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Turkish rate boost to lira fizzles out ANKARA: Crisis action by the Turkish central bank doubling its key interest rate gave only brief relief to the lira which fell back as emerging markets faced a US monetary policy decision on Wednesday.The Turkish decision was closely watched in emerging markets where the South African central bank followed with a half-point rise in its key rate.The Turkish bank defied political pressure to double its key interest rate to 10.0 percent to attract funds and fight a run on the currency.The increase was also a pre-emptive move against any tightening of US monetary policy, which could suck money out of emerging economies.The lira leapt by about 3.0 percent overnight in response to the central bank's U-turn. But during trading on Wednesday, the lira lost its gains. After the decision, it shot up to 2.17, but later was down to 2.25 by close of trade.But it was still well above the ...

Facebook quarterly profit leaps to $523 mn SAN FRANCISCO: Facebook said Wednesday its fourth quarter profit jumped eightfold to $523 million as the social network giant closed out 2013 on a solid note."It was a great end to the year for Facebook," said Facebook founder and chief executive Mark Zuckerberg as the company reported a $1.5 billion profit for the year. "We're looking forward to our next decade and to helping connect the rest of the world." Copyright AFP (Agence France-Presse), ...

Massachusetts uses largest 'social impact bond' to tackle crime BOSTON: Massachusetts said on Wednesday it will fight youth crime in the state by using the nation's largest "social impact bond" an alternative way to fund government programs that taps private investors like banks. The $18 million bond is backed by Goldman Sachs, The Kresge Foundation and others. It comes as several US states and cities explore using the funding tool, pioneered in the United Kingdom in 2010 and designed to eliminate ...

US company buys Armenian power plants in $250mn YEREVAN: US power company ContourGlobal said it will acquire three hydroelectric power plants in Armenia in a $250 million deal. The company said it had bought the Vorotan Hydro plants for $180 million and planned to invest an additional $70 million, making it the largest single US private investment in the Caucasus country of 3.8 million. The deal may decrease Armenia's dependence on Russia, Yerevan's main trading partner and biggest foreign investor which is due ...

US Treasury Lew sees differentiation in emerging market selloff WASHINGTON: The emerging market countries taking tough action on reforms and managing their economies well are having an easier ride in the current market selloff, US Treasury Secretary Jack Lew said on Wednesday. "I will say that we're seeing a lot of differentiation in the marketplace and we're seeing that countries that have taken tough actions and managed well are having a different experience," Lew told reporters traveling with President Barack Obama aboard ...

Pharma giant Novartis reports profits dip 1pc in 2013 ZURICH: Swiss pharmaceuticals giant Novartis on Wednesday announced that its net profit fell 1.0 percent in 2013 to $9.2 billion (6.8 billion euros), blaming the impact of unfavourable exchange rates.Without taking into account rate fluctuations -- notably the fall of the Japanese yen and emerging markets' currencies against the dollar -- the group said that profit rose by 7.0 percent last year."Novartis delivered strong performance in 2013, growing both net sales and core operating income ...

India's Bharti Airtel profit doubles, first rise in 4 years NEW DELHI: India's top mobile phone firm Bharti Airtel reported Wednesday its quarterly profit leapt by 115 percent, the first rise in four years, boosted by surging data use and easing of cut-throat price wars.Bharti, the fourth-largest telecom firm globally, said net profit for the third financial quarter to December climbed to 6.1 billion rupees ($98 million) from 2.84 billion rupees in the same period a year earlier.The company's focus on Internet operations "has increased ...


Index Closing Chg%
Arrow DJIA 17,683.58 0.26
Arrow Nasdaq 4,991.94 0.34
Arrow S&P 2,068.76 0.39
Arrow FTSE 6,535.68 0.76
Arrow DAX 10,890.63 1.52
Arrow CAC-40 4,711.54 2.01
Arrow Nikkei 20,112.12 2.08
Arrow H.Seng 25,236.28 3.18
Arrow Sensex 28,208.76 0.41

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 06, 2015
Reserves $18.201 bln