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China bank loans plunge in July: central bank SHANGHAI: China's bank lending slumped in July from June, the central bank said Wednesday, as demand for loans weakened amid struggles in the property sector, key to the world's second-largest economy. New yuan loans extended by domestic banks came in at 385.2 billion yuan ($62.5 billion) last month, the People's Bank of China (PBoC) said in a statement, a drastic decline from June's 1.08 trillion yuan.The figure was just over half the median forecast of 730 billion yuan in a poll of 15 economists by the Wall Street Journal.It was also down 45 percent year-on-year from the 699.9 billion yuan of new lending in July 2013.Property prices in China have been falling for three consecutive months and an unnamed PBoC official said in a statement: "Effective loan demand was not as strong as in the past, due to downward pressure in the domestic economy and that the property market is ...

Cathay Pacific first-half net profit surges to nearly $45mn HONG KONG: Hong Kong flag carrier Cathay Pacific announced a first-half net profit of HK$347 million ($44.77 million) on Wednesday, helped by increasing passenger revenue and strong demand for long-haul flights.The blue-chip Asian airline's net profit for the first six months of 2014 ending June 30 represented an increase of 1,345.8 percent compared to the same period last year, when it stood at HK$24 million.Copyright AFP (Agence France-Presse), 2014

Australia's Commonwealth Bank annual profit soars 13pc SYDNEY: Australia's biggest bank, the Commonwealth, on Wednesday posted a bumper 13 percent jump in full-year net profit to a record Aus$8.63 billion (US$8.0 billion) with gains across each of its core divisions.The country's top home lender and biggest company by market capitalisation said net profit for the 12 months ending June 30 was up from Aus$7.68 billion the year before, slightly above analyst expectations.Cash profit -- the bank's preferred measure which strips out one-off ...

China probing more than 1,000 auto sector firms: state media BEIJING: More than 1,000 companies in China's auto sector, both domestic and foreign, are "involved" in anti-monopoly probes by the government, state media reported Wednesday.The China Daily quoted an official at the National Development and Reform Commission (NDRC) saying that probes into state-owned and Chinese owned private enterprises are also taking place.In recent months China has launched high-profile probes into alleged wrongdoings by a host of foreign firms in a range of different sectors including ...

Electric cars fail to rev up car-mad Germans BERLIN: Germans are mad about cars and Germany is ranked the most fuel-efficient country on the planet, but when it comes to electric vehicles, Europe's top economy is in the slow lane. And moves by the government last week to try to jump-start public interest in the technology are unlikely to change much, experts say. In 2009, Chancellor Angela Merkel set an ambitious target for one million electric cars to be on the road in ...

India central bank governor warns on crony capitalism MUMBAI: India's central bank governor Raghuram Rajan has said crony capitalism is emerging as a "real concern" in India and a major threat to competition and economic growth.The term describes instances when governments give firms or individuals favourable treatment and allow conglomerates undue political influence."One of the greatest dangers to the growth of developing countries is... crony capitalism (which) creates oligarchies that slow down growth," Rajan said in a lecture late Monday in Mumbai.During the ...

Turkish central bank injects 15bn lira in repo, bids 28.18bn lira ISTANBUL: Turkey's central bank injected 15 billion lira ($6.96 billion) into the market in a one-week repo auction on Tuesday at a fixed simple rate of 8.25 percent, bank data showed. Total bids for the repo, maturing on Aug. 19, were 28.18 billion lira. Copyright Reuters, 2014


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln