indian banks MUMBAI: Indian banks' advances and deposits grew at a slower pace in the first three quarters of the current fiscal year ending in March 2013, compared with the same period a year earlier, data from the central bank showed on Wednesday.   As of Dec. 14, banks' advances grew 5.7 percent, slower than 7.8 percent in the year-ago period, while deposits grew 5.6 percent, compared with 6.5 percent.   "Credit growth is linked to the nominal GDP growth. If ...

World BEIJING: China launched service Wednesday on the world's longest high-speed rail route, the latest milestone in the country's rapid and -- sometimes troubled -- super fast rail network.   The opening of the new 2,298-kilometre (1,425-mile) line between Beijing and Guangzhou means passengers will be whisked from the capital to the southern commercial hub in just eight hours, compared with the 22 hours previously required.   State broadcaster China Central Television showed the 9:00 am (0100 GMT) departure of ...

Kingfisher revival plan has no clear funding proposal NEW DELHI: A revival plan submitted to the aviation regulator by India's grounded carrier Kingfisher is not backed by a clear funding proposal, the country's aviation minister said on Wednesday.   Kingfisher, which has not flown since October, has estimated debts of $2.5 billion and owes money to banks, airports, tax authorities, plane leasing companies and its staff.   "That is Mr. Mallya's wish to start, but UB (group) did not say they are going to give anything," Aviation ...

Turk Telekom signs $600mn loan deals with China Development Bank ISTANBUL: Turkish telecommunications company Turk Telekom signed two eight-year loan deals worth $600 million with China Development Bank, the company said on Wednesday.   The $200 million agreement will be used to finance goods and services bought from Huawei and will have an interest rate of Libor+2.85 percent, whereas the $400 million deal will have an interest rate of Libor+3.40 percent.   Copyright Reuters, 2012


Index Closing Chg%
Arrow DJIA 17,122.01 0.09
Arrow Nasdaq 4,569.62 0.02
Arrow S&P 2,000.12 0.01
Arrow FTSE 6,830.66 0.12
Arrow DAX 9,569.71 0.19
Arrow CAC-40 4,395.26 0.04
Arrow Nikkei 15,534.82 0.09
Arrow H.Seng 24,918.75 0.62
Arrow Sensex 26,560.15 0.44

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 25, 2014
Reserves $13.925 bln