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Italy's Treasury to give Monte Paschi more time to pay interest in cash: paper MILAN: Italy's Treasury may allow loss-making Banca Monte dei Paschi di Siena more time to pay interest on a state bailout, to ensure the sum is paid in cash rather than in bank shares, Corriere della Sera reported on Saturday.Citing sources close to the Treasury, the paper said the Treasury had told the bank it may extend the July 1 deadline for paying 360 million euros ($498 million) by a few days.The Treasury said it was negotiating an agreement with the bank over changing the due date for the payment. Monte dei Paschi declined to comment.The 540-year-old lender, which received 4.1 billion euros in state aid last year, had agreed with banks underwriting its emergency capital hike that it would pay back the interest in cash rather than shares, preventing Italy's government taking a stake.Monte Paschi's board approved a proposal on Friday to raise the value of a share sale ...

Italy PM Renzi cuts taxes for 10mn low earners ROME: Italian Prime Minister Matteo Renzi on Friday cut taxes for 10 million low earners to try to boost household spending after a two-year recession, making good on a promise he made after taking office two months ago.Renzi's cabinet passed a decree to reduce taxes for those earning between 8,000 and 26,000 euros a year by about 80 euros per month, starting next month.The 6.9 billion euros in tax cuts will be funded by a ...
Credit Agricole shuts Crimea operations: employee PARIS: French bank Credit Agricole , has closed its central branch in Crimea, the last one in the Black Sea peninsula that was still operating, a local call centre employee told Reuters as foreign banks withdraw from the Black Sea peninsula following Russia's annexation.The bank's web site list of branches and ATMs in Ukraine was not showing any in Crimea on Friday. Russian media also cited call-centre employees saying Credit Agricole had closed all of ...
Bank of Cyprus completes Ukraine unit sale at 10pc discount LONDON: Bank of Cyprus said on Friday it had completed the sale of its loss-making Ukrainian subsidy to Russia's Alfa Group for 202.5 million euros, a 10 percent discount from the originally agreed deal due to Ukraine's economic and political uncertainty. The Cypriot lender also said it had sold its stake in Romanian Banca Transilvania as part of its overseas deleveraging process. Copyright Reuters, 2014 ...
Bank of Italy says ‘essential’ to fight too low euro zone inflation ROME: Italy's central bank said on Friday it was essential that the European Central Bank ensures that inflation does not remain too low for too long in the euro zone. Euro zone inflation fell to 0.5 percent in March, data showed this week, its lowest since November 2009 and far below the European Central Bank's 2 percent ceiling. "It remains essential to counter an excessive fall in inflation in the euro zone," the Bank of ...
China issues banking rules to strengthen online payment security SHANGHAI: China will limit the amount of money consumers can transfer to third-party online payment platforms, aiming to protect banks and consumers from fraud amid an explosion of online and mobile payment transactions. Banks will be obliged to limit how much money an individual can transfer to platforms such as Alibaba Group Holding's Alipay per transaction or on a single day, based on the person's financial status, showed a document issued by the central bank ...
Bangkok Bank Q1 net profit falls 0.5pc; beats estimates BANGKOK: Bangkok Bank PCL on Friday reported a 0.5 percent fall in quarterly profit as political unrest and a slowing economy damped loan demand at Thailand's largest lender by assets. Net profit reached 8.97 billion baht ($279 million) in January-March, the bank said in a statement, compared with a mean 8.6 billion baht forecast by 10 analysts polled by Reuters. Compared with the previous quarter, net profit rose 16.6 percent. The lender targets loan growth ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln