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Monte Paschi CEO aims to beat targets with sale of bad debts SIENA: Italy's Monte dei Paschi di Siena said on Tuesday it was looking to speed up a plan to sell bad loans and could possibly even raise its current target of selling 5.5 billion euros ($6 billion) of soured debts by 2018. Speaking at a shareholder meeting, CEO Fabrizio Viola said bad loans were the biggest problem for the bank, which has 23.7 billion euros of soured debts - the highest proportion of total loans among Italian lenders. Viola confirmed reports that the bank is at present seeking to sell a portfolio of non-performing loans worth 1.8 billion euros, after selling 1 billion euros of bad loans earlier this year. Under its updated business plan, Monte dei Paschi must sell 2 billion euros of bad debts this year and the rest between 2016 and 2018. Copyright Reuters, 2015 ...

World Bank ranks Gujarat as best Indian state for business NEW DELHI: Gujarat, the state Prime Minister Narendra Modi ran for more than a decade, is India's best place for conducting business, the World Bank said on Monday, in a report that ranks the country's states in an effort to encourage them to cut red tape. The report, prepared with support from KPMG on the request of the Modi government, gains importance by coming before the World Bank's annual Doing Business report, which ranks nations ...
Ghana's central bank raises benchmark rate to 25.0pc ACCRA: The Bank of Ghana raised its main policy rate by 100 basis points to 25.0 percent on Monday to offset the risk of inflation, its governor Henry Kofi Wampah said. Inflation in the West African nation stood at 17.3 percent in August, down from 17.9 percent the previous month, and Wampah said the Bank tightened its rate in order to reach the full-year target of 13.7 percent. "It (the decision) is based on what ...
Deutsche Bank prepares to shut Russian operations FRANKFURT: Deutsche Bank is preparing to close all of its Russian operations, except for transaction banking services, a financial source told Reuters on Monday. It was very likely that the group would close 90 percent of its Russian activities, leaving only operations related to its Global Transaction Banking division, the source said under the condition of anonymity. At the weekend, Deutsche Bank said its Russian unit chairman would quit Moscow for Germany. The departure comes ...
SNB seen holding fire on rates on Sept 17 ZURICH: Switzerland's central bank will keep interest rates steady until at least the end of next year, a Reuters poll predicted, as the bank tries to weaken the strong Swiss franc. All but one of the 34 economists polled said the Swiss National Bank would leave its target range for three-month Swiss Libor unchanged at -1.25 to -0.25 percent at its quarterly policy assessment on Sept. 17. Medians from the poll, taken this week, suggested ...
Russia central bank holds key policy rate on inflation worries MOSCOW: The Russian central bank left its main lending rate on hold as expected on Friday, for now putting concerns about stubbornly high inflation before worries about a slumping economy. The bank left the rate unchanged at 11 percent, following five successive cuts this year that have reduced the rate by six percentage points after an emergency hike to 17 percent last December. It said in a statement that inflation and inflation expectations had been ...
Malaysia central bank holds rate, says growth can be 4.5-5.5pc KUALA LUMPUR: Malaysia's central bank on Friday kept its benchmark interest rate unchanged at 3.25 percent, as widely expected with the ringgit continuing to slide and the global economic outlook remaining uncertain. Bank Negara Malaysia (BNM) said the benchmark rate remains "supportive" of the economy, which it said faces growing risks to growth "amid greater uncertainty on both the global and domestic fronts". But it said enters a challenging period "from a position of strength", ...


Index Closing Chg%
Arrow DJIA 16,472.37 1.23
Arrow Nasdaq 4,707.77 1.74
Arrow S&P 1,951.36 1.43
Arrow FTSE 6,129.98 0.95
Arrow DAX 9,553.07 0.46
Arrow CAC-40 4,458.88 0.73
Arrow Nikkei 17,725.13 0.02
Arrow H.Seng 21,506.09 3.17
Arrow Sensex 26,220.95 0.25

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.998 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklySeptember 21, 2015
Reserves $18.726 bln