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BoE's Bailey wants better global coordination over bank fines LONDON: Regulators from the United States and elsewhere should coordinate better how they levy fines on banks for misconduct to avoid making it harder to rebuild strength in the banking system, Bank of England Deputy Governor Andrew Bailey said. Bailey said at a British Bankers' Association on Tuesday that better discussion was needed among regulators to ensure big fines don't get in the way of banks building up their capital buffers."I am trying to build capital in firms and it's draining out the other side (in fines and penalties)," Bailey said.The "major message" is that a collegial approach is required to assessing and implementing penalties so that prudential regulators are involved to assess the consequences of such penalties, Bailey said. "That discussion has to be had and currently is not being sufficiently had," Bailey said.He called for a "cards on the table" approach among international regulators to come up with ...

Google to build 600mn euro data centre in the Netherlands AMSTERDAM: Google will build a 600 million euro (773.58 million US dollar) data centre in the northern Netherlands, the company said on Tuesday. Spokesman Mark Jansen said part of the the server park will start operating in the second half of 2016 and will create 150 permanent jobs. Google has three large European data centres in Ireland, Finland and Belgium. The Eemshaven facility will span 44 hectares and was chosen because of stable Dutch energy ...

Allianz invests 140mn eur in Irish property fund FRANKFURT: German insurer Allianz said on Tuesday it would invest 140 million euros ($180 million) in Irish real-estate fund IPUT. "As the economic recovery in Ireland takes hold, supporting improving demand particularly in the domestic economy, we see the potential for strong long term income returns at attractive levels for our stakeholders," Allianz Chief Investment Officer Charles Pridgeon said. Copyright Reuters, 2014

Raiffeisen Bank Int'l sees first loss in 2014 VIENNA: Hits from Ukraine and Hungary will likely push Austrian lender Raiffeisen Bank International to its first-ever annual loss in 2014, it said late on Monday. Emerging Europe's second-biggest lender revised its outlook to see 2014 risk provisions of 1.5 billion to 1.7 billion euros ($2.18 billion), up from its previous forecast of 1.3-1.4 billion, "primarily due to higher expected risk costs in Ukraine in light of ongoing political tensions in the region". This would ...

PBOC to drain 18bn yuan via 14-day repos SHANGHAI: China's central bank will drain 18 billion yuan ($2.93 billion) from the money markets through 14-day bond repurchase agreements on Tuesday, traders said. Maturing repos will inject a net 25 billion yuan into the banking system this week. The People's Bank of China (PBOC) conducted a net injection of 8 billion yuan into the banking system last week. Copyright Reuters, 2014

Sri Lanka holds policy rate; pushes banks to cut lending rates COLOMBO: Sri Lanka's central bank on Tuesday kept key policy rates steady, but limited commercial banks' access to its repurchase or standing deposit facility to encourage them to lower lending rates. The central bank kept the reverse repurchase or standing lending facility rate at 8.00 percent as expected.But it also restricted commercial banks use of its standing deposit facility (SDF) to three times a calendar month at the current 6.50 percent."Any deposits exceeding three times ...

India's JSW Steel to import 10mn tonnes of iron ore due to local shortage NEW DELHI: JSW Steel Ltd, India's third-largest maker of the alloy, will import 10 million tonnes of iron ore this fiscal year due to a domestic shortage, a senior official said on Tuesday. The company, led by billionaire Sajjan Jindal, had earlier planned to import 6 million tonnes in the fiscal year through March 31. CNBC TV18 earlier reported the news. "After having seen a severe shortage in India and unreasonable prices in the country, ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln