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Bank of Canada keeps rates steady, warns of weak inflation OTTAWA: The Bank of Canada signaled its continuing concern about weak inflation on Wednesday, maintaining its neutral stance on interest rates and suggesting it will ignore a faster than expected rise in headline inflation because the rise will mainly reflect temporary price increases in volatile items.The central bank held its benchmark interest rate at 1 percent, as expected, extending a 3-1/2 year freeze on borrowing costs.Repeating language it used in its last rate announcement on March 5, the bank said "the downside risks to inflation remain important" and risks associated with near-record high household debt remain elevated. These risks are sufficiently balanced so that the bank sees no need to change its stance on monetary policy."The timing and direction of the next change to the policy rate will depend on how new information influences the balance of risks," it said in a statement.In a Reuters poll published on April 9, ...

Credit Suisse reports profit plunge, investment bank setback GENEVA: Swiss banking giant Credit Suisse said Wednesday its first quarter net profit took a heavy hit as its investment bank reeled from slumping trading in bonds.The bank, the second-biggest in Switzerland after UBS, is facing a US probe over past practices of helping wealthy Americans dodge the US taxman.It said its net profit plunged by 34 percent year-on-year to 859 million Swiss francs (705 million euros).This number fell far short of the expectations of ...
Bank of America reports $276mn loss on huge legal costs NEW YORK: Bank of America reported Wednesday a quarterly loss of $276 million due to $6 billion in legal expenses that included a huge settlement with the US on mortgage-backed securities.The bank had revenues of $22.8 billion, compared with earnings of $1.5 billion on revenues of $23.4 billion in the period a year ago. Operating results were mixed and included weaker mortgage banking profits but higher investment and brokerage income."The cost of resolving more of ...
European parliament adopts financial markets rules STRASBOURG: The European Parliament adopted new rules Tuesday to tighten the regulation of financial markets in order to stop rampant speculation, including on foodstuffs.The European Union's Financial Markets Commissioner Michel Barnier first pushed for the new rules, known as MiFID II, in 2011 at the height of the eurozone debt crisis and in the wake of the global economic meltdown.The regulations, still to be formally approved by member states, aim to curb speculative trading in ...
BoJ Kuroda's meeting with PM Abe won't alter policy stance TOKYO: Bank of Japan Governor Haruhiko Kuroda and Prime Minister Shinzo Abe will revive their regular meetings this month, people familiar with the matter said, in a sign the government may be concerned about recent stock market declines and an uptick in the yen. Kuroda has remained bullish about the outlook for economic recovery and an escape from deflation, but the meeting with Abe could revive expectations of additional stimulus. However, the sources said the ...
Goldman dodges a shareholder battle that dogs rivals NEW YORK: When Goldman Sachs Group Inc filed its shareholder proxy earlier this month, it was free of a proposal that has become increasingly popular among corporate governance activists: a demand for more disclosure about lobbying. Goldman's big Wall Street rivals can't say the same. JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc and Morgan Stanley all face lobbying-disclosure proposals this year.Some activist shareholders want the banks to be more transparent about their ...
Fed's Stein: Financial stability should inform policy WASHINGTON: A top Federal Reserve policymaker on Sunday repeated his controversial assertion that financial stability should be an aim of US central bank policymaking.Jeremy Stein, a Fed governor who is resigning next month, told an International Monetary Fund forum there is a need "in principle" to incorporate the aim of financial stability into monetary policies.Less clear, he said, is how to "operationally" incorporate it into policy. Stein has pushed this idea for more than a ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln