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Bundesbank head: expansive monetary policy cannot tackle factors dragging growth FRANKFURT: Bundesbank President Jens Weidmann said on Monday that high debt and the resulting tax burden for companies and households could dampen growth in the euro zone, adding that this could not be tackled by making monetary policy more expansionary."The fact is that the factors named are all factors that burden growth and they cannot be eliminated by means of a monetary policy that is stability-oriented but more expansionary," he said in a speech to be delivered at a conference in Frankfurt.Weidmann also said that monetary policy could help bring about a return to sustainable and solid growth, adding that this could be best achieved by ensuring currency stability in the long-term.Copyright Reuters, 2015

Honda reports another death in exploding airbag crisis TOKYO: Japanese automaker Honda has reported a new death linked to an exploding air bag crisis -- bringing the global total to seven fatalities and scores more injuries -- which sparked the recall of millions of vehicles.The company on Monday confirmed that a woman in Louisiana died in April after the faulty inflator in her 2005 Honda Civic's airbag ruptured, firing metal shrapnel at her.The confirmation came after Honda's US unit said Friday it had ...

Raiffeisen chairman says Russian business doing well VIENNA: Raiffeisen Bank International's business in Russia is doing well despite the weak local economy and political tensions over Ukraine, the Austrian bank's chairman told Kurier newspaper."We can't complain at all about the Russian bank," Walter Rothensteiner was quoted as saying in an interview published on Saturday, calling it "probably the best bank in Russia with a first-class group of customers".The crisis in Ukraine, where the bank's local business is losing money, was "unpleasant but ...

Cairn India, Vedanta boards to meet on Sunday amid merger speculation MUMBAI: The boards of oil company Cairn India and its parent Vedanta Ltd will meet on Sunday, Cairn said, to discuss what could be a potential merger of the company with its parent, the operating unit of London-listed mining and energy group Vedanta Resources Plc.Vedanta this week signalled it was considering merging the two Indian units, as it tries to resolve a mismatch between its debt, held at the top of the group, and its ...

ECB wants Greece to remain in euro FRANKFURT: The European Central Bank wants Greece to remain in the euro, a top ECB official told an Austrian newspaper, as Greek officials prepare to resume talks with the country's creditors on averting a debt default.Asked about Greece's membership of the currency bloc, the ECB's chief economist Peter Praet told Saturday's edition of der Standard: "The Governing Council of the ECB wants Greece to remain a member of the euro."The Governing Council sets policy at ...

Bundesbank cautions that impact of Grexit unknown FRANKFURT: Nobody can foresee the full extent of the fallout if Greece were to quit the euro zone, the vice president of Germany's Bundesbank said in a newspaper interview published on Saturday."The direct contagion effect on other countries is smaller because the direct claims of banks on Greece are smaller," Claudia Buch told the Rheinische Post newspaper."But noone knows what the indirect effects would be."Greek officials were due to resume talks with the country's creditors ...

Airbus says US to be biggest customer for A400M military plane FRANKFURT: European aircraft maker Airbus believes the United States will be the biggest customer for its A400M military transport plane, despite a fatal crash involving one of them during a test flight last month."By the next decade at the latest, the US armed forces will be the biggest customer for the aircraft," Airbus chief executive Tom Enders told the weekly magazine WirtschaftsWoche in an interview.Despite its current technical problems, there was no other rival product ...


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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln