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National Australia Bank restructures to save $825mn/yr SYDNEY: National Australia Bank , the country's largest bank by assets, said on Wednesday it was restructuring its management team, technology and operating model in an effort to save it up to A$800 million ($825 million) a year. NAB said the changes were needed to take account of the changing needs of customers, particularly around technology, and to capitalise on customers' links to Asia. The initiatives would save about A$800 million a year by the end of the fifth year, partly offset by higher software charges, reinvestment and implementation costs, NAB said. Job losses were not mentioned in the statement, though the bank announced a number of senior executive changes including the retirement of Mark Joiner as executive director of finance. NAB and its rival "Big Four" Australian banks have been generating record profits, based largely on their lucrative domestic lending franchises. NAB has been hamstrung by the poor performance ...

Rand, JSE hit as South Africa current account woes deepen JOHANNESBURG: South Africa's currency and equities markets slumped on Tuesday after revised figures showed the country's current account in late 2012 was worse than first thought.The South African Reserve Bank revised the third quarter deficit up to 6.8 percent of gross domestic product and reported that it hit 6.5 percent of GDP in the final quarter of the year.Shortly after the news, the Johannesburg Stock Exchange's All Share Index fell by a third of a ...
Crisis not over, Bundesbank warns as it ups risk provisions FRANKFURT: The eurozone debt crisis is not yet over, even if calm appears to have returned to the financial markets, the Bundesbank warned on Tuesday as it set aside billions of euros in new risk provisions."Even if reform policies are kept to, the necessary adjustments in the crisis countries are still going to take years," the head of the German central bank, Jens Weidmann, told a news conference."The growth rates seen before the crisis, which ...
China Everbright Bank to issue up to 12bn shares SHANGHAI: Shanghai-listed China Everbright Bank Co Ltd said on Tuesday it will issue up to 12 billion shares in a Hong Kong listing, confirming an IFR report that the mid-sized lender is pushing ahead with its planned $2 billion share offering. IFR, a Thomson Reuters publication, reported last week that the bank had revived plans for the listing after shelving it first in 2011 and then again in 2012. The bank said in a ...
Kenya central bank seeks to mop up 2bn shillings via repos NAIROBI: Kenya's central bank sought on Tuesday to mop up 2 billion shillings ($23.4 million) from the market using repurchase agreements (repos).The bank has actively soaked up liquidity since last year to support the shilling against the dollar by making it more expensive to fund long dollar positions. Copyright Reuters, 2013 ...
Philippine central bank seen keeping rates steady; SDA rate cut possible MANILA: The Philippine central bank is expected to keep its benchmark interest rate steady at a record low on Thursday, but there is a chance it may further cut the rate on its special deposit account (SDA) facility to curb the peso's strength.All 10 economists in a Reuters poll expect the Bangko Sentral ng Pilipinas (BSP) to leave its overnight borrowing rate unchanged of 3.5 percent for a third meeting in a row.With inflation forecast ...
Britain rejects call to stiffen bank leverage rules LONDON: Britain will resist calls to impose far stricter rules on how much banks can leverage their capital for investments and lending, insisting that there is no need to do so before 2018.The government is forcing banks to limit leverage to 33 times their capital, in line with international regulations, and rejected a call on Monday from a panel of UK lawmakers to stiffen the rules to curb risk-taking even more."Our view is that at ...


Index Closing Chg%
Arrow DJIA 17,195.42 1.30
Arrow Nasdaq 4,566.14 0.37
Arrow S&P 1,994.65 0.62
Arrow FTSE 6,463.55 0.15
Arrow DAX 9,114.84 0.35
Arrow CAC-40 4,141.24 0.74
Arrow Nikkei 15,658.00 1.67
Arrow H.Seng 23,702.04 1.49
Arrow Sensex 27,346.33 0.92

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln