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RBC posts higher third-quarter profit TORONTO: Royal Bank of Canada, Canada's biggest lender, reported a higher third-quarter profit on Wednesday, as strength in personal and commercial banking offset a decline in its capital markets division. Net income for the quarter ended July 31 was C$2.48 billion, or C$1.66 per share, compared with C$2.38 billion, or C$1.59 per share, in the third quarter of 2014. Analysts on average had expected earnings of C$1.67 a share, according to Thomson Reuters I/B/E/S. Copyright Reuters, 2015 ...

India central bank governor says not in favour of depreciating rupee MUMBAI: Reserve Bank of India Governor Raghuram Rajan said he was not in favour of depreciating the Indian rupee and joining a global wave of monetary measures that have weakened currencies, according to a newspaper interview on Wednesday. The comments, in an interview with The Economic Times, reiterate Rajan's frequent criticisms of the competitive devaluations he has said is occurring globally because of actions taken in the euro-zone, Japan, and most recently China.Instead Rajan said ...
Sweden says to spend $1.2bn per year to boost job growth STOCKHOLM: Sweden will spend 10 billion crowns ($1.19 billion) a year on budget measures to increase employment, the centre-left government said on Wednesday. In a signed article in daily Dagens Nyheter, Finance Minister Magdalena Andersson and her deputy Per Bolund wrote that the money would be spent on investments in housing and infrastructure, improving the business climate, and on adult education. Andersson has said all reforms must be fully financed by tax hikes or cost ...
Indonesia central bank lowers GDP forecast for this year and next JAKARTA: Bank Indonesia expects economic growth this year to slow to 4.7-5.1 percent from its previous estimate of 5-5.4 percent, central bank governor Agus Martowardojo said on Tuesday. The central bank also lowered its GDP forecast for next year to 5.3-5.7 percent from 5.4-5.8 percent previously. Southeast Asia's largest economy expanded 4.67 percent in the second quarter from a year earlier, the slowest since 2009.Copyright Reuters, 2015 ...
Turkish central bank sees little recovery in investment sentiment ANKARA: Turkey's central bank sees little sign of recovery in investment sentiment, with weak confidence and global market uncertainty posing a risk to growth, it said in the minutes of last week's monetary policy meeting, released on Tuesday. It forecast oil prices would continue to fall this month, helping to ease energy inflation, but said weak exports and a possible decline in tourism revenues might limit the improvement in the current account deficit, Turkey's main ...
Ex-Chinese finance ministry official named to lead AIIB BEIJING: Former Chinese vice finance minister Jin Liqun has been elected to head the new Asian Infrastructure Investment Bank (AIIB), the Chinese government said Tuesday. Jin was elected as the bank's "incoming president" at a two-day meeting of chief negotiators in the Georgian capital of Tbilisi, according to a statement by China's finance ministry. Beijing last month had named Jin as its preferred candidate to head the new institution. The AIIB has been viewed by ...
India may waive retrospective MAT tax on foreign investors MUMBAI: India's finance ministry is likely to accept a proposal from a special panel to waive retrospective imposition of a controversial minimum alternate tax (MAT) on foreign portfolio investors, domestic media reported, citing government sources.Such a decision could put to rest a controversy sparked after tax authorities started claiming MAT payments from foreign funds late last year.Although MAT has been applied to domestic companies to ensure a minimum tax payment, it had never been imposed ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln