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Lithuanian central bank confident on euro goal, tweaks inflation forecast VILNIUS: Lithuania's central bank said on Tuesday it was confident the Baltic country will meet all requirements for joining the euro zone in 2015 after marginally lowering its inflation forecast for this year.Lithuania hopes to adopt the euro and join its Baltic neighbours Estonia, a current member, and Latvia, which is set to enter the bloc next year. To adopt the euro, a country has to meet economic targets on debt, budget deficits, inflation and long-term interest rates."We are absolutely convinced that we will meet all criteria for euro membership in 2015, including the public deficit criteria," Ruta Rodzko, head of economic and financial stability at the central bank, told Reuters.The Lithuanian central bank said it expected inflation of 1.3 percent this year compared the 1.4 percent forecast earlier. It kept unchanged an outlook for inflation to edge up to 1.5 percent next year.The inflation criteria is shifting due to ...

Bayer bids 1.8bn euro for Norway's Algeta OSLO: German pharmaceutical group Bayer has made a bid for its Norwegian partner and competitor Algeta, specialised in cancer treatments, for 1.8 billion euro ($2.4 billion), the Nordic company said Tuesday.In a statement to the Oslo Stock Exchange responding to recent media reports, Algeta said that Bayer had offered 336 kroner (40.7 euro, $55.2) per share. The company added that the acquisition price quoted in the media (306 kroner) was lower than the actual offer ...

French debt downgrade unjustified: IMF chief economist FRANKFURT: The recent decision by debt rating agency Standard & Poor's to downgrade French sovereign debt was not justified, the International Monetary Fund's chief economist said in a newspaper interview Tuesday. "Even if France hasn't fully recovered yet, I don't see any substantial risk -- or even an increased risk -- that it won't be able to service its debt," Olivier Blanchard told the daily Sueddeutsche Zeitung. "So, yes, in this sense I do think ...

Japanese airlines say will obey China's air zone rules TOKYO: Japanese airlines on Tuesday said they would follow rules set by China when it declared an air control zone over the East China Sea, even as Tokyo said they should ignore them.All Nippon Airways (ANA) said that since Sunday it has been submitting flight plans to Chinese authorities for any plane that was due to pass through the area. Its affiliate Peach Aviation said it was doing the same "for now". The announcements came ...

French carmaker Peugeot recruits new chief executive PARIS: Struggling French automaker PSA Peugeot Citroen said on Monday it had recruited the former number two of its competitor Renault to take over as its chief executive next year."After conducting extensive research, the Supervisory Board chose Carlos Tavares to succeed the current president of the Managing Board," PSA Peugeot Citroen said in a statement.It said Tavaras, a former chief of operations at Renault who also held management posts at its Japanese ally Nissan, would ...

UK lawmaker Tyrie says fundamental problems with RBS lending LONDON: The chairman of Britain's Treasury Select Committee said on Monday there were fundamental problems in the way Royal Bank of Scotland lends to and treats small business customers. "The reports published today make clear that there is a fundamental cultural problem with RBS's lending to and treatment of SMEs (small to medium-sized enterprises). The actions and reputation of RBS have discouraged would-be customers and reduced SME activity," Tyrie said in a ...

Kuwait Airways chief suspended over Jet Airways plan KUWAIT: Kuwait has suspended the chairman of state-owned Kuwait Airways in a dispute over his plans to buy five used aircraft from India's Jet Airways, which the company has since abandoned. Kuwaiti newspaper al-Qabas quoted the Communications Minister Esa al-Kandari as saying he had suspended Sami al-Nisf after he announced plans to buy the used aircraft despite a government request to stop the deal. It said Nisf's deputy, Jassar al-Jassar, has been appointed ...


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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 $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 26, 2015
Reserves $17.749 bln