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China SHANGHAI: China's seven-day and 14-day money rates jumped on Monday thanks to an increase in cash demand as banks prepare for the end of the month and the beginning of the Chinese New Year holiday period in February, dealers said.   The weighted-average rate of the 14-day bond repurchase rate , set to mature in the midst of the Spring Festival Holiday, jumped 68 basis points to 3.63 percent from 2.95 percent at the close on Friday, its highest level since early January.   Traders said the jump is partly because the the People's Bank of China (PBOC) is likely to abstain from issuing bonds that mature while markets are closed for the holiday week, dealers said. The benchmark weighted-average seven-day bond repurchase rate jumped 28 basis points to 2.98 percent from 2.70 percent, but the one-day repo rate inched down to 2.10 percent.   Dealers said they expected to get through the upcoming holiday season more ...

France must continue reducing deficit PARIS: The French government must stick to its programme of deficit reduction and should not ease up the austerity effort, French Labour Minister Michel Sapin said on Sunday.   "There is a state, but it is a totally bankrupt state. That is why we had to put a deficit reduction plan in place, and no siren chant should make us turn away from that objective," Sapin said on Radio J.   Prime Minister Jean-Marc Ayrault's socialist government has staked ...
Insurer Admiral eyes law firm takeover: paper LONDON: British insurer Admiral plans to buy law firm Lyons Davidson to limit the financial impact of a ban on lawyers paying for accident victims' contact details, the Mail on Sunday reported, citing an unnamed source.   Admiral makes about 7 pounds ($11.06) a year for each car it covers by selling the details of customers involved in accidents to lawyers, more than some rivals.   Buying a law firm would allow Admiral to share in the profit generated ...
Ireland warns about impact of a bank debt deal failure DUBLIN: Failure to strike a deal with the European Central Bank on key bank debt talks could be catastrophic for Ireland, Deputy Prime Minister Eamon Gilmore will tell European leaders on Sunday.   The ECB rejected Ireland's preferred solution in protracted talks over how to reschedule part of its state-owned bank debt, Reuters reported exclusively on Saturday, citing EU sources familiar with the discussions. One of the sources said the ball was now back with the Irish ...
Egypt offers $50mn at latest forex auction CAIRO: Egypt's central bank said it would offer $50 million to banks at a foreign currency auction on Sunday, the same amount offered at its previous auction this week.   The Egyptian pound has weakened by about 6.8 percent on the interbank market since the first auction at the end of December and is now trading at 6.6354 to the US dollar. Sunday's sale will be the 14th auction.   The auctions are a bid to preserve Egypt's foreign ...
India expected to cut rates for first time in nine months NEW DELHI: India's central bank is expected to cut interest rates this week for the first time in nine months in response to the government's recent economic reform spree and slowing inflation, economists say.   With inflation at a three-year low and a flurry of new measures to ease investment rules, now is seen as the right time for the bank to focus on pulling the economy out of its worst growth slump in a decade.   Policymakers are ...
NAMA to bring 1bn euro of loans to market: source DUBLIN: Ireland's state-run National Asset Management Agency (NAMA) is set to bring 1.1 billion euros ($1.5 billion) of Irish property-backed loans to the market in its biggest domestic block sale to date, an industry source with knowledge of the transaction said on Saturday.   NAMA has hired advisers to find buyers for the loans, the source said, which have been split into two portfolios and will be sold at a discount to their one billion-plus euro par ...


Index Closing Chg%
Arrow DJIA 17,131.97 0.59
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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln