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Bank of America forgoes $6 billion with slimmer consumer strategy NEW YORK: Bank of America Corp gave up about $6 billion in annual revenue by phasing out risky consumer banking products and eliminating certain fees, but the long-term impact on profits should be minimal, a top executive said on Tuesday.The company had previously earned about $3 billion a year in punitive fees such as overdraft charges on debit-card purchases and about $3 billion a year through the sale of identity theft, payment protection and other "add-on" products, Thong Nguyen, head of Bank of America's mass-market retail bank, told an investor conference in Boston.The bank ended the practice of charging consumers debit card overdraft fees in 2010 and had stopped marketing add-on products by 2012.Because the products and fees can lead to higher loan losses and legal expenses, the consumer bank's income has become more stable since shedding them, Nguyen said. In the first half of this year, Bank of America's ...

SNB to keep 1.20 franc cap for at least six months ZURICH: The Swiss National Bank will keep the 1.20 cap on the franc for at least six months, intervening in foreign exchange markets again or even effectively charging for franc deposits if needed, a Reuters poll found on Tuesday.An interest rate cut by the European Central Bank two weeks ago, as well a new scheme to push money into the flagging euro zone economy, has put renewed pressure on the Swiss central bank's (SNB) efforts ...
ECB to change bank secrecy agreement amid legal doubts FRANKFURT: The European Central Bank (ECB) will change a non-disclosure agreement with banks undergoing its stress tests after complaints from German banks that they risked getting into conflict with laws requiring them to disclose price-sensitive information.German banks have refused to sign a confidentiality agreement which requires them to remain silent about meetings planned for September, at which the regulator will offer general guidance about the results of the tests which will be published in late ...
ECB rate cut could boost growth, inflation: ZEW economist MANNHEIM: The European Central Bank's surprise rate cut and announcement of asset-backed security and covered bond purchase programmes earlier this month could have a positive effect on growth and inflation, a ZEW economist said on Tuesday."Responses (for the ZEW survey on economic sentiment) improved slightly after the ECB announcement ... relative to the responses before," said economist Frieder Mokinski."We could say that we see some potential for a slight positive effect on growth and inflation ...
South Korea central bank to sell 2.3 trillion won MSBs on Wednesday SEOUL: South Korea's central bank said on Tuesday it will sell 2.3 trillion won ($2.22 billion) worth of 2-year monetary stabilisation bonds via an auction on Wednesday. The auction will be held at 0100 GMT for 10 minutes, the Bank of Korea said. Copyright Reuters, 2014 ...
BoJ's Kuroda says stable yen key for Japan businesses OSAKA: Bank of Japan Governor Haruhiko Kuroda said stable yen moves are crucial for the country's business sector, nodding to complaints from some companies that rising import costs from sharp yen declines were starting to hurt their bottom line. But he stressed that the reversal of past "excessive" yen gains is prompting some Japanese companies to boost domestic investment instead of shifting production overseas, suggesting that he still broadly sees yen weakness as a welcome ...
Turkey's Bank Asya says continues operations, meeting requirements ISTANBUL: Bank Asya, a Turkish Islamic bank, said on Tuesday its operations were continuing and it is fulfilling its obligations to the state authorities and to its customers. The statement, made in a filing to the Istanbul Stock Exchange, comes after the Istanbul-based bank's shares fell 20 percent on Monday after a six-week suspension amid uncertainty over the bank's future. 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 $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln