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Danske Bank shares hit six-year high after raised outlook COPENHAGEN: Danske Bank A/S has raised its 2014 net profit forecast after posting its best quarterly result since the start of the global financial crisis in 2008, sending its shares up 4.5 percent to a six-year high.Denmark's largest lender said it now expected to earn between 10 billion Danish crowns ($1.8 billion) and 13 billion in net profit in 2014, against a previous forecast of hitting the higher end of a 9 to 12 billion crown range.The bank was hit hard by the European financial crisis, especially its exposure to Ireland, the sluggish Danish economy and a collapse in its domestic housing market. Its results have been recovering, but only slowly, since 2013.Executive Thomas Borgen said Danske Bank would invest in Norway and Sweden where it wants to grow in coming years. Its focus previously had been more on trimming costs rather than expansion and investment."We have a 4 percent ...

Excess cash drop lifts money market rates, short-term yields eyed LONDON: Euro zone money market rates edged higher on Thursday and were expected to rise further in coming days, potentially driving up short-term government bond yields, after a drop in excess cash in the bloc's banking system.The euro overnight interbank lending rate moved back up to the top end of its recent trading range on Wednesday, analysts said, while forward rates imply it will almost double by the European Central Bank meeting in September."The market ...
Danske Bank raises profit outlook as income rises COPENHAGEN: Denmark's biggest bank, Danske Bank, on Thursday raised its full-year net profit guidance citing rising income as it posted its strongest quarterly result since the country's housing market collapsed in 2008."Our progress thus far in 2014 shows that we are on track to create a more customer-focused, cost-effective and competitive bank," chief executive Thomas Borgen said in a statement.The bank expects annual net profit to be between 10 billion and 13 billion kroner (1.3-1.7 ...
Standard Chartered stands by chief executive LONDON: Standard Chartered bank stood behind its top management on Thursday after a report pointed to a possible boardroom shake-up at the bank which is focused on emerging markets."The board of Standard Chartered notes rumours in some media outlets on succession planning for the group chief executive, and chairman," said a statement issued to the London stock market. "The board wants to be absolutely clear that it is united in its support of both (chief ...
BoJ aims to stabilise inflation expectations at 2pc TOKYO: Bank of Japan board member Sayuri Shirai said the central bank's goal of achieving 2 percent inflation and sustaining the price level in a "stable manner" is equivalent to stabilising Japan's long-term inflation expectations at 2 percent. "Transforming the public's deflation-oriented mindsets and their resultant risk-averse economic behavior will take some time, but positive developments are gradually but steadily spreading in the economy," Shirai said in a speech delivered at a conference in Singapore ...
PBOC skips open market operations, injects 18bn yuan for week SHANGHAI: China's central bank refrained from conducting open market operations on Thursday, traders said, meaning it will inject a net 18 billion yuan ($2.90 billion) into the market this week.The People's Bank of China (PBOC) conducted a net injection of 17 billion yuan into the market last week. Copyright Reuters, 2014 ...
New Zealand to take breather after another rate hike WELLINGTON: New Zealand's central bank lifted interest rates for the fourth time this year on Thursday but signalled a pause in further tightening, sending the local currency to a six-week low.The Reserve Bank of New Zealand raised the official cash rate (OCR) 0.25 points to 3.50 percent in a move that was widely expected in financial markets.The OCR has gone up 100 basis points since March, when New Zealand became the first advanced economy to ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln