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ECB stimulus plan helps UK gilts bounce back from 9-day low LONDON: British government bond prices recovered from heavy losses early on Thursday after the European Central Bank said it would pump hundreds of billions of euros into the sagging euro zone economy. After outperforming strongly on Wednesday, when two Bank of England policymakers dropped their calls for higher interest rates, gilt prices opened sharply lower on Thursday, pushing 10-year gilt yields up nearly 9 basis points to their highest in more than a week. But when ECB President Mario Draghi said the bank would pump 60 billion euros a month into the euro zone economy by purchasing mostly government bonds, gilts tracked Bunds higher and prices briefly turned positive on the day before faltering.At 1630 GMT, 10-year gilt yields were up 1 basis point at 1.52 percent after the biggest intra-day swing in over a month. "Gilts have had a funny old day," said Citi fixed income strategist Jamie Searle. ...


Novartis CEO says reviewing Swiss costs after franc shock DAVOS: Novartis will review its Swiss cost base after the country's central bank scrapped a cap on the franc last week, sending the currency soaring, the Swiss drugmaker's chief executive said on Thursday. "We'll have to take a hard look at what's in Switzerland and what could move outside," Joe Jimenez told Reuters on the fringes of the World Economic Forum in Davos. The company has just 2 percent of its sales in Switzerland but ...

BMW, VW join with ChargePoint to build EV fast-charging stations DETROIT: German automakers BMW and Volkswagen are joining with ChargePoint to build a US network of fast-charging stations for electric cars and plug-in hybrid vehicles, the companies said Thursday. The companies plan to install nearly 100 ChargePoint ports on the US East and West Coasts by the end of 2015 as part of an effort to promote greater sales of EVs such as the BMW i3 and the VW e-Golf. ChargePoint operates one of the ...

How ECB will print money and share the risk FRANKFURT: The European Central Bank is launching a one-trillion-euro-plus money printing programme to bolster the flagging euro zone economy.Here is how it will work:In March, the ECB and national central banks of euro zone member states will start buying 60 billion euros of chiefly government debt each month. That figure includes rebundled private debt, asset-backed securities and covered bonds, typically worth about 10 billion euros, on top of the roughly 50 billion euros in state ...

Swedish central bank should consider weakening currency DAVOS: Sweden's central bank should consider steps to weaken the crown to keep the economy competitive after the European Central Bank launched substantial bond-buying on Thursday, former finance minister Anders Borg told Reuters. Borg, in government until last year and now chair of the Global Financial System Initiative at the World Economic Forum, said the currency was arguably too strong for the good of the economy and the Riksbank had tools to act. "The krone ...

Egyptian banks to fund major power deal CAIRO: Six Egyptian banks have reached a deal to fund an electricity generation project worth 3 billion Egyptian pounds ($405 million), the state news agency MENA reported on Thursday. The deal was led by the National Bank of Egypt, Egypt's largest commercial bank, MENA said. Under the terms of the agreement, the production capacity of power stations in the towns of Helwan and Assiut will rise to 2,600 megawatts. MENA quoted Mahmoud Muntasir, vice president ...

RBC's foray south a pricey bet that two's a charm WASHINGTON: Royal Bank of Canada is placing a pricey bet that the second time's a charm for a foray south of the border. The Canadian titan is forking over $5.4 billion for Beverly Hills-based City National little more than three years after it cut a painful retreat from US retail banking.This time around, RBC boss David McKay, who took the reins last August, has targeted a growing franchise in a coveted part of the market. ...


 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln