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BoE to wait until early 2015 to hike rates, sterling steady BANGALORE: British interest rates will rise from record lows early next year as the UK economic recovery outpaces Europe's and inflation picks up, a Reuters poll of economists forecasts on Wednesday.Although Bank of England Governor Mark Carney recently said a hike is getting nearer, only six of 60 economists polled this week expect it to happen this year, 48 forecast it in the first quarter of next year. Six see it coming later.Recent strength in the British economy comes at the same time as a fall in inflation, which slowed to 1.5 percent in August -- stubbornly below the Bank's 2 percent target, but is expected to pick up in the coming months.In the euro zone, Britain's biggest trading partner, inflation is at a five-year low of just 0.3 percent and the bloc's economy stagnated in the second quarter.Dwindling demand from the euro zone has hurt British factories, with the ...

Three Japan lenders, Bangkok Bank receive limited Myanmar bank licences TOKYO: Three major Japanese banks are among foreign banks that have been granted limited operating licences in Myanmar, a move that Myanmar's government hopes will spur foreign investment in an economy emerging from decades of military rule.Bank of Tokyo Mitsubishi UFJ, the core banking unit of Mitsubishi UFJ Financial Group has won one of the licences, a spokesman for the lender said on Wednesday.Banking sources also said that the core banking units of Sumitomo Mitsui ...
Indian central bank takes small steps to deepen markets MUMBAI: India's central bank said on Tuesday it will gradually lower the ceiling on bonds that can be held-to-maturity (HTM) starting in January, while further easing currency hedging rules for importers in moves to boost trading in markets.The Reserve Bank of India also announced it would extend the period that foreign investors can settle their over-the-counter government bonds to two days of their trade from one, a measure that traders speculated could be aimed to ...
UBS says political instability concerned clients in Q3 LONDON: Swiss bank UBS said its performance in the third quarter continued to reflect concern among clients about geopolitical instability, coupled with a traditional summer slowdown. Tom Naratil, UBS's chief finance officer, declined to give specific guidance on the bank's performance in the third quarter but said it "will reflect the environment indicated in the outlook statement in Q2 results". Naratil said at an investor conference on Tuesday there were concerns about geopolitical instability, central ...
Hungary's OTP offered $380mn for Slovenian bank BUDAPEST: Hungary's OTP Bank offered 300 million euros ($381 million) in a non-binding bid in July for state-owned Nova KBM, Slovenia's second-largest lender, Slovenian newspaper Finance reported on Tuesday, citing unnamed sources. OTP, which has said it was looking for acquisition opportunities, has operations throughout central eastern Europe but not in Slovenia. Its bid for Nova KBM was the top non-binding offer, ahead of a bid from US private equity firm Apollo Global Management , ...
French public debt over 2.0trn euros for first time PARIS: France's public debt topped the symbolic level of 2.0 trillion euros for the first time, according to quarterly data published by the national statistics agency INSEE on Tuesday.The total national debt amounted to 2.023 trillion euros ($2.57 trillion) in the second quarter of the year, INSEE said, which represents 95.1 percent of gross domestic product (GDP).European Union rules limit debt to 60 percent of GDP.In the first quarter of the year, the debt stood ...
Royal Bank of Scotland says expects lower impairments LONDON: Royal Bank of Scotland will book lower bad debt charges than expected this year, helped by Ireland's improving economy, the state-rescued lender announced on Tuesday.RBS shares jumped 3.76 percent to 375 pence at the start of trading.RBS said in a trading update that it "now expects to significantly outperform its previous guidance" of charges for setbacks totalling about £1.0 billion ($1.6 billion, 1.3 billion euros) for 2014."Previously disclosed uncertainties remain, particularly relating to conduct ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln