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South Korea economy grows 0.9pc in Q3: central bank SEOUL: South Korea's economic growth picked up in the third quarter on revived consumer spending and a government stimulus package, the Bank of Korea said Friday.Gross domestic product rose a seasonally adjusted 0.9 percent from the April June-period, which had recorded growth of 0.5 percent from the first quarter.The central bank data showed a rebound in consumer spending, which had stalled in the second quarter as the entire country was plunged into mourning over the April 16 Sewol ferry disaster.Year-on-year, the economy grew 3.2 percent in the third quarter, slower than the previous quarter's 3.5 percent.The government unveiled a $40 billion stimulus package in July as Finance Minister Choi Kyong-Hwan warned of the risk of recession.The package worth around 41 trillion won was made up of 11.7 trillion won in expanded spending and 29 trillion won in extra financing support.The lion's share will be spent this year, with 3.0 trillion ...

Germany's BaFin sees a few corrections of stress test data FRANKFURT: Germany's financial watchdog expects there to be some "bumps" ahead of Sunday's publication of results of the European Central Bank's stress tests on the euro zone's 130 biggest lenders, Bafin President Elke Koenig told a German newspaper."It's close to a miracle that all data was entered into the template correctly, with 130 banks and so much information. So there will certainly be some corrections ahead of the data's publication on the weekend," daily Boersen-Zeitung ...
Three major nations absent as China launches World Bank rival in Asia SHANGHAI: Australia, Indonesia and South Korea skipped the launch of a China-backed Asian infrastructure bank on Friday as the United States said it had concerns about the new rival to Western-dominated multilateral lenders.China's proposed $50 billion Asian Infrastructure Investment Bank (AIIB) is seen as a challenge to the World Bank and Asian Development Bank, both multilateral lenders that count Washington and its allies as their biggest financial backers.China, which is keen to extend its influence ...
Bank of Italy sees Q3 GDP contracting slightly ROME: Italy's economy is expected to have contracted in the third quarter of the year as international tensions hit the outlook for exports and household and business confidence dimmed, the Bank of Italy said on Thursday. "According to the indicators available so far, GDP in the third quarter is likely to have fallen slightly," the central bank said in its latest economic bulletin for October. "The outlook for external demand has become more uncertain, reflecting ...
Deutsche Bank CEO says German banks have likely passed ECB test BERLIN: Deutsche bank co-Chief Executive Juergen Fitschen on Thursday said German lenders will likely have passed a stress test being organised by the European Central Bank. "When you listen to the news on Sunday, you will likely hear that all German banks have passed the stress tests," Fitschen, who is also president of BdB association of German private-sector banks, said at an event in Berlin. The euro zone's 130 biggest banks are having their balance ...
BoE's Broadbent: market outlook for 'neutral' rates broadly right LONDON: Market expectations for the levels of interest rates needed to stabilise Britain's economy seem reasonable, Bank of England Deputy Governor Ben Broadbent said on Thursday. Broadbent said at an economics conference in London that the so-called 'neutral' interest rate - which affect investment returns and BoE policy decisions - were likely to stay low for some time but then eventually to rise. Asked if the neutral interest rate was currently positive, Broadbent said it ...
UniCredit likely to pick Prelios-Fortress for exclusive UCCMB sale talks ROME: Unicredit is likely to pick the consortium comprising Fortress Investment Group and Italian property firm Prelios for exclusive talks on the sale of its UCCMB bad loan unit, the chief executive of the Italian bank said on Thursday. "That's the way we're leaning," CEO Federico Ghizzoni told reporters on the sideline of an event adding a decision would be taken on Thursday. Copyright Reuters, 2014 ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln