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Britain's economy 'halfway' to recovery LONDON: Britain's economy is "more than halfway" down the path to full recovery, but any interest rate rises will be "limited" and "gradual", Bank of England (BoE) boss Mark Carney said Sunday.In an interview with The Sunday Times, Carney declared that the economy was now undergoing genuine expansion following the economic crisis of 2008."Wherever the finish line was in the depths of the crisis, we are much more than halfway towards that finish line now," he said."The expansion is proceeding, momentum is more assured; the very fact we have had consistent quarters of growth in line with, or slightly better than, our forecasts shows that," added the Canadian.Carney sought to reassure indebted householders that interest rates were not set to rise sharply any time soon."There are big pockets of households who will be very sensitive to interest rate increases when they begin, so it makes sense to be gradual," he ...

Turkish central bank sells $10mn in forex auction, bids $12mn ISTANBUL: Turkey's central bank sold $10 million in a forex auction on Friday after receiving bids of $12 million, bank data showed. The average price was 2.1610 lira and the lowest price was 2.1605, it said. Copyright Reuters, 2014 ...
Bulgaria's central bank reopens Corpbank for debt repayments only SOFIA: Bulgaria's central bank has allowed some banking activities to resume at Corporate Commercial Bank (Corpbank) so borrowers can repay loans to the country's fourth-largest lender, officials said on Friday. The bank was hit by a run on deposits in June that led to Bulgaria's biggest banking crisis since the 1990s. Corpbank was placed under the control of the central bank and has since remained shut pending an audit into its books, due to be ...
PM Modi pledges bank accounts for all Indians NEW DELHI: Prime Minister Narendra Modi set out plans Friday to ensure all Indians can have a bank account, blaming the high level of suicides among farmers on their inability to pay back money-lenders."Why are our farmers committing suicide? It's because they have to take money at huge interest rates from the money-lenders," he said in a speech on India's Independence Day."We will have a prime minister's people wealth scheme so that even the poorest ...
Deutsche Bank, BayernLB agree to settle $810mn US suit FRANKFURT: Deutsche Bank, Germany's largest bank, and state-backed lender BayernLB have agreed to settle an $810 million lawsuit in connection with residential mortgage-backed securities, or RMBS, that Deutsche sold to BayernLB. "We have reached a basic agreement. The final settlement has yet to be agreed," a BayernLB spokesman said in a statement.In the suit, originally filed in a New York court in 2012, BayernLB asserted that Deutsche Bank sold the securities to external clients while ...
Morgan Stanley to pay $4.2mn to settle overtime pay case NEW YORK: Morgan Stanley and sales assistants in its wealth management branch system who claimed they were owed overtime pay agreed to a $4.2 million settlement. Three client service associates began their federal class action lawsuit in June 2011 on behalf of current and former Morgan Stanley client service associates, alleging violations of the federal Fair Labor Standards Act and New York state labor laws. Client service associates, who are often compensated by both Morgan ...
AgBank, Bank of China get approval to issue $29bn in preference shares SINGAPORE/HONG KONG: Agricultural Bank of China (AgBank) and Bank of China the country's third- and fourth-biggest lenders, have obtained regulatory approval to issue up to $29 billion worth of preference shares to help shore up their capital. The China Banking Regulatory Commission has given the green light for AgBank to issue preferred shares for up to 80 billion yuan ($13 billion), the bank said in a filing to the Shanghai stock exchange. Bank of China ...


Index Closing Chg%
Arrow DJIA 16,919.59 0.48
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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln