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Morgan Stanley may further ‘optimize’ commodities business: CEO NEW YORK: Morgan Stanley Chief Executive James Gorman said the bank may "optimize" more of its commodities business as it aims for higher shareholder returns. Speaking on a call with analysts to discuss third-quarter results on Friday, Gorman said the bank is looking for ways to improve earnings and return-on-equity beyond previously announced plans. "We believe we remain well positioned for further capital actions given the magnitude of our fundamental strategic change and our improving earnings profile," he said. Copyright Reuters, 2014


Ukraine's industrial output drops 16.6pc y/y in September KIEV: Ukraine's industrial output fell 16.6 percent year-on-year in September, the national statistics office said on Thursday, reflecting the impact of the separatist war in the industrial east of the country. In August, the industrial production fell 21.4 percent, the biggest drop since the height of the global crisis in 2008-2009. Copyright Reuters, 2014

European car sales accelerate 6.4pc in September: trade body PARIS: New car sales in Europe accelerated by 6.4 percent in September, with data released on Friday showing the thirteenth month running of increases as a recovery in the market spreads across the continent.The European Automobile Manufacturers Association said "substantial growth prevailed in all major markets" in the EU in September with nearly 1.24 million new cars sold.Spain led the pack, with sales jumping by 26.2 percent, thanks mainly to its "cash-for-clunkers" programme, although the ...

Volkswagen to recall more than 500,000 cars in China: report BEIJING: Volkswagen's Chinese joint venture will recall more than 500,000 cars in China due to a defect in the rear axles, state media said Friday.The German automaker, which has been in China since the 1980s, will recall a total of 581,090 cars, the official Xinhua news agency said, citing a statement from China's General Administration of Quality Supervision, Inspection and Quarantine."The administration said it launched an investigation into the cars in August and the recall ...

General Electric third quarter profits rise 10.8pc to $3.5bn NEW YORK: Industrial conglomerate General Electric reported higher earnings for the third quarter Friday, with especially strong profit gains coming in its aviation and oil and gas divisions.GE scored a 10.8 percent increase in third-quarter net income to $3.5 billion, as chief executive Jeff Immelt pointed to "significant" profit margin increases in its industrial businesses. "The environment is volatile, but infrastructure growth opportunities exist, and GE is executing well," Immelt said. GE, often seen as ...

Spanish bank bad loan ratio rises in August MADRID: The ratio of bad loans at Spanish banks rose in August to 13.25 percent, the Bank of Spain said Friday, a worrying sign as the ECB put the final touches on its bank assets review, or stress tests.The volume of bad loans, primarily a legacy of the country's real estate boom that went bust, actually dipped slightly to 184.3 billion euros ($236.2 billion), but the ratio rose as Spanish lenders cut back on lending.The ...

Rolls-Royce cuts forecasts on Russian sanctions LONDON: Rolls-Royce, the British maker of engines, announced on Friday that it was slashing its earnings forecasts partly as result of Western trade sanctions against Russia, causing a share price collapse.Rolls said underlying profit in 2015 would be flat at best compared with 2014 but could come in three percent lower. The company had previously expected earnings to grow next year."In the last few months economic conditions have deteriorated and Russian trade sanctions have tightened, ...


 



 
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Banking Review 2013


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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln