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Democratic Republic of Congo copper output rises 52pc KINSHASA: Democratic Republic of Congo produced 942,000 tonnes of copper in 2013, up 52 percent from the year before, the International Monetary Fund (IMF) said on Tuesday.The IMF said a buoyant mining sector would spur economic growth to 8.7 percent this year, up from 8.5 percent in 2013 but short of the government's double-digit target for 2014.Congo's economy leans heavily on the mining sector, even though decades of conflict has made it difficult to exploit the full extent of the country's estimated trillions of dollars of mineral wealth.The IMF said copper output rose from 619,000 tonnes in 2012, a jump that comes as the vast nation seeks to ramp up production from its southeastern Katanga province despite electricity shortages hampering the operations of mining firms.One mining industry official said the lack of stable power supply was trimming potential output by about 20 percent.The former Belgian colony has been plagued by ...


Peugeot launches 2.7bn euro loan refinancing LONDON: PSA Peugeot Citroen has launched syndication of a 2.7 billion euro ($3.71 billion) syndicated credit facility, the lead banks announced on Tuesday. The financing, which launched on Monday, replaces an existing 2.4 billion euro credit line that matures in 2014 and 2015 and will enable PSA to increase its financial flexibility and extend the maturity of its financial resources. The transaction is split between a 2 billion euro, five-year facility and a 700 million ...

US fair housing group files complaint against Deutsche WASHINGTON: Foreclosed houses managed by Deutsche Bank in black and Latino neighbourhoods had more broken windows, damaged roofs, overgrown lawns and trash in the yard than those it managed in nearby white neighbourhoods, a non-profit group said in a complaint to federal officials on Tuesday. The bank took much better care of foreclosed homes in white neighbourhoods, and also marketed them more effectively, said the National Fair Housing Alliance, which filed its accusations with the ...

Bank card fraud rose in Europe in 2012: ECB FRANKFURT: Bank card fraud rose for first time in four years in 2012, largely due to Internet fraud, data compiled by the European Central Bank showed on Tuesday. "Card fraud within the Single Euro Payments Area (SEPA) increased in 2012 for the first time since 2008, driven mainly by higher internet fraud," the ECB wrote in a new report. "More efforts will be required to ensure the security of online card payments as Internet purchases ...

BASF says confident for 2014 after meeting 2013 targets FRANKFURT: German chemicals giant BASF said on Tuesday that it was "cautiously optimistic" for business this year after it met its targets last year. "2013 was again a demanding year, with a lot of headwind for our industry. Nevertheless, we achieved our goal," chief executive Kurt Bock told the group's annual earnings news conference. "Overall, we expect to perform well in a market environment that remains challenging in 2014," Bock continued.Sales were set to decline ...

Talk of Weibo listing as China's Sina posts profit jump SHANGHAI: Chinese Internet giant Sina said its fourth-quarter net profit surged from a year ago, amid media reports it plans an overseas listing of its popular microblog service, Weibo.Sina is planning to spin off its Weibo platform -- China's equivalent to Twitter -- in a US listing to raise $500 million as early as the second quarter of this year, Dow Jones Newswires reported Tuesday, quoting people familiar with the matter.Nasdaq-listed Sina's net income reached ...

Russia's central bank shifts boundaries of rouble's floating corridor MOSCOW: Russia's central bank has shifted its target exchange-rate corridor for the rouble by five kopecks, following market interventions to curb the pace of the currency's decline. The new corridor extends from 35.05 to 42.05 roubles to the dollar-euro currency basket as of Feb. 24, compared to 35.00-42.00 previously. Under its managed float, the central bank increases its interventions as the rouble approaches the boundary of the corridor. Once an intervention allotment of $350 million ...


 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln