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Bundesbank calls for independent watchdog on EU budgets FRANKFURT: The head of the German central bank, or Bundesbank, called Friday for an independent body to be set up to ensure eurozone countries abide by the bloc's budget rules. "Given the current role of the EU Commission, there's a lot to be said for transferring its tasks of budget monitoring and rule inspection to an independent authority," Bundesbank president Jens Weidmann wrote in an article for the weekly magazine Focus. Weidmann accused Brussels of being too lax towards countries that fail to meet their commitments under the European Stability and Growth Pact. "The rather lax and political application of the rules by the EU Commission is threatening to undermine the (pact's) credibility and binding effects," he argued. The Bundesbank chief, who sits on the European Central Bank's governing council, warned of a further reallocation of financial risks within the single currency bloc. "It isn't good in the long run ...

First BoE rate hike still seen in Q1 but conviction wavering LONDON: The Bank of England is still expected to raise interest rates from a record low 0.5 percent early next year, but economists' conviction is wavering as domestic inflation and global growth remain muted, a Reuters poll found. Even a first-quarter hike would put the Bank several months behind the Federal Reserve, which is predicted to raise US rates as early as September and follow up with another increase before 2015 is over. But any ...
China central bank tries to soothe markets, says no reason for yuan to fall further BEIJING/SHANGHAI: China's central bank said on Thursday there was no reason for the yuan to fall further given the country's strong economic fundamentals, helping to restore calm to jittery global markets after it devalued the currency earlier in the week. As the yuan slid for a third straight day, the People's Bank of China (PBOC) said the strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves provided "strong support" for ...
Australia's Commonwealth Bank posts record $6.6bn profit SYDNEY: Australia's biggest bank, the Commonwealth, on Wednesday reported a five percent rise in full-year net profit to a record Aus$9.063 billion (US$6.62 billion), although results slowed in the second-half.The nation's largest company by market capitalisation said net profit for the year to June 30 rose from Aus$8.63 billion the previous 12 months, broadly matching expectations.Cash profit, the bank's preferred measure of earnings that strips out one-off costs, increased by five percent to Aus$9.137 billion.Shares ...
Bulgarian central bank expects slower growth in second half 2015 SOFIA: Bulgaria's economy looks set to slow in the second half of the year after growing by 0.9 percent on a quarterly basis in the first three months of 2015, the central bank said on Tuesday. "GDP is expected to slow down slightly in the third and fourth quarter of 2015, compared to growth in the first quarter," the central bank said in a review, adding 0the expected slowdown would not affect annual growth significantly. ...
China bank lending up in July on stock market rescue BEIJING: China's bank lending rose in July, the central bank said Tuesday, as money poured into a massive rescue for the country's stock market. Domestic banks extended new loans of 1.48 trillion yuan ($238 billion), up from 1.27 trillion yuan in June -- almost twice the estimate of economists surveyed by Bloomberg News -- the People's Bank of China (PBoC) said.But total social financing, an alternative measure of credit in the real economy, hit 718.8 ...
Monte Paschi is ready for a merger MILAN: Troubled Italian bank Monte dei Paschi di Siena is ready for a tie-up with another lender, outgoing Chairman Alessandro Profumo told Italian TV channel RaiNews 24 on Wednesday. "The bank must merge and it is ready for it," Profumo said in an interview with RaiNews 24, without elaborating. Monte dei Paschi has already said that Profumo would quit after a board meeting scheduled for Thursday, which is due to approve first-half results. The bank's ...


Index Closing Chg%
Arrow DJIA 16,654.77 2.27
Arrow Nasdaq 4,812.71 2.45
Arrow S&P 1,987.66 2.43
Arrow FTSE 6,192.03 3.56
Arrow DAX 10,315.62 3.18
Arrow CAC-40 4,658.18 3.49
Arrow Nikkei 18,574.44 1.08
Arrow H.Seng 21,838.54 3.60
Arrow Sensex 26,231.19 2.01

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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