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Barclays, Deutsche Bank in US tax scheme: Senate report WASHINGTON: Two of Europe's largest banks, Barclays and Deutsche Bank, have sold complex financial products that allowed hedge funds to avoid US taxes, a Senate report said Tuesday.The scheme has cost the federal government billions of dollars in tax revenues, according to the report by the Senate permanent subcommittee on investigations of the Committee on Homeland Security and Governmental Affairs.The committee said an investigation revealed how British bank Barclays and Germany's Deutsche Bank developed two types of so-called "basket options" instruments indexed on market values, such as stocks and commodities to help the hedge funds skirt US taxes.From 1998 to 2013, Barclays and Deutsche Bank sold 199 basket options to more than a dozen hedge funds, which used them to conduct more than $100 billion in trades.The banks and the hedge funds used the basket options to open proprietary trading accounts in the names of the banks, making it look ...

Hungary cuts base rate to record low, ends long easing cycle BUDAPEST: Hungary central bank MNB cut its main interest rate to a record low of 2.10 percent on Tuesday, ending a two-year-long monetary easing cycle aimed at stoking economic growth."The rate cut has brought the MNB's 490 basis point (4.9 percentage point) rate reduction cycle to an end," said a statement from the bank after the announcement."The base rate has reached the level which ensures both the medium-term inflation goal (of 3.0 percent) and continued ...
New Zealand central bank to raise rates again, but likely signal a pause WELLINGTON: New Zealand's central bank is set to raise interest rates for a fourth consecutive meeting this week but is expected to signal it will pause its tightening as it balances sliding commodity prices, rising inflation and a high flying currency. The country has been growing at close to 4 percent a year on the back of earthquake reconstruction projects in the Canterbury region, a strong housing market, booming commodity prices, and increasing migration. That ...
South Korea fin min, central bank chief cite risks to growth SEOUL: South Korea's top two economic policy officials agreed on Monday that downside risks to growth were increasing but did not say whether they saw the economy as weak enough to warrant an interest rate cut. Finance Minister Choi Kyung-hwan and Bank of Korea Governor Lee Ju-yeol also agreed to pursue "harmony between economic and monetary policies", the two organisations said in a joint statement after their first meeting since Choi took office last week. ...
Stock funds worldwide attract $6.2bn inflows over week: BofA NEW YORK: Investors worldwide poured $6.2 billion into stock funds in the week ended July 16, encouraged by strong corporate earnings and big potential merger deals in the United States, data from a Bank of America Merrill Lynch Global Research report showed on Friday.The net inflows were the biggest in four weeks and the inflows into funds that specialize in US stocks were also the biggest in four weeks at $2.5 billion, according to the ...
ECB's Weidmann cites litany of long-term dangers from loose monetary policy MADRID: European Central Bank policymaker Jens Weidmann said on Friday that loose monetary policy had "done its bit" to maintain price stability in the euro zone, but cited a litany of long-term dangers from easy money. The ECB cut rates to record lows last month as part of a package of measures to breathe life into a sluggish euro zone economy, where inflation is running far below the central bank's target and there is a ...
FX probe could be bigger problem than Libor: RBS chief LONDON: An investigation into alleged manipulation of foreign exchange markets could pose a bigger problem for banks than the Libor interest rate rigging scandal, the boss of Royal Bank of Scotland said on Friday.RBS paid $612 million last year to settle allegations that it manipulated Libor rates, one of several banks hit with big fines for rigging financial benchmarks. Regulators are now investigating allegations that traders manipulated key reference rates in the $5 trillion-a-day foreign ...


Index Closing Chg%
Arrow DJIA 16,982.59 0.13
Arrow Nasdaq 4,444.91 0.10
Arrow S&P 1,978.91 0.03
Arrow FTSE 6,788.07 0.05
Arrow DAX 9,598.17 0.48
Arrow CAC-40 4,344.77 0.33
Arrow Nikkei 15,529.40 0.46
Arrow H.Seng 24,428.63 0.88
Arrow Sensex 25,991.23 0.52

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln