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Swiss private bank makes history with results release GENEVA: Swiss private bank Lombard Odier on Thursday published its first results since its foundation over two centuries ago, as the ultra-discreet sector puts its books in the spotlight.The Geneva-based bank said first-half net profit was 62.5 million Swiss francs (52 million euros, $68.2 million), while assets under management were 156 billion francs."These results are in line with our expectations and reflect both the investments we make towards our strategic objectives as well as the conservative use of our balance sheet," said senior managing partner Patrick Odier in a statement."Our group is increasingly diversified, more international and more balanced between private and asset management clients and we are expanding our partnerships with financial services providers," he added.Lombard Odier, founded in 1797, is the second Swiss private bank to publish its figures.On Tuesday, Geneva rival Pictet had broken with its 209-year-old tradition, announcing a six-month profit of 203 million francs, and ...

Euro zone private sector loan contraction slows in July: ECB FRANKFURT: The decline in lending to euro zone households and companies slowed further in July, and money supply grew as the European Central Bank's latest stimulus measures slowly find their way into the economy. In an unprecedented move, the ECB started charging banks in June to keep their deposits overnight, a step it hopes will encourage banks to lend. A fresh injection of ultra-long loans later this year should make lending easier still. The central ...
Bank of England says FLS lending weaker in Q2 LONDON: The Bank of England said net lending to small businesses by banks and building societies taking part in its Funding for Lending Scheme dropped by 400 million pounds in the second quarter of 2014. Net lending to all businesses fell by 3.9 billion pounds during the period, according to data from the Bank of England on Thursday. Banks have drawn down a total of 45.7 billion pounds since the FLS opened in August 2012, ...
Turkish central bank says to keep policy tight until inflation outlook improves ANKARA: Turkey's central bank said on Thursday it would maintain a tight monetary policy until there is a significant improvement in the inflation outlook, adding it will closely monitor inflation expectations, pricing behaviour and other factors. In a presentation to economists in Ankara on Thursday, a copy of which was released on its website, the bank said its tight monetary policy stance and macroprudential measures were keeping loan growth at reasonable levels. Copyright Reuters, 2014 ...
Turkish central bank injects 3bn lira in repo, bids 4.07bn ISTANBUL: Turkey's central bank injected 3 billion lira ($1.39 billion)into the market in a one-week repo auction on Thursday at a fixed simple rate of 8.25 percent, bank data showed. Total bids for the repo, maturing on Sept. 4, were 4.07 billion lira. Copyright Reuters, 2014 ...
Russia's Sberbank H1 net profit down 2pc MOSCOW: Sberbank, Russia's top lender by assets, said on Thursday its first half net profit was down 2.3 percent to 170.4 billion roubles ($4.7 billion). Sberbank posted 174.5 billion roubles net profit for the first six months of last year. Sberbank added its loan loss provisions stood at 73.8 billion roubles in the second quarter of 2014, up from 30.9 billion roubles a year ago. Sberbank added its Tier 1 capital adequacy ratio was at ...
PBOC does 10bn yuan repos, injects 45bn yuan for week SHANGHAI: China's central bank will drain 10 billion yuan($1.63 billion) from the money markets through 14-day bond repurchase agreements on Thursday, traders said, meaning it will inject a net 45 billion yuan into the market this week.The People's Bank of China (PBOC) conducted a net injection of 11 billion yuan into the market last week.The PBOC has now injected a net 24 billion yuan into the market via its open market operations so far in ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 25, 2014
Reserves $13.925 bln