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Kuwait's Burgan Bank says plans 21.6mn dinar rights issue DUBAI: Burgan Bank, Kuwait's third-largest lender by assets, will launch a 21.6 million dinars ($74.8 million) rights issue by the end of 2014 pending regulatory approvals, it said in a bourse filing on Sunday.Burgan said it plans to issue 216 million new shares and that the rights issue will raise its paid-up capital to 197.18 million dinars.This would indicate that shares would be priced at 0.1 dinars in the rights issue, a significant discount to the 0.54 dinars the stock closed at on Thursday.The shares will be available to existing shareholders on a proportional basis and any unsold shares will then be put on general sale, the bank said in the statement.Kuwait Projects Company (KIPCO), which owns a 57.94 percent stake in Burgan, had said in September that it received approval from the country's central bank to increase its stake in the lender by 5 percent. Copyright Reuters, 2014 ...

Morocco sees 2015 budget deficit at 4.3pc, growth at 4.4pc RABAT: Morocco plans to reduce its budget deficit to 4.3 percent of gross domestic product (GDP) in 2015 from an estimated 4.9 percent this year, the government said.The North African country expects its economy to grow 4.4 percent next year, after slowing to 2.5 percent in 2014, the government added in a statement late on Friday.It is also planning to spend 23 billion Moroccan dirhams on subsidies in 2015, down from 35 billion in 2014 ...
Morgan Stanley may further ‘optimize’ commodities business: CEO NEW YORK: Morgan Stanley Chief Executive James Gorman said the bank may "optimize" more of its commodities business as it aims for higher shareholder returns. Speaking on a call with analysts to discuss third-quarter results on Friday, Gorman said the bank is looking for ways to improve earnings and return-on-equity beyond previously announced plans. "We believe we remain well positioned for further capital actions given the magnitude of our fundamental strategic change and our improving ...
Spanish bank bad loan ratio rises in August MADRID: The ratio of bad loans at Spanish banks rose in August to 13.25 percent, the Bank of Spain said Friday, a worrying sign as the ECB put the final touches on its bank assets review, or stress tests.The volume of bad loans, primarily a legacy of the country's real estate boom that went bust, actually dipped slightly to 184.3 billion euros ($236.2 billion), but the ratio rose as Spanish lenders cut back on lending.The ...
buy offer fails to attract sellers, shows limits of easing strategy TOKYO: The Bank of Japan's offer to buy over $28 billion of government bills on Friday fell short of enticing enough sellers, the first failure since the BOJ began the current stimulus last year and a sign of the receding potency of its easing program.The failure underscores growing difficulties of force-feeding banks with liquidity as they become less eager to take cash from the BOJ in a faltering economy.The BOJ's offer to buy 3.0 trillion ...
Goldman Sachs profits jump on busy quarter for mergers NEW YORK: US investment bank Goldman Sachs announced a big increase in quarterly earnings on Thursday thanks to robust merger advising activity and higher trading revenues.Earnings for the third quarter came in at $2.14 billion, up 50 percent from the same period last year. Excluding payments for preferred stock dividends, net income was $2.24 billion.Goldman said net revenues in financial advisory services jumped 40 percent to $594 million following a busy period of mergers and ...
Russia central bank to start forex repos to smooth rouble volatility MOSCOW: Russia's central bank said on Thursday it would introduce new foreign currency repos at the end of the month in dollars and euros to smooth rouble volatility and help banks manage their short-term foreign currency liquidity.The central bank will hold its first 28-day repo on Oct. 29 and will then hold a one-week repo auction the following day, it said in a statement on its website.The bank said that the minimum rates on the ...


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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
WeeklyOctober 20, 2014
Reserves $13.436 bln