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China central bank cuts interest rate by 0.25pc point BEIJING: China's central bank announced Friday it is cutting benchmark interest rates for the first time in more than two years, as growth in the world's second-largest economy slows.The People's Bank of China (PBoC) said in a statement on its website that it is slashing its one-year rate for deposits by 0.25 of a percentage point to 2.75 percent and its one-year lending rate by 0.40 of a percentage point to 5.6 percent, both effective Saturday. The surprise move -- the first interest rate cut since June 2012 -- came as China's economy expanded 7.3 percent in the July-September quarter, down from 7.5 percent in the previous three months and the slowest since 2009 at the height of the global financial crisis.Since April, China has used a series of limited measures to underpin growth, including targeted cuts in reserve requirements -- the amount of funds banks must put aside -- ...

Bouygues shares soar on Altice interest in telecoms subsidiary PARIS: Shares of French group Bouygues rose on Friday after Altice, the parent company of cable operator Numericable, showed interest in its telecoms subsidiary, signalling another possible tie-up in France's mobile phone market.In morning trade in Paris, the stock climbed 3.66 percent to 29.89 euros in a market up 0.94 percent.Altice, which signalled its interest in Bouygues Telecoms on Thursday, is currently finalising its acquisition of another French mobile phone operator SFR."At this time, we ...

Skymark Airlines shares soar 25.6pc on JAL tie-up report TOKYO: Shares in Skymark Airlines soared 25.6 percent Friday on a report that the troubled Japanese carrier was in tie-up talks with Japan Airlines (JAL).The Tokyo-listed stock skyrocketed 50 yen to at 245 yen ($2) after the leading Nikkei business daily's online edition said the firm was negotiating code-sharing with JAL on some routes.The deal would broaden Skymark's sales channels, as it now mainly sell tickets through its website, the Nikkei said.A spokeswoman for Skymark, ...

Australia's RBA upbeat on outlook for China resource demand SYDNEY: Chinese demand for Australian resources is likely to stay strong over the long run as the Asian giant continues to urbanise and mature into a consumer-led economy, a top central banker said on Friday.The Reserve Bank of Australia's (RBA) head of economic research, Alexandra Heath, acknowledged that slower growth in China and a rapid increase in the supply of coal and iron ore had pressured resource prices in recent months.Yet the urbanisation of the ...

Treasuries prices advance after weak China, euro zone data NEW YORK: US Treasury debt prices rose on Thursday, as investors sought the safety of government bonds amid concerns about global growth following weak manufacturing data from China and Europe.Global stocks fell as a result, with risk appetite diminishing and pushing yields in safe-haven German bunds and U.S. Treasuries to the day's lows.Data showing increased underlying U.S. inflation pressures last month and lower initial weekly jobless claims helped yields edge higher. But pessimistic data out ...

Commerzbank hits customers with negative interest rates FRANKFURT: Commerzbank, Germany's second-biggest lender, announced Thursday that it will start charging large corporate customers and institutional investors to hold a high level of deposits on their accounts.However, individual private customers and small and medium-sized businesses would not be affected, the bank insisted."We reserve the right to charge some large corporates a fee on parked liquidity" above a certain threshold, Commerzbank said in a statement. The move comes following a decision by the European Central ...

RBS executive says repeat of 2012 IT failure is highly unlikely LONDON: Royal Bank of Scotland is "highly unlikely" to experience a repeat of an incident that resulted in millions of its customers being unable to make or receive payments for several weeks, a senior executive told reporters."I can pretty much guarantee that that incident will not happen again because of the actions we've taken subsequently," RBS's Chief Administration Officer Simon McNamara said on a conference call.RBS has invested 750 million pounds ($1.2 billion) to improve ...


Index Closing Chg%
Arrow DJIA 17,827.75 0.07
Arrow Nasdaq 4,787.32 0.61
Arrow S&P 2,072.83 0.28
Arrow FTSE 6,729.17 0.03
Arrow DAX 9,915.56 0.55
Arrow CAC-40 4,373.42 0.20
Arrow Nikkei 17,383.58 0.14
Arrow H.Seng 24,111.98 1.12
Arrow Sensex 28,386.19 0.17

Banking Review 2013

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