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European bank watchdog tightens online payment rules to fight fraud LONDON: Europe's banking watchdog said on Friday that Internet payment service providers must tighten security procedures by August next year to combat a jump in online fraud.The European Banking Authority (EBA) set guidelines for minimum security requirements that payment services providers across the EU's 28 member states must meet by August.Losses from fraud on card Internet payments alone was 794 million euros ($975 million) in 2012, up 21 percent from the previous year.The EBA guidelines include requiring payment service providers to carry out strong customer authentication before proceeding with an online payment.The EU is revising its Payment Services Directive to create more secure, competitive and consumer friendly rules for payments across the region. That could include more stringent rules, but is not expected to be come into force until 2017/18.Copyright Reuters, 2014 ...

Swedish central bank picks academic to board, limited policy impact seen STOCKHOLM: Sweden's central bank said on Friday it had picked Uppsala University professor Henry Ohlsson for the vacant seat on its rate-setting board, replacing policy dove Karolina Ekholm who quit the Riksbank in October.As well as his academic post, Ohlsson is also a member of the board of the Swedish Public Employment Service and is Chair of the Economic Council of Swedish Industry.He will take up his post on Jan. 12 and will take part ...
IMF urges Zambia to resolve tax issues with mining companies LUSAKA: The International Monetary Fund has urged Zambia, Africa's second-largest copper producer, to quickly resolve issues with mining companies over value-added tax refunds and an increase in royalties.Lower world copper prices and the announced shift to a royalty-only mining tax regime with high rates were likely to adversely affect the companies, the IMF said in a statement late on Thursday.Barrick Gold Corp said on Thursday it would suspend operations at its Lumwana copper mine in ...
Thai economic recovery may not be as strong as expected: central bank BANGKOK: Thailand's central bank said on Friday it expected the economy to recover next year, driven by government spending, but gains might not be as strong as expected.Bank of Thailand Deputy Governor Paiboon Kittisrikangwan also told reporters that the central bank must reserve monetary policy "space" in case a rate change was needed.On Wednesday, the central bank's monetary policy committee voted 5-2 to hold the key interest rate at 2.0 percent, where it has been ...
Deutsche Bank says to review strategy, no comment on Postbank sale report FRANKFURT: Deutsche Bank AG said it would review its strategy in 2015 after a business magazine said it was considering major changes, possibly including the sale of its Postbank-branded retail unit and a revision of its profit targets.However, in comments following a report by Manager Magazin, Germany's biggest lender said it would be irresponsible to speculate on the sale of any business and declined further comment.The magazine said big shareholders had expressed displeasure with progress ...
Swiss central bank introduces negative interest rate ZURICH: Switzerland's central bank on Thursday announced it was introducing negative interest rates, in a bid to stop the Swiss franc -- a safe haven currency -- from gaining further value.The Swiss National Bank is imposing an interest rate of -0.25 percent on bank deposits, with the aim of pushing the target range of a benchmark rate into negative territory.Copyright AFP (Agence France-Presse), 2014 ...
Swiss national bank introduces negative interest rates ZURICH: The Swiss National Bank surprised markets on Thursday by introducing a negative interest rate on sight deposit account balances, seeking to discourage safe-haven buying by investors anxious over the crisis in Russia and oil's slide. In a brief statement, the SNB said it would impose an interest rate of -0.25 percent on sight deposit account balances of over 10 million Swiss francs and expand its three-month Libor target range to -0.75 percent to 0.25 ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln