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China to cut interest rates by 0.25pc: central bank BEIJING: China's central bank on Saturday announced that it will cut the benchmark deposit and loan interest rates by 25 basis points, as authorities seek to prop up flagging growth in the world's second-largest economy. The move, which goes into effect Sunday and marks the second cut in four months, was largely expected amid a raft of weakening economic indicators, analysts said. It comes days ahead of the opening of the annual meeting of China's rubber-stamp legislature, the National People's Congress, at which Premier Li Keqiang is expected to deliver an address on the state of the country's economy.Last month, Beijing announced that China's gross domestic product rose an annual 7.4 percent in 2014 -- a 24-year low.In a statement posted on its website, the People's Bank of China (PBoC) said it would slash its one-year rate for deposits to 2.5 percent and its one-year lending rate to 5.35 percent.The ...

India says will ease foreign investment categories MUMBAI: India's Finance Minister Arun Jaitley said on Saturday the government would make no distinctions between foreign direct investments and foreign portfolio investments in a bid to simplify rules for overseas inflows. Earlier, Jaitley set the country's fiscal deficit target for the 2015/16 fiscal year at 3.9 percent of gross domestic product and said it would reduce the target gradually to 3 percent by 2017/18, one year later than previously expected.Copyright Reuters, 2015 ...
Indian cigarette makers fall after budget hikes excise duty MUMBAI: Shares in Indian cigarette makers fell on Saturday after India's federal budget raised excise duty on cigarettes by 25 percent for cigarettes of length not exceeding 65 mm, and by 15 percent for cigarettes of other lengths.ITC Ltd slumped 7.3 percent while VST Industries lost 3 percent. Although cigarette demand is relatively inelastic, analysts have said higher taxes would hurt volume growth and force companies to diversify faster.Copyright Reuters, 2015 ...
Bulgaria reports rare fiscal surplus for January SOFIA: Bulgaria reported a small fiscal surplus in January, mainly due to a higher tax take, finance ministry data showed, helping put the Balkan country on track to meet its annual target for a budget deficit of 3 percent of gross domestic product.The European Union's poorest member ended 2014 with a fiscal shortfall worth 3.7 percent of GDP, partly due to political instability and the collapse of the country's fourth-largest lender, Corporate Commercial Bank.At the ...
India to cut corporate tax to 25pc over four years MUMBAI: India will reduce tax on businesses to 25 percent over four years from a current 30 percent, with a view to boosting spending and job creation, Finance Minister Arun Jaitley said on Saturday, when presenting the government's full-year budget.India's corporate tax of 33.99 percent, including various surcharges over the base rate, was higher than Asia's average corporate tax rate of 21.91 percent in 2014, and a global average of 23.64 percent, according to consultant ...
India central bank net FX forward in up to 1-yr maturities down $1.27bn in Jan MUMBAI: The Reserve Bank of India's net forward dollar book fell by $1.27 billion for up to one-year maturities in January, compared with a net fall of $6.49 billion in the previous month, according to Reuters calculations based on data from the central bank's website.The central bank likely let its forward dollar liability mature in January, which could have led to an overall rise in the forwards position month-on-month, dealers said.The central bank also likely ...
India budget announces bank to fund small entrepreneurs MUMBAI: India will set up a bank to facilitate funding for the small entrepreneurs that make up the backbone of the country's economy, Finance Minister Arun Jaitley said in his budget speech on Saturday.The MUDRA Bank will refinance microfinance institutions under a Prime Ministerial scheme, he said, allocating 200 billion rupees ($3.24 billion) to the plan."Just as we are banking the unbanked, we are funding the unfunded," Jaitley said in his budget for the fiscal ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln