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Norway central bank cuts key rate to record low 1.0pc OSLO: Norway's central bank on Thursday cut its key interest rate to a record low one percent to counteract the impact of lower oil prices on the economy, and warned of a possible further cut."Developments in the Norwegian economy have been slightly weaker than expected and the economic outlook has deteriorated somewhat. The board has therefore decided to reduce the key policy rate now," central bank governor Oystein Olsen said in a statement. The quarter-point cut was widely expected, as the bank had signalled it would lower the rate before the summer.It warned there could be another rate decrease within a few months."The current assessment of the outlook for the Norwegian economy suggests that the key policy rate may be reduced further in the course of autumn," Olsen said.The Scandinavian country, whose oil sector represents more than 20 percent of gross domestic product, has suffered from an almost 40 percent ...


Deutsche Bank to move 4,000 workers to Canary Wharf FRANKFURT: Deutsche Bank is preparing to move about 4,000 back office workers from five buildings in the City of London financial district to one in Canary Wharf in the east of the capital, where much of Britain's financial sector is now based.Deutsche said the move, scheduled to start towards the end of 2016, would increase efficiency and strengthen controls. It would mostly affect workers in technology and operations.The new office is located at 10 Upper ...

Yields fall after Fed cuts growth, fed funds rate forecasts  NEW YORK: US Treasury yields fell on Wednesday after the Federal Reserve reduced its growth and federal funds rate forecasts, but said growth this year is still likely strong enough to support an interest rate increase later in the year.After contracting in the first quarter, the economy is now on track to grow between 1.8 percent and 2.0 percent in 2015, according to the central bank's latest policy statement and new projections issued by Fed ...

Wikipedia wins top Spanish prize for international cooperation MADRID: Online encyclopedia Wikipedia was on Wednesday awarded Spain's Princess of Asturias award for international cooperation.The award foundation hailed the website as an "important example of international, democratic, open and participatory cooperation -- to which thousands of people of all nationalities contribute selflessly -- that has managed to make universal knowledge available to everyone".Founded by US entrepreneur Jimmy Wales in 2001, Wikipedia has 35 million articles in 288 languages. It is written by volunteers around ...

Former Nokia chief Elop out in Microsoft shakeup NEW YORK: Microsoft announced a management shakeup on Wednesday, including the departure of Stephen Elop, the former Nokia chief who came on board with the US giant's acquisition of the Finnish firm's handset unit.Elop, 51, came to Microsoft as part of the deal unveiled in 2013 to buy the mobile phone unit of the Finland-based tech group.It was the second stint at Microsoft for the Canadian national, hired as chief executive by Nokia in 2010 ...

Airbus hopes to land new A400M orders soon LE BOURGET: The crash of an Airbus A400M military transport plane last month hasn't affected export orders, the firm's chief executive said Wednesday, adding Airbus hoped to land new customers soon.An A400M plane crashed during a test flight on May 9 near Seville in Spain, killing four of the six people on board and seriously injuring the two others.Initial analysis of the black boxes showed that three of the four engines had failed.Airbus's chief executive ...

Indonesia central bank sees 2015 GDP growth at 5pc, credit growth slowing JAKARTA: Indonesia's central bank expects the economy to grow 5 percent this year, slightly slower than its previous 5.1 percent estimate, Bank Indonesia governor Agus Martowardojo said on Wednesday. He also told reporters that banking in Southeast Asia's largest economy remained healthy, but credit growth was slowing.Copyright Reuters, 2015


 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln