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India's ICICI bank opens first branch in China MUMBAI: ICICI Bank Ltd, India's biggest private sector lender by assets, on Saturday opened its first branch in China as trade between Asia's two key economies flourishes.ICICI, which is also traded in New York, said the Shanghai branch got regulatory approval in March 2015.Initially, the branch inaugurated by Indian Prime Minister Narendra Modi during a three-day visit to boost economic ties, will have 17 staff.China and India signed 26 business deals worth more than $22 billion in areas including renewable energy, ports, financing and industrial parks, in addition to 24 agreements signed on Friday, an Indian embassy official said on Saturday. Copyright Reuters, 2015

Bharti Airtel gets credit line of $2.5bn from Chinese banks MUMBAI: India's top mobile carrier Bharti Airtel has received financing commitments of up to $2.5 billion from top Chinese banks as it tries to invest in the growth of data networks across its global operations.Bharti Airtel, which operates in 20 countries across Asia and Africa, said on Saturday that China Development Bank had committed a $2 billion credit line, while Industrial and Commercial Bank of China has offered a $500 million credit line.The company signed ...

Scandal-hit Petrobras first quarter results dip 1.1pc RIO DE JANEIRO: Brazil's state-owned Petrobras oil, mired in a graft scandal, on Friday posted Q1 revenue down 1.1 percent on the same period last year, indicating it may turn a corner after a year of woe.The company reported net income of 5.330 billion reais ($1.778 billion) on sales of 74.4 billion reais.Last year's Q1 results had brought net income of 5.393 billion reais, the dollar value translating at the time to $2.420 billion -- ...

US pushes pedal on car-to-car communication NEW YORK: Engineers have known for some time that if cars could only "talk" to each other, they could avoid a lot of accidents.Vehicles could be driven more safely with information about another car, obstacle or pedestrian around a blind curve, for example.But the hurdles to implementing these systems are numerous: they require a legal framework and the allocation of wireless spectrum to enable vehicle-to-vehicle (V2V) communications.The US administration announced this month it was speeding ...

2,500 Renault workers on strike in Turkey ISTANBUL: More than 2,500 workers in a factory run by French carmaker Renault in western Turkey have gone on strike over wages and benefits, the company said Friday. Workers stopped production overnight Thursday in the company's factory in the Bursa province, state-run Anatolia news agency said. Some workers refused to leave the factory -- which employs 5,000 people -- at the end of their shifts, while others staged demonstrations in the factory's courtyard, chanting slogans ...

US industrial production falls for fifth month in April WASHINGTON: US industrial production declined for a fifth consecutive month in April as mining and utilities output fell and manufacturing stagnated, the Federal Reserve reported Friday.Total industrial output fell 0.3 percent for the second month in April. The March decline previously was estimated at 0.6 percent.Analysts had expected industries would raise output a slight 0.1 percent in April. The nation's industrial output has fallen steadily since a 1.1 percent gain last November.Weak exports and the ...

EBRD eyes cooperation with Chinese-led Asian bank AIIB TBILISI: The European Bank for Reconstruction and Development (EBRD) said on Friday it was ready to cooperate on projects with China and its newly launched Asian Infrastructure Investment Bank (AIIB). In March, a number of European governments decided to become founding members of the AIIB despite misgivings in the United States, which fears the bank will expand China's global influence at the expense of Western lenders. "Our approach is to face reality and to try ...


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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 28, 2015
Reserves $17.494 bln