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Swiss fin min supports SNB BERNE: The Swiss National Bank can defend its cap of 1.20 per euro on the safe-haven franc, the Swiss finance minister said on Tuesday, adding that she supported that policy. "The SNB is in a position to continue, at the moment there are no inflationary tendencies," Eveline Widmer-Schlumpf said at a news conference in the Swiss capital. "Therefore I still think it's the right thing." The SNB set the cap last September to guard against a recession. Yet in recent months it has had to resort to huge interventions to make the limit stick, and data showed on Tuesday its forex reserves rose further last month. Copyright Reuters, 2012 ...

Danske Bank profit jumps as Irish loan burden eases  COPENHAGEN: Danske Bank beat quarterly profit forecasts helped by smaller loan losses at its Irish unit, raising hopes that the worst may be over after years of struggling with its exposure to Ireland's property market crash. The Danish bank said on Tuesday it would continue to see high impairments and low earnings this year, but was on the right track. "These are our best results for a half year since the financial crisis hit in 2008," Chief ...
Singapore SINGAPORE: United Overseas Bank, Singapore's third-biggest lender, on Tuesday confirmed its interest in the Asian asset management business of ING Groep , saying a lot depends on the price. Wee Ee Cheong, chief executive of UOB, told an earnings briefing that the bank is open to mergers and acquisitions in asset management. "As an organisation, our capital is strong so we should take advantage of that," he said. UOB's core tier one capital is 12.3 percent, well above ...
Investors pay to lend money to EFSF bailout fund FRANKFURT: Investors accepted negative interest rates to lend money to the EU's bailout fund on Tuesday, according to the German central bank, which managed the issue. The Bundesbank said in a statement that the European Financial Stability Facility placed 1.431 billion ($1.8 billion) worth of three-month bills at a yield of minus 0.0217 percent. A negative yield means that investors actually pay the EFSF to lend it money. Demand for the issue was strong, with investors bidding for ...
Standard Chartered Iran allegations hit troubled bank sector LONDON: Britain's bank sector suffered another heavy  blow Tuesday as Standard Chartered's market value slumped almost a quarter  after US regulators alleged it hid $250 billion in transactions with Iran. The emerging markets-focused lender -- up until now seen as a darling of  the financial sector -- rejected US claims made Monday that it was a "rogue  bank" for allegedly hiding the equivalent of 201 billion euros with Iranian  banks. However, investors ran for cover, sending Standard's ...
Prospect of ECB rate cut weighs on Euribor rates FRANKFURT: Bank-to-bank lending rates inched lower on Tuesday after the European Central Bank fuelled expectations for another interest rate cut next month. ECB President Mario Draghi said the bank's policymakers discussed the possibility of cutting interest rates at their meeting last Thursday "but the Governing Council in its entirety decided this was not the time." Draghi's comments increased expectations the bank could cut its key rate below its current record low of 0.75 percent, but also tempered ...
Standard Chartered share price slumps more than 15pc  LONDON: Standard Chartered shares tumbled more than 15 percent on Tuesday after US regulators accused the lender of hiding $250 billion (201 billion euros) in transactions with Iranian banks. In early morning trade, the lender's share price dived 15.70 percent to 1,239.17 pence on London's FTSE 100 index of top shares, which was down 0.1 percent overall. New York regulators have branded Standard Chartered a "rogue" institution" and threatened it with fines and the suspension of its ...


Index Closing Chg%
Arrow DJIA 16,501.65 0.08
Arrow Nasdaq 4,126.97 0.83
Arrow S&P 1,875.39 0.22
Arrow FTSE 6,674.74 0.11
Arrow DAX 9,544.19 0.58
Arrow CAC-40 4,451.08 0.74
Arrow Nikkei 14,546.27 1.09
Arrow H.Seng 22,509.64 0.97
Arrow Sensex 22,876.54 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 $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln