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Capital hike, asset sales to fill gap at Monte Paschi VIENNA: Italian lender Monte dei Paschi di Siena expects to complete its planned capital increase by July and can use divestments to help plug a hole in its balance sheet, Chairman Alessandro Profumo told an Austrian newspaper. Monte Paschi needs to shore up its capital base following this year's euro zone health check of European banks. It plans a cash call of up to 2.5 billion euros ($3.06 billion) next year.Asked by Der Standard in an interview in its weekend edition what the plan was to fill the gap, he said this had not been officially announced but added: "It consists of the capital increase but also the sale of assets." A consortium comprised of UBS, Citibank, Mediobanca, Goldman Sachs and other foreign institutions is getting the standard 3 percent fee for handling the capital increase, he said, adding it "should be completed by July 2015 at the latest". Profumo ...

China cuts red-tape for foreign bank branch openings, RMB business SHANGHAI: China has cut red-tape for foreign bank branch openings and entry into renminbi business, state media said on Saturday, the latest in a series of measures to liberalise the banking sector.The cabinet revised existing rules on Saturday, abolishing the requirement for foreign-owned and joint-stock banks to inject 100 million yuan ($16.08 million) or an equivalent in other currencies of working capital into a newly opened branch, the official Xinhua news agency reported.This should speed ...
Italy's Renzi wins confidence vote to pass budget in Senate ROME: Italian Prime Minister Matteo Renzi won a confidence vote to get his tax-cutting 2015 budget through the Senate on Saturday and it is expected to be definitively approved by the lower house of parliament next week.In a session that ended shortly before dawn, the Senate voted 162-37 to pass a financial package that includes tax cuts for low earners worth almost 10 billion euros ($12.3 billion), and a reduction in labour taxes for businesses.Italian ...
Ex-Bank of Cyprus executives face trial over meltdown NICOSIA: Two former chairmen and three other one-time top executives of the Bank of Cyprus are being charged in connection with the economic meltdown that forced Nicosia to seek a painful international bailout.Attorney General Costas Clerides told the Cyprus News Agency a case was filed Friday before the Nicosia district court in what could lead to the first prosecution since the March 2013 banking crisis that almost bankrupted the country.Former BoC chairmen Theodoros Aristodemou and ...
Turkish central bank injects 24 billion lira in repo, bids 46.5bn ISTANBUL: The Turkish central bank injected 24 billion lira ($10.35 billion) into the market on Friday in a one-week repo auction at a fixed simple rate of 8.25 percent, central bank data showed. Total bids for the repo, which matures on Dec. 26, were 46.5 billion lira, it said. Copyright Reuters, 2014 ...
Indonesia's October loan growth slows to 12.6pc y/y JAKARTA: Indonesia's loan growth in October slowed to 12.6 percent from a year earlier, compared with 13.2 percent in September, the financial services authority said on Friday. Loan growth has slowed since the central bank tightened monetary policy from June to November last year, raising the benchmark interest rate 175 basis points to 7.5 percent. Bank Indonesia in November raised interest rates for the first time in a year, increasing it by 25 basis points ...
ECB considers making weaker euro zone states bear more QE risk FRANKFURT: European Central Bank officials are considering ways to ensure weak countries that stand to gain most from a fresh round of money printing bear more of the risk and cost. Officials, who spoke on condition of anonymity, have told Reuters that the ECB could require central banks in countries such as Greece or Portugal to set aside extra money or provisions to cover potential losses from any bond-buying, reflecting the riskiness of their bonds. ...


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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 $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln