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UBS says tax credits lift profits by a third ZURICH: A tax bonus helped Swiss banking giant UBS offset the costs of legal action over tax penalties, the bank said on Tuesday announcing a 32-percent net profit rise in the third quarter.The net profit totalled 762 million Swiss francs (632 million euros, $802 million).The leap of almost one third compared to the outcome in the same period of 2013 was fuelled by 1.3 billion francs' worth of tax credits.That helped offset litigation costs, which have hit UBS as countries such as the United States make international banks pay for past abetting of tax-dodging by their citizens.Operating income at Switzerland's largest bank -- the equivalent of turnover -- rose by 10 percent to more than 6.8 billion francs.The performance failed to meet the expectations of analysts polled by financial news agency AWP, who on average had foreseen 862 million francs in profit and operating income of 6.9 billion francs.UBS said ...

NZ central bank on hold for next year on low inflation, slower growth WELLINGTON: New Zealand's central bank is expected to stand pat on monetary policy and signal an extended pause well into next year on Thursday, as slower growth at home and abroad and tame inflation pressures rule out the need for further near-term rate rises. The Reserve Bank of New Zealand (RBNZ) took to the sidelines in its September monetary statement, stating it wanted to assess the impact of its 100 basis points of rises between ...
UBS says has not resolved US forex probe, extends Libor pact ZURICH: Switzerland's largest bank UBS said on Tuesday it had not reached a resolution with the US Department of Justice's antitrust or criminal divisions in connection with alleged rigging of foreign exchange markets.In its quarterly report, the Zurich-based bank said it had agreed with antitrust and criminal divisions to extend a non-prosecution agreement governing its 2012 settlement over rigging benchmark interest rates by one year, to December 2015, in relation to the forex pribe. UBS ...
BoJ's Kuroda says QQE has no pre-set deadline TOKYO: Bank of Japan Governor Haruhiko Kuroda said there is no pre-set deadline for ending its massive monetary stimulus, signalling that the bank's two-year timeframe for meeting its price target is not a rigid one.Kikuo Iwata, one of the BoJ's two deputy governors and an architect of its "quantitative and qualitative easing" (QQE), also said there was uncertainty on exactly when inflation will hit 2 percent."It's not set in stone like a train timetable," Iwata ...
Singapore central bank says core inflation to stay firm, expects moderate GDP growth SINGAPORE: Singapore's economy will probably grow moderately over the next few quarters, while core inflation is likely to stay firm due to wage cost pressures from a tight labour market, the central bank said on Tuesday.Singapore's economy is likely to stay on a moderate growth trajectory, given that global growth is expected to improve in 2015 compared to this year, the Monetary Authority of Singapore (MAS) said its half-yearly macroeconomic review."Aggregate demand in Singapore is ...
Lloyds looks to restore confidence after narrow stress test pass LONDON: Lloyds Banking Group will on Tuesday aim to show its recovery is on track after only narrowly passing a European health check, putting a question mark over whether the bank can resume paying dividends this year.Chief Executive Antonio Horta-Osorio will set out the bank's strategy for the next three years alongside third-quarter results which analysts expect to show an increase in underlying profit. But Lloyds may also set aside more funds to compensate customers ...
Euro zone lending slows more gradually but no speedy upturn seen FRANKFURT: Lending to euro zone households and companies contracted at a slower pace in September and money supply grew faster than expected, suggesting a cycle of tightening credit conditions in the bloc is gradually coming to an end.Data released by the European Central Bank on Monday showed loans to the private sector fell by 1.2 percent in September from the same month a year earlier, after a contraction of 1.5 percent in August.Euro zone M3 ...


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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